A comprehensive, concise—and unique—examination of the history of European monetary integration since the end of World War II, and how this fits into the anticipated economic and monetary union and closer political cooperation of European countries.
Ungerer provides a comprehensive, yet concise and accessible history of European monetary integration over the past fifty years, from the European Payments Union (EPU) to the realization of economic and monetary union (EMU) as mapped out in the Maastricht Treaty. Monetary policy and institutional developments in the quest for European integration are examined against their political background and placed in the broader context of international monetary developments, in particular those concerning the U.S. dollar. Ungerer reviews the economic and monetary policy provisions of the European Economic Community (EEC) Treaty and discusses early proposals for closer monetary policy cooperation and plans for economic monetary union, including the Werner report. The features and evolution of the common European exchange rate systems—the snake and in particular, the European Monetary System—are examined. The author discusses the negotiations leading to and the provisions of the Maastricht Treaty and also analyzes benefits and costs of EMU.
The crises in the European Monetary Union 1992-1993 cast doubt on whether EMU was still a realistic goal. However, Ungerer shows that the political determination to move on remained undiminished. He discusses the extensive preparations for the creation of a European Central Bank and the single European currency, the euro, and the efforts to ensure its stability. Finally, the book provides an outlook on the main monetary policy issues that confront the European Union and the challenges arising from a strengthening of the political structure of the European Union and the membership applications of many countries in the Mediterranean and in Central and Eastern Europe.
Preface
Introduction
The Background: Gold Standard and Interwar Period
The Establishment of a New International Economic Order after World War II
The Reconstruction of Europe
The Creation of the European Communities and Their Institutions
Economic and Monetary Policies in the Treaty Establishing the European Economic Community
Important Monetary Events in the European Community in the 1960s
International Monetary Developments in the 1960s
Striving for Better Policy Coordination in the European Community in the 1960s
The 1969 Conference in The Hague and the Objective of Economic and Monetary Union
The Werner Report
The Breakdown of the Bretton Woods System and the "Snake"
The Quest for More Policy Cooperation and a Unified Exchange Rate System in the 1970s
The Creation of the European Monetary System
The Objectives and Main Features of the European Monetary System
Developments in the European Monetary System, 1979-1990
The Political Debate about the European Monetary System
The Delors Report
Stage One of Economic and Monetary Union and Preparations for the Intergovernmental Conference on Economic and Monetary Union
Proposals for a Treaty on Economic and Monetary Union and the Negotiations of the Intergovernmental Conference
The Maastricht Treaty
The Debate about the Maastricht Treaty--Benefits and Costs of Economic and Monetary Union
The Crises of the European Monetary System in 1992 and 1993
Stage Two of Economic and Monetary Union, the European Monetary Institute and the Preparation of Stage Three
Outlook
Chronology
Bibliography
Name Index
Subject Index
Endorsements
This work will be an indispensable tool for those who wish to understand EMU.—Jacques de Larosi^D'ere, President^LEuropean Bank for Reconstruction and Development
[This book] is not only concise but very thorough. It covers a half century of European economic and monetary history during which the integration process was driven by both economic and political motivations....This book will no doubt remain a standard reference work for anyone interested in the economic and monetary history of Western Europe since World War II.—Robert Solomon^LGuest Scholar^LThe Brookings Institution
Soon we will be witnesses of the creation of a European currency, and many of us wonder about the chances of such a bold and unprecedented move. In this situation [this] book comes just in time. It shows that the roots of this project date back to the early beginnings of European co-operation after WW II. Being...a close witness and a player in this historical process, [Ungerer's] record of its various stages, where dead-ends were followed by creative new initiatives, is illuminating reading. I cannot imagine that anyone taking an academic or professional interest in the new 'Euro' would like to miss this book, which shows how successful monetary engineering has now brought a grand political design within reach.—Dr. G^Dunther Schleiminger^Lretired General Director^LBank for International Settlements
The history of European monetary integration masterfully told in only 300 pages, complete yet concise, written by an expert witness who knows his subject. [Ungerer] succeeded admirably in what he set out to achieve - a must reading for students and scholars, but also recommended reading for those with a general interest in the subject.—Dr. Wolfgang Rieke^LFormer Head of the International Department^LDeutsche Bundesbank
