Guillermo de la Dehesa

Centre for Economic Policy Research (CEPR)

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The European single currency was designed to be achieved in three stages. The first stage was the period during which there would be convergence and liberalization of capital movements among Members of the European Union (EU). This stage lasted from January 1990 to November 1993, when the Treaty on European Union, commonly called the Maastricht Treaty, came into force. The second stage, the European Monetary Union (EMU) stage, lasted from January 1994 to December 1998. During this period, all EMU secondary legislation was to be implemented in those member states that had achieved the requisites for joining the EMU. The third, or euro stage, began in January 1999, and was the effective start of the Economic and Monetary Union.