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European Monetary Union Stability Culture Key to Long-Term Sustainability Success.

Gabler Verlag eBooks
Stability Culture as a Precondition for the Sustainability of the European Monetary Union (EMU)
Wim Kösters

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The European Monetary Union (EMU) aims to create a stable economic environment among member states. The process began in 1990 with the free movement of capital and closer economic cooperation. By 1994, preparations for the final stage included economic convergence and the establishment of the European Monetary Institute (EMI). The EMI's main task is to plan instruments and strategies for a common monetary policy. Until the final stage, member states are responsible for monetary and exchange rate policies. The EMI also strengthens cooperation between national central banks and supervises the European Monetary System (EMS).