The Road to European Monetary Union

Abstract

Traces the development and political background of European monetary integration from its origin in the 1960s to the establishment of European Monetary Union. The author draws, to some extent, on his participation in these issues as a central banker, a member of the Monetary Committee of the European Communities, and a member of the Committee of Central Bank Governors. Covers the political background to European integration; the 1958 Rome Treaty and the Barre Plans, 1968-69; the Hague Summit of 1969 and plans for the creation of an economic and monetary union; the Werner Report, 1970; "the snake," 1972-78; the European Monetary Cooperation Fund; the making of the European Monetary System (EMS), 1978; the working of the EMS over 1979-87; the promotion of the ECU; the Single European Act, 1985-86; a French-German dispute and the revival of monetary union, 1987-88; the Delors Report and British opposition; the Madrid Summit of June 1989 and its follow-up; German unification, 1989-90; differences and compromise between France and Germany on monetary union and economic union; ratification of the Maastricht Treaty, 1992-93; Black September, 1992; the collapse of the old EMS, 1993; the Dutch policy of linking the guilder to the German mark as a case of successful pegging in the Exchange Rate Mechanism; and the political motives and compromises behind the move to the euro. Szasz is a professor of European Studies at the University of Amsterdam. Bibliography; index.