Article 139 [Member States with a Derogation]

Article 3.4 TEU provides one of the EU’s objectives, i.e. the Union shall establish an economic and monetary union whose currency is the euro. The legal foundation of the EMU was constructed step-by-step in three distinct stages. The initial phase of this process began on 1 July 1990, which also marks the date on which the Directive 88/361 was adopted to liberalise free movement of capital between the MS. The ratification of the Maastricht Treaty (1993) provides the legal basis of the second stage of the EMU project. It provides two alternative dates for the launching of the third and final stage of EMU. If a majority of the MS fulfil the convergence criteria, the EMU was to be launched on 1 January 1998. If the MS missed this deadline, the Treaty provides that the third stage shall be launched on 1 January 1999 even if the required majority is not fulfilled.