The Road To European Monetary Union

This book explains the political background and describes the decision-making leading to European Monetary Union, as seen by a former central banker who participated in the process during more than two decades. Political rather than economic considerations were decisive in establishing EMU. French-German relations in particular form a thread that runs through the book, notably French efforts to replace German monetary domination by a form of decision-making France can influence. Thus, the issues involved are issues of power, though often presented in technical terms of economics.

This insider's guide to a topical issue is designed to be of use to students, academics, policymakers and commentators alike. It contains extracts from documents and a chronology.

Providing a comprehensive and definitive account of the negotiations that led up to the agreement on Economic and Monetary Union at Maastricht in December 1991, this book examines the dynamics of the treaty negotiations.

The Road to Monetary Union analyses in non-technical language the process leading to adoption of a common currency for the European Union. The monetary union process involved different issues at different times and the contemporary global background mattered. The Element explains why monetary union was attempted and failed in the 1970s, and why the process was restarted in 1979, accelerated after 1992 and completed for a core group of EU members in 1999. It analyzes connections between eurozone membership and Greece's sovereign debt crisis. It concludes with analysis of how the eurozone works today and with discussion of its prospects for the 2020s. The approach is primarily economic, while acknowledging the role of politics (timing) and history (path dependence). A theme is to challenge simplistic ideas (e.g. that the euro has failed) with fuller analysis of competing pressures to shape the nature of monetary union.

A detailed analysis of the economic effects of the changeover to a unified European currency and the pressures caused by a dual-currency system over the transition period to the Euro. Subjects discussed include: * fiscal transfer payments: the implications of the US structure for the EMU * consequences of parallel currency 1999-2002 * feasibility of a single currency without the exchange rate mechanism * the relationship between the UK and Europe * accounts of moves towards monetary union in Austria, Portugal and Finland.

When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its early failure. Today, EMS is alive and well, continuing to defy conventional economic wisdom. The authors address three major questions about the European Monetary System (EMS): how it came into being, how it works and how it may evolve into a fully-fledged monetary union.

Economic and monetary union in the European Union represents a massive change for Europe and for the world. The Road to Maastricht identifies why the agreement was possible and how the agreement was made. The book examines the motives that inspired European political leaders, the strategies that they pursued, and the institutions that were used to achieve monetary union. Drawing on a wide range of sources and unprecedented research and interviews, the book combines careful political analysis with new information about the way in which European Monetary Union was negotiated. It delves into the complex forces at work in Europe, including the cross-national political interactions, to produce an authoritative account of the boldest and riskiest venture in the history of European integration.