scholarly journals The Franco-German Alliance and Its Role in the Process of European Monetary Integration, 1944-2010 - Lessons for Today

2016 ◽  
Vol 11 (2) ◽  
pp. 119-135
Author(s):  
Dimitrios Syrrakos
Keyword(s):  
Economic Integration ◽  
Debt Crisis ◽  
European Monetary System ◽  
Monetary Integration ◽  
The European Union ◽  
European Monetary ◽  
Underlying Assumption ◽  
Monetary System ◽  
Close Relationship ◽  
The Creation

The aim of this paper is to assess the evolution of the Franco-German alliance and the likely directions in its development. In particular, the question of whether the two countries' close relationship would survive the current economic and political obstacles is addressed. Emphasis is, placed on the way the alliance facilitated the creation of European Monetary Union. Therefore, the signing of the Treaty of Rome, the establishment of the European Monetary System, the creation of the Single European Act and the Maastricht Treaty are evaluated within this perspective. An underlying assumption throughout the analysis is that the prospects of the alliance and EMU will proceed in tandem. If the alliance continues to evolve successfully then the process of European economic integration will also progress, whereas if the two countries relations increasingly attenuate then the process of economic integration would at best stagnate. The main conclusion is that, following the Eurozone debt crisis the Franco-German alliance has been, replaced by "German Hegemony". This has rendered the main driving force of the European Union ineffective and as such has undermined the evolution of its institutions.

The European Union Treaty: Mechanical Incident or Derailment on the Fast Track?

1993 ◽  
Vol 14 (1) ◽  
pp. 167-182
Author(s):  
Jacques Le Cacheux
Keyword(s):  
European Union ◽  
Economic Integration ◽  
Fast Track ◽  
European Monetary System ◽  
Maastricht Treaty ◽  
The European Union ◽  
European Monetary ◽  
Monetary System ◽  
Single European Act ◽  
National Legislatures

On February 7, 1992, the twelve leaders of the European Community (EC) countries met and solemnly signed the European Union Treaty --the so-called Maastricht Treaty. Earlier agreements amongst European states reinforcing their economic integration --such as the creation of the European Monetary System (EMS) in 1979 and the Single European Act, which, in 1986, provided for the dismantling of intra-EC borders and the completion of the European common market on January 1st, 1993. However the Maastricht Treaty was deemed to contain such radical amendments of the Community's founding treaties that it had to be submitted to ratification by the various national legislatures or constituencies.

The Euro under Scrutiny: Histories and Theories of European Monetary Integration

2001 ◽  
Vol 10 (2) ◽  
pp. 333-341 ◽  
Author(s):  
Hubert Zimmermann
Keyword(s):  
Market Integration ◽  
Domestic Politics ◽  
European Monetary System ◽  
Monetary Integration ◽  
The European Union ◽  
European Monetary ◽  
James I ◽  
Oxford University ◽  
Monetary System ◽  
Oxford University Press

Kenneth Dyson, The Politics of the Euro-Zone. Stability or Breakdown? (Oxford: Oxford University Press, 2000), 311 pp., ISBN 0-199-24164-3. Kenneth Dyson and Kevin Featherstone, The Road to Maastricht. Negotiating Economic and Monetary Union (Oxford: Oxford University Press, 1999), 860 pp., ISBN 0-198-28077-7. Peter Henning Loedel, Deutsche Mark Politics: Germany in the European Monetary System (London: Lynne Rienner, 2000), 264 pp., ISBN 1-555-87835-0. Kathleen R. McNamara, The Currency of Ideas: Monetary Politics in the European Union, (Ithaca: Cornell University Press, 1998), 200 pp., ISBN 0-801-43432-7. James I. Walsh, European Monetary Integration and Domestic Politics. Britain, France, and Italy (London: Lynne Rienner, 2000), 182 pp., ISBN 1-555-87823-7. Amy Verdun, European Responses to Globalisation and Financial Market Integration (London: Macmillan, 2000), 260 pp., ISBN 0-333-71708-2.

The Crisis of the Bretton Woods Monetary System and the Beginning of European Monetary Cooperation

2021 ◽  
pp. 98-106
Author(s):  
Oksana G. Lekarenko ◽  
Keyword(s):  
Monetary Union ◽  
Monetary Integration ◽  
European Monetary ◽  
European Currency ◽  
Monetary Cooperation ◽  
Bretton Woods ◽  
Monetary System ◽  
The Us ◽  
The Creation ◽  
Monetary Order

The article aims to identify the impact of the crisis of the Bretton Woods monetary system on the beginning of European monetary cooperation. Russian scholars' publications on European monetary integration usually examine in detail the internal prerequisites for the emergence of the Werner Plan and only sketch the external environment. Drawing on available European and American sources, this research provides a more nuanced picture of the origins of European monetary cooperation in the context of a general collapse of the post-war international monetary order. The article begins with the characteristic of the main features of the Bretton Woods monetary system. In the late 1960s and early 1970s, the intrinsic contradictions of the Bretton Woods mechanism, such as the problem of liquidity, confidence in the key currencies, and the adjustment mechanism, generated numerous monetary crises. All efforts to reform the international monetary system stalled because of disagreements between countries with surplus and deficit payment balances. The research also focuses on the US monetary policy. As the US dollar was the main reserve currency, the stability of the entire monetary system depended on its position. Since the late 1960s, conflicts over monetary issues developed between the United States and Western European countries, culminating in the Nixon administration's unilateral decision to abolish the gold standard in August 1971. Monetary crises and the weakness of the dollar pushed the countries of the European Economic Community to develop their own currency grouping. The article analyses the Werner Plan of 1970 that proposed the creation of an Economic and Monetary Union (EMU) with a single European currency as the ultimate goal. Based on fixed exchange rates between European currencies, the EMU represented a regional replica of the Bretton Woods system. The single European currency was seen by Europeans as an alternative to the dollar and the unpredictable American policy. The author concludes that the end of transatlantic monetary cooperation gave an additional impetus to the development of European monetary integration. Although first European efforts to create the EMU had failed because of the different approaches of France and the Federal Republic of Germany as well as the economic crisis of the early 1970s, the Werner Plan marked a crucial phase in the history of European integration. The Werner Report became a blueprint for the European Monetary System (EMS) of the late 1970s. The success of the EMS paved the way for the creation of the European Monetary Union envisaged in the Maastricht Treaty of 1991 establishing the European Union and the adoption of a single European currency - the euro.

scholarly journals Le système monétaire européen : Où en sommes-nous?

2005 ◽  
Vol 12 (3) ◽  
pp. 445-463 ◽  
Author(s):  
Bernard Decaluwé
Keyword(s):  
European Monetary Union ◽  
European Monetary System ◽  
Council Of Europe ◽  
European Monetary ◽  
Monetary System ◽  
Political Implications ◽  
The Creation ◽  
European Currency Unit ◽  
Near Future ◽  
European Monetary Fund

The decisions of the Council of Europe on December 5"', 1978, that would lead to the establishment of the European Monetary System, raise a multitude of questions. Among these, the creation of a European currency unit, the ECU, and the announcement of the establishment in the near future of a European Monetary Fund, the E.M.F., are the most symbolic decisions in terms of public opinion as well as the most important in their economic and political implications. In this article, we will show that the development of the ECU and the creation of a E.M.F. with substantial decisional autonomy are the two conditions necessary for strengthening the European monetary union.

scholarly journals The European Crisis Without End: The Consequences of European Monetary Integration

2016 ◽  
Vol 6 (8) ◽  
pp. 15
Author(s):  
Haytham Yousef Ewaida
Keyword(s):  
European Monetary System ◽  
Economic Effects ◽  
Monetary Integration ◽  
Financial Policy ◽  
European Monetary ◽  
Euro Zone ◽  
European Central ◽  
Monetary System ◽  
European Crisis

<p>This study tackles the Euro-Zone sovereign debts through recognizing the crisis origins, reasons, and the stages it has gone through to decide on its financial and economic effects and the approaches to deal with these effects. The study concludes that there is a real crisis at the European monetary system mechanism besides a lack of any implementable mechanism regarding growth and convergence among the Euro-Zone countries. Add to that the absence of a united financial policy for these countries. The study has approached some recommendations among which: the necessity to expedite the adoption of a united financial policy for all the Euro-Zone countries, the necessity to activate the role of the European Central Bank, the necessity to create mechanisms that can confront any emerging crises in the future.</p>

scholarly journals La mise en place du système monétaire européen

2009 ◽  
Vol 55 (4) ◽  
pp. 568-584
Author(s):  
Michel Lelart
Keyword(s):  
European Monetary System ◽  
European Monetary ◽  
Monetary System ◽  
Three Stages ◽  
The Creation

The author of this paper features the main events that led to the creation of a European monetary system. In the first part, the three stages of the European monetary construction are recalled. In the second part, the author analyses the agreement that occurred on December 5, 1978.

European currency system: problems and developments of prospective evaluation

2019 ◽  
pp. 49-55
Author(s):  
Наталія Валерьївна Безрукова ◽  
Віталій Анатолійович Свічкарь
Keyword(s):  
Debt Crisis ◽  
European Monetary System ◽  
European Monetary ◽  
European Currency ◽  
Euro Zone ◽  
Eu Countries ◽  
Monetary System ◽  
System Functioning ◽  
Further Development ◽  
The Eu

In the article the authors investigated the problems of the European monetary system functioning. It is emphasized that the EU and the Euro zone are currently suffering from strain and unsolved problems, which do not exclude gradual decrease in the EU countries consolidation and influence. The aim of the article is to analyze present days’ problems of European Union functioning and European monetary system, in particular evaluation their further development perspectives. Debt crisis in the Euro zone sets a question to the single European currency and European integration prospective. It is noted by the authors that as a result of economic crisis Europe are divided into two macro regions, which are unsuccessful “South” and prosperous “North”. Numerous prognoses foresee various scenarios for the situation development, from pessimistic to optimistic ones. However political efforts of the leading EU countries, primarily Germany, France, and the Netherlands are required.

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