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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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The Authors

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Carlo Degli Abbati is Associated Professor of Economic Policy. Professor at Department of Political Science of the University of Genoa and maître de conference at Université Libre de Bruxelles, Faculté de Sciences sociales et politiques (Libya analyst). Senior auditor of the European Court of Auditors from 1978 to 1999, responsible of the control of the European cooperation policy with Asia, Latin America and Mediterranean third countries, including human rights, food aid and emergency aid. Jean Monnet Professor in Law and Policy of the European Union from 1999 to 2008 at the Faculty of Foreign Languages, University of Genoa. Author of various publications on Islamic radicalism and the relations between EU and Asia, Latin America and Mediterranean countries. Member of Team Europe Luxembourg.

Adriano Giovannelli is Full Professor at the University of Genoa (Italy), where he was Director of the Institute of Juridical Studies and of the Department of European Researches, Dean of the Faculty of Political Science for several terms, Vice Rector unique. He has been Secretary General of the French-Italian University. Member of the Editorial Board of many scientific reviews. Authors of essays on comparative and European law, published in several countries. Advisor of high institutional authorities throughout the world. Awarded honor titles and Degree Honoris Causa in the University of Wroclaw, Poland.

Maria Eleonora Guasconi is Associate Professor of History of International Relations at the Department of Political Science of the University of Genoa. She is a specialist of Cold War...

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