A Europe Made of Money: the emergence of the European Monetary System

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Cornell University Press, Jul 11, 2012 - History - 368 pages
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A Europe Made of Money is a new history of the making of the European Monetary System (EMS), based on extensive archive research. Emmanuel Mourlon-Druol highlights two long-term processes in the monetary and economic negotiations in the decade leading up to the founding of the EMS in 1979. The first is a transnational learning process involving a powerful, networked European monetary elite that shaped a habit of cooperation among technocrats. The second stresses the importance of the European Council, which held regular meetings between heads of government beginning in 1974, giving EEC legitimacy to monetary initiatives that had previously involved semisecret and bilateral negotiations. The interaction of these two features changed the EMS from a fairly trivial piece of administrative business to a tremendously important political agreement.

The inception of the EMS was greeted as one of the landmark achievements of regional cooperation, a major leap forward in the creation of a unified Europe. Yet Mourlon-Druol's account stresses that the EMS is much more than a success story of financial cooperation. The technical suggestions made by its architects reveal how state elites conceptualized the larger project of integration. And their monetary policy became a marker for the conception of European identity. The unveiling of the EMS, Mourlon-Druol concludes, represented the convergence of material interests and symbolic, identity-based concerns.

 

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Contents

Introduction Multilevel Governance History and Monetary Cooperation
1
1 European Monetary Cooperation 19451974 Background and Debates
15
2 Shifting Away from the Werner Approach May 1974May 1975
30
3 EMU off the Agenda? June 1975June 1976
65
4 Economic Rapprochement Monetary Standstill July 1976June 1977
99
5 Conflicting Options July 1977March 1978
132
6 A Semisecret Negotiation Late MarchMidJuly 1978
163
7 Chasing the Ghosts of Failed Negotiations MidJulyLate September 1978
196
8 A False Start October 1978March 1979
228
Conclusions The Emergence of a European Bloc
261
Acknowledgments
283
A Note on Sources Cited in the Notes
285
Notes
287
Sources
337
Index
349
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