European Economic Integration

  1. Economic and Monetary Union
    1. The Path to the Euro
      1. The Werner Report (1970)
        1. Vision for Monetary Union
          1. Three-Stage Approach
            1. Obstacles and Delays
            2. The European Monetary System (1979)
              1. Exchange Rate Mechanism
                1. Fixed but Adjustable Exchange Rates
                  1. Currency Realignments
                    1. Intervention Mechanisms
                    2. European Currency Unit
                      1. Basket Currency Composition
                        1. Official and Private Use
                      2. The Delors Report (1989)
                        1. Three-Stage Plan for EMU
                          1. Stage One: Enhanced Coordination
                            1. Stage Two: Institutional Preparation
                              1. Stage Three: Irrevocable Fixing
                              2. Institutional Recommendations
                                1. European Central Bank Proposal
                              3. The Maastricht Criteria
                                1. Price Stability
                                  1. Inflation Rate Limits
                                    1. Reference Value Calculation
                                      1. Sustainability Assessment
                                      2. Government Finance
                                        1. Deficit-to-GDP Ratio
                                          1. Debt-to-GDP Ratio
                                            1. Exceptional Circumstances
                                            2. Exchange Rate Stability
                                              1. Participation in ERM II
                                                1. Two-Year Stability Requirement
                                                  1. Devaluation Prohibition
                                                  2. Long-Term Interest Rates
                                                    1. Benchmarking Against Best Performers
                                                      1. Convergence Assessment
                                                    2. The Euro
                                                      1. Introduction and Adoption
                                                        1. Phases of Introduction
                                                          1. Book Money (1999)
                                                            1. Physical Currency Launch (2002)
                                                              1. Changeover Process
                                                              2. Euro Area Formation
                                                                1. National Changeover Plans
                                                                2. The Eurozone
                                                                  1. Current Member States
                                                                    1. Opt-Outs and Exceptions
                                                                      1. Denmark and UK Opt-Outs
                                                                        1. Sweden's De Facto Opt-Out
                                                                        2. Enlargement Process
                                                                        3. Benefits of Single Currency
                                                                          1. Elimination of Exchange Rate Risk
                                                                            1. Price Transparency Enhancement
                                                                              1. Lower Transaction Costs
                                                                                1. Monetary Policy Credibility
                                                                                2. Drawbacks and Risks
                                                                                  1. Loss of Monetary Sovereignty
                                                                                    1. Asymmetric Shocks Vulnerability
                                                                                      1. Fiscal Discipline Challenges
                                                                                        1. One-Size-Fits-All Policy
                                                                                      2. Governance of EMU
                                                                                        1. The European Central Bank
                                                                                          1. Mandate and Independence
                                                                                            1. Price Stability Objective
                                                                                              1. Institutional Autonomy
                                                                                                1. Democratic Accountability
                                                                                                2. Monetary Policy Tools
                                                                                                  1. Interest Rate Policy
                                                                                                    1. Open Market Operations
                                                                                                      1. Standing Facilities
                                                                                                        1. Reserve Requirements
                                                                                                          1. Quantitative Easing Programs
                                                                                                          2. Banking Supervision Role
                                                                                                            1. Single Supervisory Mechanism
                                                                                                              1. Significant Institution Oversight
                                                                                                            2. The Eurogroup
                                                                                                              1. Role and Composition
                                                                                                                1. Decision-Making Process
                                                                                                                  1. Eurogroup President
                                                                                                                    1. Working Group Support
                                                                                                                    2. The Stability and Growth Pact
                                                                                                                      1. Preventive Arm
                                                                                                                        1. Medium-Term Budgetary Objectives
                                                                                                                          1. Surveillance and Early Warnings
                                                                                                                            1. Significant Deviation Assessment
                                                                                                                            2. Corrective Arm
                                                                                                                              1. Excessive Deficit Procedure
                                                                                                                                1. Financial Sanctions
                                                                                                                                  1. Compliance Timeline
                                                                                                                                2. The European Semester
                                                                                                                                  1. Annual Policy Coordination Cycle
                                                                                                                                    1. Country-Specific Recommendations
                                                                                                                                      1. National Reform Programs
                                                                                                                                        1. Stability and Convergence Programs
                                                                                                                                        2. Crisis Response Mechanisms
                                                                                                                                          1. European Financial Stability Facility
                                                                                                                                            1. European Stability Mechanism
                                                                                                                                              1. Outright Monetary Transactions
                                                                                                                                                1. Pandemic Emergency Purchase Programme

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                                                                                                                                            3. The Single Market

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                                                                                                                                            5. Key EU Policies Supporting Integration