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3*34ή2&4(?. 5" &>4ί="4"? -"+'-4ώ3"'?, 7 -ί"37 34& &3=">ή >(2ί32&4& ;'>ό4&> 4ό3( '3B*+ή, ώ34" >& :72'(*+;"ί4&' &>ά;/7 &>&:'ά4&d7? 4,> '3(4'2'ώ>. Q34ό3(, %ό;, 47? 3*%%(;'/ό474&? 4,> &-(#ά3",> ;'& &>&:'&4άD"'?, (' *-(4'2ή3"'? 4,> B,+ώ> 2" B&%&+ή >(2'32&4'/ή -(%'4'/ή /&' *T7%ό -%7=,+'32ό, -(4έ :"> ή4&> ί3"? 2" 47 3,+"*4'/ή :'&#(+ά -%7=,+'32(ύ 2"4&Dύ 47? ('/(>(2ί&? 2" 4( &3=">έ? >ό2'32& /&' 47? L"+2&>ί&?. P"4&Dύ :" 1986 /&' 1992, (' &>&:'&4άD"'? (*3'&34'/ά έ-&t&>. Έ43', 4( 3ύ3472& /&4έ%7D" 3" 2ί& >"#>ί& Fώ14,ά#(+", ό-(* 7 >(2'32&4'/ή -(%'4'/ή /&=(+'Fό4&> (*3'&34'/ά &-ό 47> -(%'4'/ή 47? Bundesbank. C' *-ό%('-"? Bώ+"? 4(* 3*34ή2&4(? «:&>"ίf(>4&>» 47> &>4'-%7=,+'34'/ή #ή27 47? Bundesbank, /&' έ43' /&4έ%7;&> 2" B&27%ό -%7=,+'32ό. J&+ά%%7%&, 7 L"+2&>ί& /έ+:'f" 3" &>4&;,>'34'/ό474&, /&=ώ? "ίb" B&27%ό4"+( -%7=,+'32ό &-ό 4(*? *-ό%('-(*? /&' (' 4*Bό> &>&:'&4άD"'? :"> /ά%*-4&> -%ή+,? &*4ή 47 :'&#(+ά -%7=,+'32(ύ.!&4ά 3*>έ-"'&, ό%(' έk;&'>&> /"+:'32έ>(' &-ό 4( 3ύ3472&, &> /&' 7 "-'2(>ή 4,> ά%%,> B,+ώ> ;'& 47> -+(ώ=737 47? -%ή+(*? >(2'32&4'/ή? έ>,37? :"ίb>"' ό4' 7 L"+2&>ί& 2ά%%(> ή4&> -'( /"+:'32έ>7. 1 54( O'ά;+&22& 21.1 -&+(*3'άF"4&' 7 (>(2&34'/ή '3(4'2ί& 4(* ;&%%'/(ύ #+ά;/(*,? -+(? 4( ;"+2&>'/ό 2ά+/( &-ό 4( 1971 (&+Bή 4(* 4έ%(*? 4(* 3*34ή2&4(? 4(* Bretton Woods), έ,? 4( 1998 (34( 4έ%(? 4(* (-(ί(* :72'(*+;ή=7/" 4( "*+ώ). )ί>&' 3&#έ? ό4' 4( )*+,-&./ό 1(2'32&4'/ό 5ύ3472& (:ή;73" 3" 34&="+(-(ί737 47? '3(4'2ί&? 4,> :ύ( >(2'32ά4,>, -&+ά 4'? 372&>4'/έ? &>&:'&4άD"'? 47? -"+'ό:(* 1981-1983 (&-(4έ%"32& 47? B&%ά+,37? 47? >(2'32&4'/ή? /&' :72(3'(>(2'/ή? -(%'4'/ή? 47? L&%%ί&? &2έ3,? 2"4ά 47> "/%(;ή Mitterand) /&' 4(* 1986 (&-(4έ%"32& 47? :'"=>(ύ? &:*>&2ί&? 4(* :(%&+ί(* έ>&>4' 4(* ;"+2&>'/(ύ 2ά+/(*). G :"ύ4"+7 &3*22"4+ί&, &*4ή -(* -+(έ/*-4" &-ό 47 :'"=>ή =έ37 4(* ;"+2&>'/(ύ 2ά+/(*, "ίb",? 3*>έ-"'& >& &3/(ύ>4&' -'έ3"'? 34( 3ύ3472&, ό4&> *-ή+b&> :'"=>"ί? :'&4&+&Bέ? -(* "-7+έ&F&> 4( :(%ά+'( ή 4( ;'">. 9έ4('"? :'&4&+&Bέ? "ίb&>,? 3*>έ-"'& 47> 2"4&/ί>737 /"#&%&ί,> /*+ί,? &-ό /&' -+(? 4( 2ά+/(, /&' όb' &>&%(;'/ά &-ό /&' -+(? 4& *-ό%('-& "*+,-&./ά >(2ί32&4&.!&' 4(ύ4( :'ό4' 4( 2ά+/(,,? 4( :"ύ4"+( 3" 372&3ί& :'"=>έ? &-(="2&4'/ό >ό2'32&, ή4&> 4( "*+,-&./ό >ό2'32& -(* :'&/+&4(ύ3&> (' :'"=>"ί? "-">:*4έ?. C' /'>ή3"'? &*4έ? :72'(*+;(ύ3&> -'έ3"'? 34( 3ύ3472&, :'ό4' (' 3*>&%%&;έ? 3" 2ά+/& 34'? :'"=>"ί? B+72&4&;(+έ? ή4&> -(%ύ 2";&%ύ4"+"? &-ό ό,4' 34& *-ό%('-& >(2ί32&4& 4(* )15. I-(4έ%"32& &*4(ύ ή4&> 7 "2#ά>'37 4ά3",> &>&4ί2737? ή *-(4ί273ή? 4(* όb' 2ό>( έ>&>4' 4(* :(%&+ί(* &%%ά /&' έ>&>4' 4,> >(2'32ά4,> 4(* )15. 54( O'ά;+&22& 21.2 -&+(*3'άF(>4&' (' :'&/*2ά>3"'? 47? '3(4'2ί&? 2ά+/(* :(%&+ί(*. 9ό3( 7 -"+ί(:(? 47? 2";ά%7? &>&4ί2737? 4(* :(%&+ί(* (1981-83), ό3( /&' 7 -"+ί(:(? 47? -4ώ37? 4(* (1985-87) 3*>έ-"3&> 2" &>&:'&4άD"'? 47? /">4+'/ή? '3(4'2ί&? 4(* ;&%%'/(ύ #+ά;/(* &-έ>&>4' 34( ;"+2&>'/ό 2ά+/(. 1 Τα κέρδη αξιοπιστίας στην άσκηση πολιτικής εξηγούν γιατί οι χώρες αποδέχτηκαν την κυριαρχία του γερµανικού µάρκου. Στη µακροοικονοµική θεωρία είναι γνωστό ότι η χώρα µε µικρότερη ανοχή στον πληθωρισµό χαρακτηρίζεται από µειωµένη αξιοπιστία στην άσκηση αντιπληθωριστικής πολιτικής. Για µία εκτεταµένη περιγραφή και ανάλυση της λειτουργίας και των ιδιοτήτων του Ευρωπαϊκού Νοµισµατικού Συστήµατος βλ. Giavazzi and Giovannini (1989). 3

C 27B&>'32ό? 4,> 3*>&%%&;2&4'/ώ> '3(4'2'ώ> (P5N) 4(* )15 *-έ347 347> '34(+ί& 4(* -(%%έ? -'έ3"'?. Ό%"? (' -"+ί(:(' -'έ3",> 3*>έ-"3&> 2" :'"=>"ί? >(2'32&4'/έ? &>&4&+&Bέ?, -(* (#"ί%(>4&> 347> έ%%"'t7 3*>4(>'32(ύ 4,> 2&/+(('/(>(2'/ώ> -(%'4'/ώ> 2"4&Dύ GJI /&' ('/(>(2'ώ> 4(* )15, ή 347> έ%%"'t7 3*>4(>'32(ύ 4,> 2&/+(('/(>(2'/ώ> -(%'4'/ώ> 2"4&Dύ 4,> ί:',> 4,> ('/(>(2'ώ> 47? Έ>,37?. C' -'έ3"'? 4(* 1981-83 -+(/%ή=7/&> &-ό 47 :'"=>ή &>&4ί2737 4(* :(%&+ί(* /&' 47> "-"/4&4'/ή >(2'32&4'/ή /&' :72(3'(>(2'/ή -(%'4'/ή 47? L&%%ί&? 34'? &+Bέ? 47? -+(":+ί&? Mitterand, ">ώ (' -'έ3"'? 4(* 1986, -(* -+(/%ή=7/&> &-ό 47> :'"=>ή *-(4ί2737 4(* :(%&+ί(*. C 4+ό-(? 2" 4(> (-(ί( ;'>ό4&> 7 "/4ό>,37 4,> -'έ3",> ή4&> (' &>&:'&4άD"'? 4,> '3(4'2'ώ>, /&' 34'? -"+'-4ώ3"'? -(* *-ή+b" έ%%"'t7 3*>4(>'32(ύ 4,> 2&/+(('/(>(2'/ώ> -(%'4'/ώ> 4,> "*+,-&./ώ> B,+ώ>, 2" 47> -+(3&+2(;ή 4,> *-ό%('-,> B,+ώ> -+(? 47> -(%'4'/ή 47? L"+2&>ί&?. )Dά%%(*, 7 -%ή+7? /&4ά+;737 4,> 3*>&%%&;2&4'/ώ> -"+'(+'32ώ> &-ό 4'? &+Bέ? 47? :"/&"4ί&? 4(* 1990 /&4έ3473" "D&'+"4'/ά "*ά%,4( 4(> P5N, ό-,? /&4έ:"'D&> (' /+ί3"'? 4(* 5"-4"2K+ί(* 1992 /&' 4(* I*;(ύ34(* 4(* 1993. Q34ό3(, :"> *-ή+b" %ό;(? >& :'&%*="ί, ό-,? 3B":ό> έ;'>" 2"4&Dύ 5"-4"2K+ί(* 1992 /&' I*;(ύ34(* 1993, &> :"> *-ή+b" 7 3ύ2-4,37 2'&? 3"'+ά? &-ό :*32">"ί? :'&4&+&Bέ? /&' -&+&;ό>4,> -(* &:+&>(-(ί73&> 4(*? &2*>4'/(ύ? 4(* 27B&>'32(ύ?, ό-,? 4( 27B&>'32ό 3*>4(>'32(ύ 4,> 2&/+(('/(>(2'/ώ> -(%'4'/ώ> /&' 47? &>&:'ά4&d7? 4,> '3(4'2'ώ>. 21.1.3 5?%ί/3 0"$ 1992-1993 C' :*32">"ί? -&+ά;(>4"? -(* 3*>"4έ%"3&> 347> /+ί37 4(* 1992-1993 ή4&> (' "Dή?: J+ώ4(>, 7 L"+2&>'/ή ">(-(ί737, -(* 2"4έ4+"T" 47 L"+2&>ί& &-ό /&=&+ό :&>"'34ή 3" /&=&+ό :&>"'Fό2">( 347> -&;/ό32'& ('/(>(2ί&. G -+(3-ά="'& &>4'2"4ώ-'37? 4,> -'έ3",> 34( ;"+2&>'/ό -%7=,+'32ό /&' 4( '3(Fύ;'( -%7+,2ώ> 2έ3, 47? >(2'32&4'/ή? -(%'4'/ή? (*T7%ά "-'4ό/'&) -+(/ά%"3" 34'? &+Bέ? 47? :"/&"4ί&? 4(* 1990 4ά3"'? &>&4ί2737? 4(* 2ά+/(*, /&4ά 4(> ί:'( 4+ό-( -(* 4( 2"ί;2& -(%'4'/ή? 4(* Reagan "ίb" -+(/&%έ3"' &>&4ί2737 4(* :(%&+ί(* 2"4ά 4( 1981. O"ύ4"+(>, 4( 1992, %ό;, 4,> "/%(;ώ> /&' 47? ύ#"37? 34'? GJI 7 >(2'32&4'/ή 4(*? -(%'4'/ή ή4&> -"+'33ό4"+( B&%&+ή, /&' 4( :(%ά+'( "'3"+Bό4&> 3" 2'& :ί>7 *-(4ί2737? -(*, ό-,? &>&#έ+&2" -&+&-ά>,, &ύd73" 372&>4'/ά 4'? -'έ3"'? 34(> P5N. 9+ί4(>, *-ή+b" 4( -+όk%72& 47? -(%'4'/ή? /+ί37? 347> N4&%ί& -(*, 3" 3*>:*&32ό 2" 4( -+όk%72& 4,> :72(3'(>(2'/ώ> 47? "%%"'22ά4,> /&' 47 2";ά%7 &ύd737 4(* :72ό3'(* B+έ(*? 47?, -+(/ά%"3" /+ί37 "2-'34(3ύ>7? /&' /"+:(3/(-'/έ? -'έ3"'? 347 %'+έ4&. 9έ4&+4(>, 4( &-(4έ%"32& 4(* :72(T7#ί32&4(? 347 O&>ί& ;'& 47> "-'/ύ+,37 47? 3*>=ή/7? 4(* Maastricht, 7 -+((-4'/ή 4(* L&%%'/(ύ :72(T7#ί32&4(? /&' 7 &2#'%";ό2">7 34ά37 4,> -(%'4'/ώ> 347 P. M+"4&>ί&, -+(/ά%"3&> ;">'/ό4"+7 /+ί37 4

"2-'34(3ύ>7? 34( 3ύ3472& /&' 347 :'&:'/&3ί& 47? C'/(>(2'/ή? /&' 1(2'32&4'/ή? Έ>,37?. Ό%(' &*4(ί (' -&+ά;(>4"? όb' 2ό>( :72'(ύ+;73&> 372&>4'/έ? -'έ3"'? 34'? '3(4'2ί"?, &%%ά /&' &B+ή34"*3&> 4(*? -&+&:(3'&/(ύ? 27B&>'32(ύ? "/4ό>,37? 47? -ί"37? 34(> P5N. 9( -+όk%72& 47? L"+2&>ί&? :"> ή4&> &-%ώ? -+όk%72& "-"/4&4'/ή? :72(3'(>(2'/ή? /&' &*347+ή? >(2'32&4'/ή? -(%'4'/ή?, &%%ά έ>& 372&>4'/ό :'&+=+,4'/ό /&' "=>'/ό -+όk%72&. G &D'(-'34ί& 47? Bundesbank &>&#(+'/ά 2" 4(> -%7=,+'32ό ή+=" 3" 3ύ;/+(*37 2" 4( "=>'/ό ό+&2& 47? ">(-(ί737?. G /+ί37 &/*K"+>73ί&? 347> N4&%ί& 2" 47> /*Kέ+>737 Amato >& /ά>"' #'%ό4'2"?, &%%ά %ί;"? /&' /&=*34"+72έ>"? -+(3-ά="'"?, :"> #&'>ό4&> >& "-'%ύ"4&' ;+ή;(+&. G -+((-4'/ή 4(* L&%%'/(ύ :72(T7#ί32&4(? :"> "-έ4+"t" "-&+/ή /&' (+;&>,2έ>7 &>&:'ά4&d7 '3(4'2'ώ>, ώ34" >& "/4(>,="ί έ;/&'+& /&' &-(4"%"32&4'/ά 7 /+ί37. G I;;%'/ή /*Kέ+>737 :"> ά>4"d" 4( -(%'4'/ό /ό34(? 2'&? &>ό:(* 4,> "-'4(/ί,> -(* =& έ:'>" &D'(-'34ί& 34'? :'&/7+ύD"'? 47? ;'& 34&="+ή 34"+%ί>&. 5*>"-ώ?, (ύ4" ( 3*>4(>'32ό? 4,> -(%'4'/ώ> ή4&> :*>&4ό?, (ύ4" 2ί& "D'33(+(-74'/ή &>&:'ά4&d7 '3(4'2'ώ>. G &D'(-'34ί& 4(* P5N 4έ=7/" "> &2#'Kό%,, /&' 4( 3ύ3472& :"> ά>4"d". 9ό3( 7 %'+έ4& ό3( /&' 7 34"+%ί>& έ-&t&> >& 2"4έB(*> 34(> P5N. P"4ά &-ό έ>& B+ό>( &>&:'&4άD",> /&' -"+'(:'/ώ> /+ί3",>, 34& 4έ%7 N(*%ί(* 4(* 1993 /&' 2"4ά &-ό >έ"? -'έ3"'? 34'? '3(4'2ί"? 4,> &3=">έ34"+,> >(2'32ά4,>, &-(#&3ί347/" 7 :'"ύ+*>37 4,> -"+'=,+ί,> :'&/ύ2&>37? 34( ± 15%, ώ34" >& "/4(>,=(ύ> (' -'έ3"'?. Έ/4(4", (' -'έ3"'? "/4(>ώ=7/&> /&' 7 :'&:'/&3ί& 47? ('/(>(2'/ή? /&' >(2'32&4'/ή? ">(-(ί737? -+(Bώ+73" B,+ί? 2";ά%"? 3*>&%%&;2&4'/έ? /+ί3"'?. 5*2-"+&32&4'/ά, 4( "*+,-&./ό >(2'32&4'/ό 3ύ3472& %"'4(ύ+;73" (*3'&34'/ά,? 2ί& "*+"ί& Fώ>7 2ά+/(*, 2" &-(4έ%"32& >& "-'K%7="ί 3" ό%"? 4'? Bώ+"? 7 -"+'(+'34'/ή >(2'32&4'/ή -(%'4'/ή 47? L"+2&>ί&?, /&' >& 2"',="ί 372&>4'/ά ( -%7=,+'32ό?. R&+&/47+'34'/ό -&+ά:"';2& "ί>&' 7 L&%%ί&, 47? (-(ί&? ( -%7=,+'32ό?, 2"4ά 4( 1983 *-(Bώ+73" 372&>4'/ά, 2" &-(4έ%"32& &-ό 4& 4έ%7 47? :"/&"4ί&? 4(* 1980 >& K+ί3/"4&' 34& ί:'& "-ί-":& 2" 47 L"+2&>ί& (K%. O'ά;+&22& 21.3). 21.2 5 63-."$%>ί( 0"$ #$%ώ 9( V"K+(*ά+'( 4(* 1992 :ώ:"/& "*+,-&./έ? Bώ+"? &-(:έb=7/&>, 2" 47 5*>=ή/7 4(* Maastricht, >& "/B,+ή3(*> 4( /*+'&+B'/ό :'/&ί,2& 4(* "/:(4'/(ύ -+(>(2ί(* /&' 47> &*4(>(2ί& 347> ά3/737 "=>'/ή? >(2'32&4'/ή? -(%'4'/ή?, 3" ό#"%(? ">ό? /('>(ύ >(2ί32&4(?, 4(* "*+ώ, -(* =& "-'4"%(ύ3" 4'? 4+"'? K&3'/έ? %"'4(*+;ί"? 4(* B+ή2&4(? 347> )*+,-&./ή Έ>,37 (2έ3( -%7+,2ώ>, 2(>ά:& 2έ4+737? &D'ώ> /&' 2έ3( &-(="2&4(-(ί737? -%(ύ4(*). 9( "*+ώ ;">>ή=7/" 34'? 2 N&>(*&+ί(* 1999. I-ό 47> 17 N&>(*&+ί(* 2002 &-(4"%"ί >ό2'2( B+ή2& (legal tender) 34'? Bώ+"? 47? Fώ>7? 4(* "*+ώ. 2 2 M%. Issing (2008) /&' Marsh (2009) ;'& %"-4(2έ+"'"? 4(* -,? :72'(*+;ή=7/" /&' %"'4(ύ+;73" 4( "*+ώ -+'> 47> /+ί37 4(* 2009. 5

G -+,4(K(*%ί& ;'& 47 :72'(*+;ί& 4(* ">'&ί(* >(2ί32&4(? &>ή/" 347 L&%%ί&, 7 (-(ί& 34'? &+Bέ? 4(* 1988 2" έ>& *-ό2>72& 4(* S-(*+;(ύ C'/(>(2'/ώ> 34(*? 3*>&:έ%#(*? 4(* 347> )C! -+ό4"'>" 47> -(+"ί& -+(? 4( ">'&ί( >ό2'32&. G N4&%ί& 3*2#ώ>73" &2έ3,? /&' -(%ύ ;+ή;(+& 3*2#ώ>73" /&' 7 L"+2&>ί&. 9( )*+,-&./ό 5*2K(ύ%'( 4(* I>όK"+(* 4(> N(ύ>'( 4(* 1988 -+(έk%"t" 47 :72'(*+;ί& 2'&? (/4&2"%(ύ? "-'4+(-ή?, *-ό 47> -+(":+ί& 4(* Jacques Delors, 4ό4" J+(έ:+(* 47? )*+,-&./ή? )-'4+(-ή?, 7 (-(ί& =& 2"%"4(ύ3" 4( =έ2&. G "-'4+(-ή &*4ή, 4(> I-+ί%'( 4(* 1989, *-έk&%" έ/="37 34( 3*2K(ύ%'( 4,> S-(*+;ώ> C'/(>(2'/ώ> (ECOFIN) 2" 47> (-(ί& -+ό4"'>" 2ί& -(+"ί& :72'(*+;ί&? ">ό? ">'&ί(* >(2ί32&4(? 3" 4+ί& 34ά:'&. 9( -+ώ4( 34ά:'( &#(+(ύ3" /*+ί,? 347> &-"%"*=έ+,37 47? /ί>737? /"#&%&ί,> ;'& 4'? Bώ+"? -(* 3*22"4"ίB&> 34( )15, έ,? 4(> N(ύ%'( 4(* 1990. 9( :"ύ4"+( 34ά:'(, -(* ά+b'3" 47> 17 N&>(*&+ί(* 1994, 34όB"*" 347 2";&%ύ4"+7 :*>&4ή 3ύ;/%'37 4,> :72(3'(>(2'/ώ> /&' >(2'32&4'/ώ> "-':ό3",> 4,> B,+ώ>-2"%ώ> 47? Έ>,37?, ό-,? &*4ή :'&4*-ώ=7/" 347 3*>=ή/7 4(* Maastricht, ώ34" >& "-'4"*B="ί 34&="+ό474& 4'2ώ>, '/&>ή /&' &>&;/&ί& 3*>=ή/7 ;'& 47 >(2'32&4'/ή ">(-(ί737. 21.2.1 5 1$A8ή*3 >.( 03A #$%&'()*ή ΈA&/3 54& 4έ%7 4(* 1991, 2"4ά &-ό 47 O'&/*K"+>74'/ή O'ά3/"T7, *-";+ά#7 34( Maastricht 47? C%%&>:ί&? &-ό ό%& 4& /+ά47-2έ%7 7 8"1?ή(4 :-& /41!"#$%&'(ή Έ1$.4. P" Kά37 47 3*>=ή/7 &*4ή, -έ+&> 4(* -+(;+ά22&4(? 47? )>'&ί&? I;(+ά?, 4έ=7/" έ>& B+(>(:'ά;+&22& ;'& 47> *'(=έ4737 4(* ">'&ί(* >(2ί32&4(?. C' -+(="32ί"? /&' 4( B+(>(:'ά;+&22& 4(* 3">&+ί(* "'3&;,;ή? 4(* >έ(* >(2ί32&4(? ">"/+ί=73&> &-ό 4( )*+,-&./ό 5*2K(ύ%'( 47? P&:+ί47? 4( O"/έ2K+'( 4(* 1995. 9ό4" &-(#&3ί347/" "-ί37? 4( ό>(2& «"*+ώ» ;'& 4( ">'&ί( >ό2'32&. I>&%*4'/ά, 4( B+(>(:'ά;+&22& -+(έk%"-" ό4' έ,? 47> 17 N&>(*&+ί(* 1994 =& "ίb" (%(/%7+,="ί 7 ">'&ί& &;(+ά /&' ό%& 4& "=>'/ά /('>(K(ύ%'& =& "ίb&> "-'/*+ώ3"' 47 3*>=ή/7. )-ί37?, -+(έk%"-" 47> &-&;ό+"*37 47? >(2'32&4'/ή? B+72&4(:ό4737? 4,> :72(3'(>(2'/ώ> "%%"'22ά4,>, 47> ά+37 ό%,> 4,> -"+'(+'32ώ> 347> /ί>737 /"#&%&ί,> /&' 47> -+("4('2&3ί& ;'& 3*22"4(Bή 34( P7B&>'32ό 5*>&%%&;2&4'/ώ> N3(4'2'ώ> 4(* )*+,-&./(ύ 1(2'32&4'/(ύ 5*34ή2&4(? /&=ώ? /&' 47> -(%'4'/ή &>"D&+474(-(ί737 4,> /">4+'/ώ> 4+&-"Fώ>. P" &*4έ? 4'? -+(H-(=έ3"'? ά+b'3" 4( :"ύ4"+( 34ά:'( 47? C'/(>(2'/ή? /&' 1(2'32&4'/ή? Έ>,37? (C1)). G 3*>=ή/7 ;'& 47> )*+,-&./ή Έ>,37 -+(έk%"-" "-ί37? 47> *'(=έ4737 34όB,> ;'& 47 2"ί,37 4,> :72(3'(>(2'/ώ> "%%"'22ά4,> /ά4, &-ό 4( 3% 4(* I)J, 4(* :72ό3'(* B+έ(*? /ά4, &-ό 4( 60% 4(* I)J /&' 4(* -%7=,+'32(ύ /&' 4,> (>(2&34'/ώ> "-'4(/ί,> /(>4ά 34( 2έ3( ό+( 4,> B,+ώ> 2" 4( B&27%ό4"+( -%7=,+'32ό. G "-ί4"*d7 &*4ώ> 4,> 34όB,> *'(="4ή=7/",? &-&+&ί4747 -+(H-ό="37 ;'& 47 3*22"4(Bή 2'&? Bώ+&? 34( 4+ί4( 34ά:'( 47? C1). 6

9( 4+ί4( 34ά:'( ά+b'3" 47> 17 N&>(*&+ί(* 1999 2" 4(> /&=(+'32ό &2"4ά/%74& 34&="+ώ> '3(4'2'ώ> 4,> >(2'32ά4,> 4,> 3*22"4"B(*3ώ> B,+ώ> 2"4&Dύ &*4ώ> /&' 4(* ">'&ί(* >(2ί32&4(?. 9( Pά'( 4(* 1998 &-(#&3ί347/" -('έ? Bώ+"? =& 3*22"4ά3B(*> 347> 4+ί47 #ά37 47? C1). G "-'%(;ή 4,> 11 B,+ώ> 3 έ;'>" 2" Kά37 4& -έ>4" :72(3'(>(2'/ά /&' >(2'32&4'/ά /+'4ή+'& 3ύ;/%'37? 47? 3*>=ή/7? 4(* Maastricht. G 4+ί47 #ά37 (%(/%7+ώ=7/" 47> 17 N&>(*&+ί(* 2001 2" 47> "'3&;,;ή 4(* "*+ώ 3" %(;'34'/ή 2(+#ή. I-ό 47> 17 N&>(*&+ί(* 2002 4( "*+ώ &-(4"%"ί >ό2'2( B+ή2&, 2" 47> "'3&;,;ή 4(* 3" #*3'/ή 2(+#ή 34'? /&=72"+'>έ? 3*>&%%&;έ?. 97> 72έ+& &*4ή, ά+b'3" 7 /*/%(#(+ί& 4,> 4+&-"F(;+&22&4ί,> /&' /"+2ά4,> 3" "*+ώ /&' 7 34&:'&/ή (">4ό? :ύ( 27>ώ>) &-ό3*+37 4,> "=>'/ώ> >(2'32ά4,>. 21.2.2 5 CώA3 0"$ #$%ώ I-ό 47> 17 N&>(*&+ί(* 2001 347> ('/(>(2ί& 47? Fώ>7? 4(* "*+ώ &3/"ί4&' ">'&ί& >(2'32&4'/ή -(%'4'/ή &-ό 47> )*+,-&./ή!">4+'/ή 9+ά-"F& 4, -(* 34(B"ύ"' 347 :'&3#ά%'37 47? 34&="+ό474&? 4,> 4'2ώ>. C' "*+,-&./έ? /*K"+>ή3"'? "-έ:"'d&> ':'&ί4"+7 "22(>ή 347> "-ί4"*d7 4,> /+'47+ί,> Maastricht. 5 I-ό 47 2ί& -%"*+ά, 7 &*347+ό474ά 4(*? &-(4έ%"3" έ2-+&/47 έ>:"'d7 47? :έ32"*37? 4,> /*K"+>ή3",> >& &-(:"B4(ύ> 4'? *-(B+"ώ3"'? -(* &-(++έ(*> &-ό 47 5*>=ή/7. I-ό 47> ά%%7, 7 '/&>(-(ί737 /&' 4,> -έ>4" /+'47+ί,> &-(4"%(ύ3" &-&+&ί4747 -+(H-ό="37 "'3ό:(* 2'&? Bώ+&? 347 Fώ>7 4(* "*+ώ, &#(ύ 2ό>(> έ43' =",+ή=7/" ό4' 2-(+(ύ3" >& "D&3#&%'3="ί 7 (>(2&34'/ή 3ύ;/%'37 4,> 3*22"4"B(*3ώ> B,+ώ> /&' "D&%"'#=(ύ> (' /ί>:*>(' ('/(>(2'/ή? &34ά="'&?. P"4ά 47 :72'(*+;ί& 47? )*+,Fώ>7?, έ>&? /">4+'/ό? -*%ώ>&? 4(* 3*>4(>'32(ύ 47? 2&/+(('/(>(2'/ή? -(%'4'/ή? *-ή+d" 4( 5ύ2#,>( 54&="+ό474&? /&' I>ά-4*D7?. 9( 5ύ2#,>( &-&'4"ί &-ό ό%"? 4'? ('/(>(2ί"? 347> )*+,Fώ>7 /&' 47> )) >& :'&47+(ύ> 4& :72(3'(>(2'/ά "%%"ί22&4& -ά>4(4" /ά4, &-ό 4( 3% 4(* I)J, >& "-':'ώ/(*> 47 :72(3'(>(2'/ή '3(++(-ί& 2"3(-+ό="32& /&' >& :'&3#&%ίF(*> ό4' 4( :72ό3'( B+έ(? :"> *-"+K&ί>"' 4( 60% 4(* I)J, ή >& 4"ί>"' -+(? 4( 34όB( &*4ό. 3 L"+2&>ί&, L&%%ί&, I*34+ί&, Mέ%;'(, X(*D"2K(ύ+;(, N4&%ί&, N3-&>ί&, N+%&>:ί&, J(+4(;&%ί&, C%%&>:ί& /&' V'>%&>:ί&. 9(> N(ύ>'( 4(* 2000 347 5ύ>(:(!(+*#ή? 347 Vέ.+& 47? J(+4(;&%ί&? &-(#&3ί347/" 7 -%ή+7? έ>4&d7 47? )%%ά:&?,? 4(* :,:έ/&4(* 2έ%(*? 47? Fώ>7? 4(* "*+ώ. 4 G )*+,-&./ή!">4+'/ή 9+ά-"F& ()!9) 2" έ:+& 47 V+&;/#(ύ+47 "ί>&' 4( /έ>4+( 4(* )*+,-&./(ύ 5*34ή2&4(?!">4+'/ώ> 9+&-"Fώ> ()5!9) /&' 4(* )*+,3*34ή2&4(?. )ί>&' *-"ύ=*>7 ;'& 47 Bά+&D7 ">'&ί&? >(2'32&4'/ή? -(%'4'/ή? 34'? Bώ+"? 4(* "*+ώ, 2" K&3'/ό 34όB(, 3ύ2#,>& 2" 47 3*>=ή/7 4(* Maastricht, 47 34&="+ό474& 4'2ώ>. G &>"D&+473ί& 47? )!9 "D&3#&%ίF"4&' 2" 4+"'? 34όB(*?: (&) 47 ="32'/ή &>"D&+473ί& 2έ3, 47? &>"D&+473ί&? 4,> "=>'/ώ> /">4+'/ώ> 4+&-"Fώ>, (K) 47 :*>&4ό474& "%"ύ="+7? "-'%(;ή? 4,> 2έ3,> ά3/737? >(2'32&4'/ή? -(%'4'/ή? /&' (;) 47> -+(3,-'/ή &>"D&+473ί& 4,> 2"%ώ> 4(* O'('/74'/(ύ 5*2K(*%ί(*, 4,> (-(ί,> 7 =74"ί& "ί>&' (/4&"4(ύ? :'ά+/"'&?, B,+ί? :'/&ί,2& "-&>"/%(;ή?. 9( )5!9 &-(4"%"ί4&' &-ό 47> )!9 /&' 4'? "=>'/έ? /">4+'/έ? 4+ά-"F"? 4,> 25 /+&4ώ>-2"%ώ> 47? )). 9( )*+,3ύ3472& &-(4"%"ί4&' &-ό 47> )!9 /&' 4'? 17 "=>'/έ? /">4+'/έ? 4+ά-"F"? -(* έb(*> -+(? 4( -&+ό> *'(="4ή3"' 4( "*+ώ. J+ό:+(2(? 47? )!9 ή4&> 4( )*+,-&./ό 1(2'32&4'/ό Ί:+*2&. 5 L'& 2'& /+'4'/ή ="ώ+737 4,> /+'47+ί,> 4(* Maastricht &%%ά /&' ;'& 47 372&3ί& 4(*? 347> *%(-(ί737 47? >(2'32&4'/ή? έ>,37? K%. DeGrauwe (2009). 7

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M'K%'(;+&#ί& De Grauwe P. (2009), Economics of Monetary Union, (8th edition), Oxford, Oxford University Press. Giavazzi, F. and Giovannini, A. (1989), Limiting Exchange Rate Flexibility: The European Monetary System, Cambridge, Mass., MIT Press. Issing O. (2008), The Birth of the Euro, Cambridge, Cambridge University Press. Marsh D. (2009), The Euro: The Battle for the New Global Currency, New Haven, Yale University Press. 14