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The History of the European Monetary Union

Comparing Strategies amidst Prospects for Integration and National Resistance

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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.

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L’euro entre problèmes de naissance et incertitudes identitaires (1991-2016) (Carlo Degli Abbati)

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L’euro entre problèmes de naissance et incertitudes identitaires (1991-2016)

Carlo Degli ABBATI

Les contenus monétaires du premier pilier du traité de Maastricht – entré en vigueur le 1er novembre 1993, après une phase difficile de ratification – sont la conséquence du trade-off franco-allemand qui comportait la conversion de l’euro de monnaie commune à monnaie unique contre l’extension au système européen du mode de fonctionnement de la Bundesbank en tant que banque centrale. Par conséquent, en pleine cohérence avec l’attribution à la BCE de la seule fonction monétaire, ni le traité ni le statut de la BCE n’ont confié à celle-ci une responsabilité en tant qu’institut préteur de dernier ressort. Cette circonstance a, depuis le début du fonctionnement de la monnaie unique, privé la BCE des moyens nécessaires pour s’opposer de manière anticyclique aux tendances défavorables des marchés. L’inversion du cycle économique mondiale, amorcée par la crise américaine des « subprimes », s’étant manifestée à compter de 2008, la navigation du système monétaire européen s’est avérée depuis lors soudainement complexe. Cet article vise à illustrer les difficultés initiales de gestation de l’euro, les différentes mesures adoptées au niveau des institutions et de la BCE pour parier à ses difficultés, les perspectives actuelles de la monnaie unique, ainsi qu’un aperçu des conséquences économiques fortement négatives pour les EM périphériques de la zone...

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