To pave the way for the European Monetary Union, the member countries of the European Monetary System agreed to achieve a convergence of their economies. Which of the following is NOT a condition of convergence:
A) keep the ratio of government budget deficits to GDP below 3 percent.
B) keep gross public debts below 60 percent of GDP.
C) achieve a high degree of price stability.
D) maintain its currency at a fixed exchange rate to the ERM.
Correct Answer:
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