"This essay discusses the background of the EMU negotiations and the main
events leading up to the Maastricht Treaty. It reviews the emergence of the
key issues, the passage to the second and third phases of EMU, the definition
and assessment of convergence, and the monetary institution in the transition.
It notes, in particular, that economic analytical concepts are not always
easily translated into the complex form of legal contract represented by an
international treaty between twelve states. The essay contains the
transitional provisions of the Treaty, a chronology of events, as well as
pertinent extracts from the Maastricht Treaty."