The Genesis of the Stability and Growth Pact

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The European Economic and Monetary Union (EMU) represents a significant step in European integration, initiated by the Treaty of Maastricht in 1992. It aimed to establish a common currency through a three-stage process, requiring member states to delegate powers to the European level while retaining control over fiscal policies. However, as the third stage approached, challenges emerged that jeopardized the project. The eventual ratification of the Stability and Growth Pact was crucial for the completion of the EMU, ensuring member states' commitment to a unified monetary policy.