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Much has changed since the Maastricht timetable was first agreed. Slower growth in Europe and a change in political leadership have strengthened the case for a "constructive postponement." David Marsh argues that the hazards of a premature launch far outweigh the risks of delaying Emu

By David Marsh   April 1997

Economic and monetary union is ostensibly an economic project. In reality, it is a political venture with strong overtones of European psychodrama. It combines the elegance and high intentions of Moli?re with the epic nature of Goethe’s Faust and the mystery of Agatha Christie. One of the main elements of suspense stems from the economic and political changes we have seen in Europe since the Maastricht treaty was agreed in 1991. Because of these changes, Emu is unlikely to be accomplished according to the Maastricht timetable.

Motivations behind Emu, too, have changed. The EC’s latest effort to forge monetary union…

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