Printer Friendly
The Free Library
14,757,922 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Maastricht Treaty ratified after German court upholds union.


Implementation of the European political and monetary union planned with the adoption of the Maastricht Treaty Maastricht Treaty
 officially Treaty on European Union

Agreement that established the European Union (EU) as successor to the European Community. It bestowed EU citizenship on every national of its member states, provided for the introduction of a central
 finally began on November 1, 1993, after Germany's constitutional court upheld its constitutionality. Thus, Germany became the last country to ratify the treaty.

However, the court reserved the right to review the progress of European integration European integration is the process of political, legal, economic (and in some cases social and cultural) integration of European states, including some states that are partly in Europe.  at a later date to make sure the European Community European Community: see European Union.
European Community (EC)

Organization formed in 1967 with the merger of the European Economic Community, European Coal and Steel Community, and European Atomic Energy Community.
 respects a German constitutional guarantee of democracy. Also, the court said the German parliament would have to be consulted before a German government proceeds with a transition to a single European currency. EC President Jacques Delors Jacques Lucien Jean Delors (born July 20 1925 in Paris) is a French economist and politician, the only person to have served two terms as President of the European Commission (between 1985 and 1995).  was hopeful final Maastricht ratification would provide new impetus to fight unemployment and economic stagnation in Europe. A summit meeting of EC heads of state was called to discuss the next steps toward creating a monetary union and a common foreign policy.

John Hegarty, secretary general of the Federation des Experts Comptables Europeans, the representative organization for the accountancy profession in Europe, believed the Maastricht Treaty's impact would be longer term in nature. "The Maastricht agreement emphasizes the subsidiarity subsidiarity
Noun

the principle of taking political decisions at the lowest practical level

Noun 1. subsidiarity - secondary importance
subordinateness
 concept, which is roughly equivalent to the states' rights states' rights, in U.S. history, doctrine based on the Tenth Amendment to the Constitution, which states, "The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.  concept in the United States," he said. "For that reason, the EC probably will be less enthusiastic about proposing legislation affecting the regulation of the profession, just as the federal government in the United States tends to let the states regulate CPAs in their borders."
COPYRIGHT 1994 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1994
Words:231
Previous Article:AICPA raises concerns about government yellow book proposal.
Next Article:Virginia Supreme Court allows third-party beneficiary action. (Brief Article)
Topics:



Related Articles
Out of many, not quite one. (European unity)
Heads in the sand. (the future of a Single European market)
Deutschmark uber Alles? (failure of Bundesbank monetary policy) (Editorial)
Europe after Maastricht. (Maastricht agreement on European integration) (International)
Rotten in Denmark. (voters accept Maastricht Treaty with conditions that retain country's independence) (Editorial)
EC is now EU - usually. (European Community, European Union) (Brief Article)
Hurdles to monetary union in Europe. (includes related article)
Going bananas. (reaction in Germany to European Union rules on bananas)
Making sense of the European Union: it's history, makeup and legislation policies. (includes related article on member countries)(International Trade...

Terms of use | Copyright © 2009 Farlex, Inc. | Feedback | For webmasters | Submit articles