The European Union and the single currency in .PPTVIP

12 – FDI inside the EU 15 as a share of total FDI *With the exception of reinvested profits The road to the Euro 1992-1993 crisis in the ERM. Devaluation in Italy and the UK. Italy, beset by political as well as economic crisis, commits to emergency budget. Summer of 1996. New economic measures in Italy to match the Mastricht Treaty convergence criteria. March 1998 The European Commission rules that eleven countries qualify for membership of the single currency. Greece and Sweden remain out, while the UK and Denmark exercise their option not to take part. May 1998 Wim Duisenberg appointed to become the first President of teh ECB.. Greece is admitted in the euro in 2001, Slovenia in 2007, Malta and Cyprus in 2008 and Slovakia in 2009. From Nice to Lisbon: developments in European Union The results of the Nice Treaty were judged to be unsatisfactory. There were also signs of growing unease on the part of the citizens of the Union. The Treaty was actually rejected in a referendum held in Ireland in June 2001 The European Council of Laeken in December 2001 decided to convene a Constitutional Convention on the future of Europe in view of framing a new Treaty. From Nice to Lisbon: developments in the European Union The Constitutional Convention was followed by a Intergovernmental Conference, which drafted a Constitutional Treaty (October 2004) Referenda held in May 2005 in Holland and in June 2005 in France reject the Treaty After this rejection member states decide to take a less ambitious route in drafting a new treaty. The outcome is the Treaty of Lisbon, approved by the European Council in December 2007 The Treaty of Lisbon Less ambitious that its forerunner. It consists of 70 articles (as opposed to the 448 of the Constitutional Treaty). The Lisbon Treaty establishes new rules on the composition and functioning of the three main EU Institutions: The Commission, the Council of Ministers and the European Parliament. The Treaty establishes a permanent