Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/61655
Title: Joining the Euro : the legal implications of Malta's adoption of the European single currency
Authors: Mifsud Bonnici, Ken
Keywords: Fiscal policy -- Malta
European Union countries -- Economic policy
European Economic Community countries -- Economic policy
Issue Date: 2006
Citation: Mifsud Bonnici, K. (2006). Joining the Euro : the legal implications of Malta's adoption of the European single currency (Master's dissertation).
Abstract: "Money has been introduced by convention as a kind of substitute for a need or demand. Its value is derived not from nature but from law, and can be altered or abolished at will" - Aristotle Malta intends to join the euro area on 1 January 2008. It would do so under a new framework that is substantially different from that used by the countries that joined before it, as they adopted the euro legally first, and in cash form only after a transitional period. New Member States all show the intention to join the euro with no transitional period, with or without legal phasing-out of the old currency. However, Malta is likely to be the first that joins with such a phasing-out period. There has been little to no academic legal research analysing these new scenarios, least of all as applied to Malta. This thesis endeavours to examine the path leading to adoption of the euro and sets out the monetary law of Malta as a participating Member State. It analyses the law related to single currency within the context of EMU, investigates the changes necessary to Maltese law, evaluates the effect of full membership of the eurozone in law, and appraises the legal repercussions, issues and challenges that become apparent in this context. The external aspects of, and eventual division of competences in monetary affairs are looked into, as is the eventual structure of legal relations between Malta, the Community, the Central Bank and the European System of Central Banks upon enlargement of the eurozone . . EMU law is particular as it consists of a blend of private, public, European and international law methods and instruments. It combines hard and soft law, and political commitment, which together create the world's first supranational and multinational currency. Yet, there is a strong scope, often necessity, for national legislation that compliments the system well. The quality of this legislation will be a key determinant of the success of the changeover. Legally, however, curo membership is so much more than a currency changeover. It is the adhesion to a new multi-level monetary system, the largest, most complex, yet most innovative in the world.
Description: LL.D.
URI: https://www.um.edu.mt/library/oar/handle/123456789/61655
Appears in Collections:Dissertations - FacLaw - 1958-2009



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