Gaspar, Vítor; Paolo Mongelli, Francesco --- "Monetary unification and the single market" [2003] ELECD 8; in Tumpel-Gugerell, Gertrude; Mooslechner, Peter (eds), "Economic Convergence and Divergence in Europe" (Edward Elgar Publishing, 2003)

Book Title: Economic Convergence and Divergence in Europe

Editor(s): Tumpel-Gugerell, Gertrude; Mooslechner, Peter

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843762416

Section: Chapter 2

Section Title: Monetary unification and the single market

Author(s): Gaspar, Vítor; Paolo Mongelli, Francesco

Number of pages: 29

Extract:

2. Monetary unification and the single
market
Vítor Gaspar and Francesco Paolo Mongelli

2.1. INTRODUCTION1

This chapter provides some tentative thoughts on European monetary
unification and the progress towards a single market. Given that the euro
was not introduced until 1 January 1999, the available data allow only scat-
tered and provisional observations; therefore the chapter has no complete
and comprehensive picture to offer.
European integration in general, and economic and monetary
unification in particular, are political processes. Article 2 of the European
Union Treaty states:

The Community shall have as its task, by establishing a common market and an
economic and monetary union and by implementing common policies . . . to
promote throughout the Community a harmonious, balanced and sustainable
development of economic activities, a high level of employment and of social
protection, equality between men and women, sustainable non-inflationary
growth, a high degree of competitiveness and convergence of economic perfor-
mance, a high level of protection and improvement of the quality of the en-
vironment, the raising of the standard of living and quality of life, and economic
and social cohesion and solidarity among Member States.

Already in the Preamble to the Paris Treaty (1951) establishing the
European Coal and Steel Community, the signatories declared their resolve

to substitute for age old rivalries the merging of their essential interests; to
create, by establishing an economic community, the basis for a broader and
deeper community between peoples long divided by bloody conflicts; and to lay
the foundations for ...