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Use Cases
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Resources
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Pricing
1991
% complete
x Monetary Union (based upon SEA=Single European Act)
x political union
1995
% complete
1997
% complete
Modest treaty (did not involve any groundbreaking institutional reform)
x increase in the power of the EP
1999
% complete
In Benelux, France, Germany, Italy, Austria, Finland, Ireland, Portugal & Spain
But only after strict convergence criteria were met by each of these MS
2002: introduction of notes & coins
Greece had not met the convergence criteria and did thus not get the euro
Britain and Denmark had opt-outs
Sweden declared not being eligible for the euro
2001
% complete
It solves the institutional reform and replaced the IGC that was charged with this task:
x From 2005 onwards: 1 Commissioner per Country
x strengthening of the position of the President
x Extentsion of the co-decision procedure of the EP
x Change in the allocation of seats + Max. MEP's = 732
x less occassions for vetoes, instead QMV
x Harder to reach QMV majorities, from 2005 onwards: triple majority
2004
% complete
Estonia, Lithuania, Latvia, Poland, Cypris, Czech Republic, Hungary, Malta, the Slovak Republic, Slovenia
2005
% complete
2009
% complete
Consequently national creditworthiness downgraded --> 'gifts" from the EU + IMF BUT certain conditions
2009
% complete
Treaty amending the TEU and the TEC (Treaty on the European Community; later TFEU)
x contained 95% of the failed Constitution
2010 - 2011
% complete
x rescue packages of the EU/IMF + implementation of austerity measures
2012
% complete
First MS to do so, this happens and is accompanied by the ESM (reform & more regulations for the banking sector)
2012
% complete
2013
% complete
2013
% complete
2013
% complete
x Upon Germany's initiative
x intergovernmental treaty (not EU --> UK had withdrawn its support for a treaty change
x focus on the principle of balanced budget
2016
% complete
2007
% complete
x mortgages were sold to individuals with low levels of creditworthiness
x as soon as inflation hit --> defaulting on the loans
x both in the US as in certain MS of the EU