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Of Sticks and Carrots. Incentives and the Maastricht Road to EMU

Author

Listed:
  • Winkler, B

Abstract

This paper interprets the Maastricht convergence criteria as an incentive mechanism that offers entry into European Monetary Union (EMU) as an uncertain reward for candidate countries' convergence efforts. Similarly, under the "stability pact" agreed at the Dublin summit in December 1996 countries risk penalties for insufficient discipline inside EMU. The paper suggests a partial trade-off between the entry conditions and the stability pact.

Suggested Citation

  • Winkler, B, 1997. "Of Sticks and Carrots. Incentives and the Maastricht Road to EMU," Economics Working Papers eco97/02, European University Institute.
    • Handle: RePEc:eui:euiwps:eco97/02
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    Cited by:

    1. F. Gulcin Ozkan & Anne Sibert & Alan Sutherland, "undated". "Monetary Union, Entry Conditions and Economic Reform," Discussion Papers 97/15, Department of Economics, University of York.
    2. Fölsz, Attila, 1998. "A monetáris unió és Magyarország [The monetary union and Hungary]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 923-939.

    More about this item

    Keywords

    EUROPE ; INTERNATIONAL AGREEMENTS;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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