Slamming the Euro Door
Just as the global financial crisis has made euro membership seem more urgent and necessary than ever, the euro incumbents have started seeking ways to raise the bar for entry. Instead of exploiting their leverage over euro candidates to push them to meet the Maastricht criteria, euro incumbents are contemplating a vague new criterion based on the quality of banking systems.
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LONDON – Last week, central bankers from around the world assembled in Frankfurt to bask in the glory of the euro’s first ten years. But for those coming from euro candidate countries, the event was a cold shower. Just as the global financial crisis has made euro membership seem more urgent and necessary than ever, euro incumbents have started floating proposals that would raise the bar for entry.