[FR] Economic convergence and employment in Europe: What does this mean for EMU?

SEMINAR REPORT BY JEAN-LOUIS ARNAUD

FOREWORD BY JACQUES DELORS

Our Study and Research Group held a seminar on a highly topical and explosive subject: the future of Economic and Monetary Union, its fidelity to the preparatory texts and the Maastricht Treaty, and the internal balance essential to its success. As you will see from the report on the proceedings and the two keynote speeches by Yves-Thibault de Silguy and Philippe Maystadt, there are more than just nuances in the broad camp of EMU supporters as to how to ensure that EMU becomes the crowning achievement of economic integration and the launch pad for political union. This implies that EMU must bring substantial added value to national policies for growth and job creation. Not to mention the very significant advantages expected in the external sphere from the European Union’s possession of an important reserve, investment and transaction currency. This presentation was written after the Amsterdam meeting, which, in the opinion of the majority, failed to clear up misunderstandings and establish the essential balance between economic and monetary issues. This is one more reason to emphasise the importance of this seminar and the need to continue the debate.