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60 percent agreements Article 104c Bretton Woods System Brussels budget deficit Bundesbank central banks central rates Commission and EMI consulting the ECB convergence criteria Council of Ministers country's credibility debt ratio decide deficit no larger deutsche mark domestic assets Eastern Economic and Monetary ECU basket effect Eichengreen eligible countries euro band euro values Europe European Communities European Monetary Institute excessive deficit exchange-rate arrangement exchange-rate criterion exchange-rate policy exchange-rate stability expected Federal Reserve Bank fiscal consolidation fiscal tests fluctuations foreign-exchange market France Germany Grauwe Gros gross domestic product inflation rate interest rates International Finance Section intervention Kenen locking of exchange Maastricht Treaty Madrid Summit meeting the convergence ment mone monetary autonomy monetary policy monetary union Optimum Currency Areas outsiders paragraph participants percent of GDP Princeton qualified majority real exchange rate reduce reference value Robert Schuman Centre single currency single market stock of base tary union transactions costs unemployment Verona meeting