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Making the European Monetary Union
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Making the European Monetary Union Hardcover - 2012

by Harold James; Foreword by Mario Draghi; Foreword by Jaime Caruana


From the publisher

Europe s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro s invention.

Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar s privileged position in the international monetary system, and Germany s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later.

Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community s Committee of Central Bank Governors and the Delors Committee of 1988 89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future."

Details

  • Title Making the European Monetary Union
  • Author Harold James; Foreword by Mario Draghi; Foreword by Jaime Caruana
  • Binding Hardcover
  • Edition [ Edition: repri
  • Pages 567
  • Volumes 1
  • Language ENG
  • Publisher Belknap Press, Cambridge, MA
  • Date 2012
  • Illustrated Yes
  • ISBN 9780674066830 / 0674066839
  • Weight 2.11 lbs (0.96 kg)
  • Dimensions 9.48 x 6.52 x 1.82 in (24.08 x 16.56 x 4.62 cm)
  • Library of Congress subjects Europe - Economic integration, Monetary policy - European Union countries
  • Library of Congress Catalog Number 2012015210
  • Dewey Decimal Code 332.494

About the author

Harold James is the Claude and Lore Kelly Professor in European Studies and Professor of History and International Affairs at Princeton University.
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Making the European Monetary Union
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