Convergence of MAS
The convergence of MAS refers to the convergence of monetary policy by the member countries of the European Union towards a single currency, the euro, which was introduced in 1999. MAS stands for “Monetary, and Economic Union” and refers to the process of integrating the monetary policies of the EU member states. The convergence criteria were established in the Maastricht Treaty of 1992, and they include inflation rates, government budget deficits, public debt levels, exchange rate stability, and long-term interest rates. The convergence of MAS was a necessary step towards the introduction of the euro and the creation of a single European market, which was expected to increase trade and economic growth in the EU.