ABSTRACT
After the triumph with the Maastricht Treaty, which even defined a final date for EMU, many thought that monetary union would be achieved in a straightforward manner. However, the question of legitimacy was raised: Denmark did not ratify the Maastricht Treaty, which led to a severe crisis of confidence. The economic ratification through reading the convergence criteria was also put into question, when the EMS crises hit and the European economy slowed down. However, the crises confirmed the idea that further institutionalization was necessary to guarantee stability in the single market.
