Part VI Monetary Unions and other Forms of Monetary Organization, 28 The Single Currency and its Treaty Framework

28.01 It is now proposed to consider the provisions established for the creation of the euro pursuant to the terms of the Treaties. It will also be necessary to consider certain initiatives—in particular, the so-called ‘Madrid Scenario’—which followed the original ratification of the Treaty on European Union. However, purely as a matter of convenience, the Council Regulations which were introduced pursuant to the relevant Treaty provisions will be held over to the next chapter. 28.02 It was noted earlier that any change in the nature or denomination of a national...