The European system of central banks

In 1952 six countries Belgium, Germany, France, Italy, Luxembourg and the Netherlands established an economic and military union in Europe called the European Coal and Steel Community (ECSC). The same six countries established the European Economic Community (EEC) and the European Atomic Energy Community (EURATOM) in 1958. In 1973 Denmark, Ireland and the United Kingdom joined this union, followed by Greece eight years later. Portugal and Spain became members in 1986; Austria, Finland and Sweden joined in 1995. This expansion continued on 1 May, 2004, when the Czech Republic, Estonia, Cyprus, Latvia, Lithuania, Malta, Hungary, Poland, Slovenia and Slovakia became the latest members of the European Union.
The conditions to be fulfilled before entering the EU are the Copenhagen criteria: 1) members have to have stables institutions guaranteeing democracy, the rule of law, human rights and the respect for and protection of minorities and 2) to have functioning marketing economy.
In 1979 nine Members States of the EEC created the European Monetary System (EMS). Its main feature was the exchange rate mechanism which introduced fixed but adjustable exchange rates among the currencies of the nine countries. In the second half of the 1980s the idea of an economic and monetary union was revived in the Single European Act of 1986, which created a single market.
• low and stable long-term interest rates.
In 1988 the European Council instructed the Delors Committee to examine ways of realising Economic and Monetary Union (EMU). The 1989 Delors report led to the negotiations for the Treaty on European Union, which established the European Union (EU) and amended the Treaty establishing the European Community (EC). It was signed in 1992 and entered into force in 1993.
There were three stages towards EMU:
1) Stage One (1990-1993) was characterised mainly by the full achievement of a single European market through the dismantling...

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