Reach for the stars. (Europe's goals for an economic and monetary union) From: The Banker | Date: December 1, 1996| Author: | COPYRIGHT 1996 FT Business. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information) Copyright information

Several countries in the European Union have not yet satisfied the convergence criteria needed for the formation of the European Monetary Union. This may be attributed to the European Monetary Institute's strict implementation of rules on some areas, such as the country's ability to sustain the criteria and limitations applied on government deficits. Efforts to comply with the requirements have resulted to political skirmishes in some countries.

The latest reviews of progress that the EU countries have made on the convergence criteria show that the 15 still have some way to go.

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