These requirements included annual budget deficits not exceeding 3 percent of gross domestic product (GDP), public debt under 60 percent of GDP, exchange rate stability, inflation rates within 1.5 percent of the three lowest inflation rates in the EU, and long-term inflation rates within 2 percent. The treaty called for a common unit of exchange, the euro, and set strict criteria for conversion to the euro and participation in the EMU. The euro’s origins lay in the Maastricht Treaty (1991), an agreement among the then 12 member countries of the European Community (now the European Union)- United Kingdom, France, Germany, Italy, Ireland, Belgium, Denmark, the Netherlands, Spain, Portugal, Greece, and Luxembourg-that included the creation of an economic and monetary union (EMU). What is inflation? See all videos for this article ![]()
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