Signed in February 1992 and came into force on November 1, 1993, provided for the gradual formation of a monetary and economic union:
The first phase began almost since July 1992 with the withdrawal of all foreign exchange restrictions on the movement of capital within the EU. At this stage, the problem was solved by reducing the rate of inflation and reduce the budget deficit. In September 1993, the share exchange was frozen in ECU at the next level: Germany - 32.6%, France - 19.9%, England - 11.5%.
From January 1994 - provided for the creation of Frankfurt-am-Main European Monetary Institute and the preparation of the creation of the single European currency.
Begins with January 1997, when the EU reached the required level of convergence. In this case, since January 1, 1999 participants in the economic monetary union will become the country's economy which will meet the established criteria.
Maastricht criterion - a criterion that must be satisfied currency to replace it with the euro:
Inflation <3% per year
The national debt <60% of GDP
Discount Rate <max value of one of the three lowest rate + 2%.
In Germany, a very low retirement age, and the Germans are afraid of change marks a cheaper currency - the euro.
SWITZERLAND
Switzerland is not going to join the European Union, thereby emphasizing their independence. The attractiveness of CHF remains high. But there are problems associated with the Nazi gold, which call into question the reputation of the major Swiss banks.
UK
The presence of high interest rates in the UK identifies a large interest in the world of speculators, which affects the economic performance as a whole. England - a recognized global financial center, the main offices of the largest investment giants are located right here in the country operates a very strict laws governing the financial activities of companies, banks and stock exchanges.
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