Introduction

2020 ◽  
Keyword(s):  
European Union ◽  
European Integration ◽  
Economic Integration ◽  
Monetary Union ◽  
Maastricht Treaty ◽  
Economic And Monetary Union ◽  
Political Integration ◽  
European Currency ◽  
European Economic ◽  
Future Direction

In its more than seven decades of history European integration has gone through many stages of development. Some of them were incremental, but many more rather sudden, triggered or at least profoundly influenced by legal predicaments and political impasses, following the proverbial advice to ‘never let a good crisis go to waste’. The policy areas that are broadly abridged under the term Economic and Monetary Union (EMU) form no exception in this regard. EMU is deeply rooted in and following the inherent logic of political integration through gradual economic integration proclaimed in the well-known Schuman Declaration and thereafter given shape through the Treaty establishing the Coal and Steel Community (ECSC) and the subsequent Treaty establishing the European Economic Community. Yet, it was the Treaty on European Union (Maastricht Treaty/TEU), which was meant to put an end to the at times fiercely led (academic) debates on the future direction of European integration and its democratic credentials, that finally provided the necessary legal impetus for the establishment of an economic and monetary union and the creation of a supranational, single European currency.

scholarly journals Intensyfikacja współpracy gospodarczej w Unii Europejskiej w latach 2010‑2019 w świetle teorii nowej międzyrządowości

Politeja ◽  
2020 ◽  
Vol 17 (3(66)) ◽  
pp. 15-27
Author(s):  
Klaudia Kudławiec
Keyword(s):  
European Union ◽  
European Integration ◽  
Economic Integration ◽  
Monetary Union ◽  
Economic And Monetary Union ◽  
System Reform ◽  
The European Union ◽  
Political Union ◽  
The Subject ◽  
Economic Union

Intensification of Economic Cooperation in the European Union in the Years 2010-2019 in the Light of the Theory of New Intergovernmentality The subject of the article is the process of intensifying economic integration in the European Union in the years 2010-2019, which is to lead to the creation of a real Economic and Monetary Union. The article is based on the theory of new intergovernmentalism, through which the eurozone system reform has been analyzed. The first part presents the main assumptions of the theory of new intergovernmentalism in relation to two models of European integration: intergovernmental and supranational. The second part was devoted to four projects included in the future Economic and Monetary Union: Financial Union, Economic Union, Fiscal Union and Political Union.

After Strasbourg: A different party than expected (1989-1992)

2020 ◽  
Author(s):  
Mathieu Segers
Keyword(s):  
The Netherlands ◽  
European Integration ◽  
Monetary Union ◽  
Market Integration ◽  
Financial Economic ◽  
Economic And Monetary Union ◽  
European Economic ◽  
The Uk

Like the ECSC, the European Economic and Monetary Union (EMU) would never become a Dutch favourite. And like the ECSC, the EMU again made European integration a predominantly continental affair, centred around the Franco-German axis, with the Netherlands’ best allies the UK and Scandinavia at a distance. Unlike the ECSC, however, the EMU saw the Netherlands become a prominent engineer of this course of events in European integration. Dutch financial-economic and monetary technocrats were leading figures, launching far-reaching plans for monetary union from the mid-1970s and proposing ingenious interlinks between monetary union and the deepening of market integration. Tellingly, the treaties that created the EMU and the euro were both signed on Dutch soil, in Maastricht and Amsterdam.

Fiscal Integration and Harmonization

2015 ◽  
pp. 49-58
Author(s):  
Yalçın Alganer ◽  
Güneş Yılmaz
Keyword(s):  
European Union ◽  
Economic Integration ◽  
Considerable Progress ◽  
Political Integration ◽  
The European Union ◽  
Exact Integration ◽  
European Economic ◽  
Tax Legislation ◽  
Three Stages ◽  
Fiscal Harmonization

The concept of integration expresses an extremely fundamental and complicated formation. Despite such important and complicated issues and problems, Europe has made considerable progress and developments and been able to form the European Economic Community first and then the European Communities, and finally the European Union. It is necessary to precisely and smoothly complete the three stages of integration in order to mention about an exact integration. These stages, economic integration, fiscal integration, and political integration are discussed within this chapter. The first stage, economic integration, can be achieved only with the integration of the trade among the elements of the integration. Hence, it is required to seek for the fiscal harmonization of the tax legislation that is the most important competition breaker element in the field in question. A complete economic integration will be possible only by providing this fiscal harmonization.

European Monetary Union and the Courts

2020 ◽  
Author(s):  
Daniel Sarmiento ◽  
Moritz Hartmann
Keyword(s):  
Monetary Policy ◽  
Economic Policy ◽  
Monetary Union ◽  
European Monetary Union ◽  
Maastricht Treaty ◽  
Political Integration ◽  
European Monetary ◽  
European Economic ◽  
European Project ◽  
The Creation

European Monetary Union (EMU) is one of the cornerstones of the post-Maastricht European project. Inasmuch as the Maastricht Treaty adopted a binding horizon for the creation of a unitary currency comprising the vast majority of the Member States, the Treaty provided for the blueprint, as of 1992, to initiate, in the area of monetary policy, the still lasting process of the European project’s political integration. As a result, the first pillars of a European economic policy followed, creating an edifice under the name of EMU that is still in the making, but has nevertheless developed, at this point, into a crucial pillar of the European Union’s (EU) constitutional charter.

The Maastricht Treaty: Creating the European Union

2019 ◽  
Author(s):  
Finn Laursen ◽  
Sophie Vanhoonacker
Keyword(s):  
European Union ◽  
Monetary Union ◽  
Security Policy ◽  
Maastricht Treaty ◽  
Development Cooperation ◽  
Majority Voting ◽  
Democratic Legitimacy ◽  
Economic And Monetary Union ◽  
The European Union ◽  
Member States

The Maastricht Treaty, which created the European Union (EU), was signed in Maastricht on February 7, 1992, and it entered into force on November 1, 1993, after being ratified by the then 12 member states of the European Communities. The Intergovernmental Conferences (IGCs) on Political Union (PU) and Economic and Monetary Union (EMU) where the member states negotiated the amendments to the founding treaties took place against the turbulent geopolitical background of the fall of the Berlin Wall (1989), German unification, and the end of the Cold War. The new treaty amended the Treaty Establishing the European Economic Community (EEC) and established the European Community (EC) as the first pillar of the Union. It also amended the Treaty Establishing the European Coal and Steel Community (ECSC) and the Treaty Establishing the European Atomic Energy Community (EAEC). It further added two pillars of intergovernmental cooperation, namely Common Foreign and Security Policy (CFSP) in a second pillar and Justice and Home Affairs (JHA) cooperation in a third pillar. Overall, the Maastricht Treaty constituted one of the most important treaty changes in the history of European integration. It included provisions on the creation of an Economic and Monetary Union (EMU), including a single European currency. It tried to increase the democratic legitimacy and efficiency of the decision-making process through empowerment of the European Parliament (EP) and the extension of Qualified Majority Voting (QMV). Next to introducing the principle of subsidiarity and the concept of European citizenship, it further developed existing policies such as social policy and added new ones including education, culture, public health, consumer protection, trans-European networks, industrial policy, and development cooperation.

scholarly journals Explaining governmental preferences on Economic and Monetary Union Reform

2019 ◽  
Vol 20 (1) ◽  
pp. 24-44 ◽  
Author(s):  
Silvana Târlea ◽  
Stefanie Bailer ◽  
Hanno Degner ◽  
Lisa M Dellmuth ◽  
Dirk Leuffen ◽  
...  
Keyword(s):  
European Union ◽  
European Integration ◽  
Multilevel Analysis ◽  
Monetary Union ◽  
Union Member ◽  
Explanatory Power ◽  
Economic And Monetary Union ◽  
The European Union ◽  
Preference Formation ◽  
Political Factors

This article examines the extent to which economic or political factors shaped government preferences in the reform of the Economic Monetary Union. A multilevel analysis of European Union member governments’ preferences on 40 EMU reform issues negotiated between 2010 and 2015 suggests that countries’ financial sector exposure has significant explanatory power. Seeking to minimize the risk of costly bailouts, countries with highly exposed financial sectors were more likely to support solutions involving high degrees of European integration. In contrast, political factors had no systematic impact. These findings help to enhance our understanding of preference formation in the European Union and the viability of future EMU reform.

scholarly journals Integracja gospodarcza Danii, Finlandii i Szwecji z Unią Europejską

2015 ◽  
pp. 227-247
Author(s):  
Leszek Leśniewski
Keyword(s):  
European Union ◽  
Comparative Study ◽  
European Integration ◽  
Economic Integration ◽  
Monetary Union ◽  
European Monetary Union ◽  
The European Union ◽  
European Monetary ◽  
Global Crisis ◽  
Opt Out

This paper explores economic integration of the Scandinavian states (Denmark, Finland and Sweden) with the European Union during the global crisis. The aim of this paper is to present comparative study of different choices made by these countries with regard to the European integration: EMU opt – out clause in Denmark, membership of Finland in the European Monetary Union and derogation for Sweden – and as result different reaction to the financial and economic crises

European Union, but their immediate impact has to be looked at in a different light. There was no shortage of speeches, and presumably internal memoranda, drawing attention to the significance of events beyond the Eastern border, but it is hard to see what practical difference they actually made in the short term to policies being pursued by the member states or to the development of the Community. The process which would lead to the Maastricht Treaty on European Union was set in motion in the first part of 1988. The treaty itself was signed at the end of 1991. There is no evidence that this process would have proceeded differently even if none of the events to the East had occurred! In concluding this chapter it may be appropriate to summarise the major events which led up to the Maastricht Treaty and its subsequent ratification. Although implementation of the single market brought the Commission to the centre stage, the real driving force for developing the Community was undoubtedly the European Council. In the course of 1988 and 1989 it agreed to establish two separate but parallel IGCs to consider respectively Political Union and Economic and Monetary Union. After some preparations, the two IGCs came into formal existence at the Rome European Council in December 1990. Working throughout 1991 they reported to the Maastricht European Council just one year later, resulting in the Treaty on European Union. Inevitably the attitudes of France and Germany were crucial. Initially there was some difference of emphasis. Once German reunification was secured, Kohl’s major aim was to complete the process of locking the newly united Germany irrevocably into an integrated Europe through Political Union. Mitterrand’s concern was the preeminence of the Deutschmark and the desirability of establishing some European political control over monetary issues. By mid 1990 the positions of the two chief partners were broadly in line, henceforth working towards both political and economic and monetary union, with strong support from Italy, who took over the Council Presidency in the second half of the year. Meanwhile ,British policy was in turmoil. Following her third successive election victory, Thatcher became increasingly strident in her condemnation of further European integration. This was undoubtedly fuelled by growing concern over possible German dominance. However, many of Thatcher’s leading ministers were committed to extending the European agenda. During 1989 the British government both agreed that at last it would join the exchange rate mechanism and vainly opposed the establishment of the IGC on EMU. Late in 1990, following the resignation of Geoffrey Howe as Foreign Minister, essentially on issues concerned with Europe, Thatcher was deposed as Prime

2006 ◽  
pp. 87-87
Keyword(s):  
European Union ◽  
Monetary Union ◽  
Strong Support ◽  
Foreign Minister ◽  
Maastricht Treaty ◽  
European Council ◽  
Economic And Monetary Union ◽  
Political Union ◽  
Council Presidency ◽  
One Year

EMU as Constitutional Law

2020 ◽  
Author(s):  
Bruno De Witte
Keyword(s):  
European Union ◽  
Monetary Union ◽  
European Monetary Union ◽  
Constitutional Law ◽  
Maastricht Treaty ◽  
The Body ◽  
Economic And Monetary Union ◽  
The European Union ◽  
Political Union ◽  
The Moment

The creation of Economic and Monetary Union (EMU) was an important enterprise of constitutional engineering and expressed a belief in the capacity of constitutional law to accomplish economic objectives. The Treaty of Maastricht was prepared by not one but two intergovernmental conferences, namely one on ‘European Political Union’ and another one on ‘European Monetary Union’. The negotiators participating in the latter of the two conferences were given a free hand in drafting a lengthy set of norms that were eventually included in the Maastricht Treaty, either in the body of the new Treaty or in detailed Protocols. At the moment of entry into force of the Maastricht Treaty, all EMU law was therefore constitutional law of the European Union, and still today, when many further norms of secondary law have been enacted, an important part of EMU law is still of a formally constitutional nature, by being contained in the text of the Treaty on the Functioning of the European Union (TFEU) and its annexed Protocols. There is thus a consistent body of EMU constitutional law, which is the object of this contribution.

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