ABSTRACT
From 21 September, 1995 the Lira and the Deutschmark exchange rates against the Dollar begin to be increasingly affected by the events connected to the implementation of European Monetary Union (EMU). In terms of the currencies most affected by the events of EMU, the corresponding news has been gathered in some groups, depending on the exchange rate most concerned: the Deutschmark-Dollar or the Lira-Deutschmark. The initial event effectively contains the topic that is dominating the interventions of the European monetary authorities in 1996, particularly the German authorities: the respect of the Maastricht convergence criteria. The Maastricht Treaty requires EMU members to have participated in the European Monetary System (EMS) for at least two years prior to their entry in the Union. The spring of 1996 is therefore the period in which Italy should initiate the re-entry into the EMS.
