The European Monetary Unit Crisis of 1992 - 1993

Paper Summary:

This paper begins with an introduction to the many valuable sources on macro economics and then delves into a discussion on the Maastricht Treaty and the controversy surrounding its implementation. The paper explains that this treaty, which concerns a plan for Europe to create a single European currency known as the European Monetary Unit (EMU), has been a contentious issue from its inception because the European nations differ as to what just the creation of the EMU is supposed to accomplish. The paper further explores both the arguments in favor and opposed to the creation of the EMU as well as the effects that the EMU crisis had on the world internationally.

From the Paper:

"What we label today as Macro Economics is in reality a set of models tailored for individual industries and other entities of the Livingston Survey of Economic Factors. The late economist Joseph Livingston started the Livingston Survey in 1946. It's the oldest continuous survey of economics expectations and summarizes the forecasts of economists from Industry, Government, Banking, and Academia. The Federal Reserve Bank of Philadelphia took responsibility for the survey in 1990."

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