What are the rules for guaranteeing monetary convergence?
At the European Council held in Dublin in 1996 a series of rules were established. Public defecit had to be eliminated to 3% of the GNP. This limit could be exceeded only by those countries which were the victims of natural calamities or major recessions. If the limit of 3% was exceeded for anyother reason, the country had to pay a penalty as compensation treated as interest-free deposit.
