Show Less
Restricted access

The History of the European Monetary Union

Comparing Strategies amidst Prospects for Integration and National Resistance

Series:

Edited By Daniela Preda

The financial and economic crisis that hit Europe in 2009 brought out the precariousness of the monetary union, accentuating the economic disequilibrium among European nations and strengthening Euro-skepticism.

The crisis served as a catalyst for long-standing and unresolved problems: the creation of a singly monetary area with intergovernmental control, the final act in the construction of a Europe economically united but without a government and a state; the consequent discrepancy between forming a consensus that remains in large part national and the political dynamics in Europe; the sustainability of a monetary union in the absence of an economic-social union, which presents again the long-standing debate between "monetarist" countries and "economist" countries.

This book aims at placing current events within a long-term framework composed of a mosaic of multidisciplinary contributions that can provide the reader with keys which are adequate for an understanding of these events and useful for opening up new horizons.

The book begins with a look at 20th-century monetary unification projects in an attempt at reconstructing the long road toward the single currency: the first monetary unification projects in the 1950s and 1960s; the turbulence of the 1970s; the new impetus given by the European Monetary System to the cohesion among European countries; the causes of the 1992 crisis; and the long struggle for the Monetary Union, which would end at Maastricht. Finally, it focuses on the most recent events – the creation of the Eurozone and its crisis – starting from the turbulent years of the first decade of the new millennium and ending on May 31, 2016, just before the Brexit referendum.

The book focuses on analyzing the strategies undertaken during the monetary unification process, underscoring, on the one hand, the conviction of the Founding Fathers of the EMU that a single currency would favor further progress toward a more stringent economic and political integration, and on the other the continuing national resistance to the transfer of sovereignty from the national states to the European Union.

Show Summary Details
Restricted access

Le Plan Werner et la découverte de l’Europe monétaire (Andreas Wilkens)

Extract

| 59 →

Le Plan Werner et la découverte de l’Europe monétaire

Andreas WILKENS

Le Plan Werner représente la première tentative cohérente des pays de la Communauté européenne pour tracer le chemin vers une « Union économique et monétaire » (UEM). L’initiative ne surgit pas au hasard, en ce moment historique au début des années 1970. On sait que les réflexions et les travaux pratiques sur une meilleure coordination en matière monétaire remontent plus loin dans le temps et prennent une forme systématique à partir de l’année 1968. La faiblesse du Dollar, le déclin du système de Bretton Woods, l’achèvement du Marché commun, les tensions déjà sensibles entre les monnaies européennes – tous ces facteurs favorisent, vers la fin des années 1960, les initiatives en vue d’une meilleure coopération monétaire au niveau de l’Europe des Six.

La spectaculaire crise monétaire de l’automne 1968 renforce la prise de conscience plus large et plus profonde des défis désormais posés. Les économies européennes évoluaient selon des rythmes fort différents : reprise vigoureuse en Allemagne fédérale, crises économiques et monétaires en France et en Grande-Bretagne. Des dollars commençaient à inonder les marchés de devises, des mouvements spéculatifs d’une ampleur jusqu’alors inconnue accentuaient les déséquilibres. Dans ce désordre croissant, la plupart des gouvernements européens et américain...

You are not authenticated to view the full text of this chapter or article.

This site requires a subscription or purchase to access the full text of books or journals.

Do you have any questions? Contact us.

Or login to access all content.