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Money and Banking Coursework Introduction The introduction of the Euro was started way back in 1957 when the "Treaty of Rome declared a common European market as a European objective with the aim of increasing economic prosperity and contributing to "an ever closer union among the peoples of Europe"1. From there on, the Single European Act (1986) and the Treaty of Maastricht (1992) introduced the European Monetary Union which laid down the stringent criteria which every country must pass in completion of joining the Euro2. These criteria includes "Government deficit and debts must be no more than 3 per cent and 60 per cent of gross domestic product respectively; inflation rates and long-term interest rates be within 1.5 percentage points and 2 percentage points of the average of the three countries with lowest inflation; and the currency has stayed within the Exchange Rate Mechanism bands for two years". (The Financial Times (London),...

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