Euro convergence criteria and Treaty of Amsterdam

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Difference between Euro convergence criteria and Treaty of Amsterdam

Euro convergence criteria vs. Treaty of Amsterdam

The euro convergence criteria (also known as the Maastricht criteria) are the criteria which European Union member states are required to meet to enter the third stage of the Economic and Monetary Union (EMU) and adopt the euro as their currency. The Treaty of Amsterdam, officially the Treaty of Amsterdam amending the Treaty on European Union, the Treaties establishing the European Communities and certain related acts, was signed on 2 October 1997, and entered into force on 1 May 1999; it made substantial changes to the Treaty of Maastricht, which had been signed in 1992.

European Commission

The European Commission (EC) is an institution of the European Union, responsible for proposing legislation, implementing decisions, upholding the EU treaties and managing the day-to-day business of the EU.

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Italy

Italy (Italia), officially the Italian Republic (Repubblica Italiana), is a sovereign state in Europe.

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Maastricht Treaty

The Treaty on European Union (TEU; also referred to as the Treaty of Maastricht is one of two treaties forming the constitutional basis of the European Union (EU), the other being the Treaty on the Functioning of the European Union (TFEU; also referred to as the Treaty of Rome). The TEU was originally signed on 7 February 1992 by the members of the European Community in Maastricht, Netherlands to further European integration. On 9–10 December 1991, the same city hosted the European Council which drafted the treaty. Upon its entry into force on 1 November 1993 during the Delors Commission, it created the three pillars structure of the European Union and led to the creation of the single European currency, the euro. TEU comprised two novel titles respectively on Common Foreign and Security Policy and Cooperation in the Fields of Justice and Home Affairs, which replaced the former informal intergovernmental cooperation bodies named TREVI and European Political Cooperation on EU Foreign policy coordination. In addition TEU also comprised three titles which amended the three pre-existing community treaties: Treaty establishing the European Atomic Energy Community, Treaty establishing the European Coal and Steel Community, and the Treaty establishing the European Economic Community which had its abbreviation renamed from TEEC to TEC (being known as TFEU since 2007). The Maastricht Treaty (TEU) and all pre-existing treaties, has subsequently been further amended by the treaties of Amsterdam (1997), Nice (2001) and Lisbon (2009).

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Treaty of Rome

The Treaty on the Functioning of the European Union (TFEU; also referred to as the Treaty of Rome) is one of two treaties forming the constitutional basis of the European Union (EU), the other being the Treaty on European Union (TEU; also referred to as the Treaty of Maastricht).

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