A Concise History of European Monetary Integration: From Epu to EMU

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.

Table of Contents:
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

About the Author :
HORST UNGERER is guest lecturer at universities in Europe and the United States. He has had a distinguished career, spanning more than three decades, in central banking and international finance. Ungerer was a senior official in the Deutsche Bundesbank and the International Monetary Fund, from where he retired in 1991 as Assistant Director in the European Department. Ungerer is author and coauthor of many papers on European monetary policy issues published in the United States and Europe.