The Path to European Economic and Monetary Union

Sir Alan Walters ex-chief economic advisor to PM Margaret Thatcher Whether it succeeds or fails, Europe is everyone's concern. The idea of a united Europe has been entertained, even partially at least, achieved, inter alia, CharlemagI!e, Napoleon, Hitler, and in our da)' by Spaak, Monet and Chancellor Kohl: the first three by military conquest, the last three by "negotiation" and the creation of integrating institutional arrangements. The motives varied from the twisted paranoia of the Nazis to the idealism of SpaaklMonet/Kohl in avoiding conflicts and wars. Under the protection of NATO the European Coal and Steel Community soon was transformed into the EEC by the 1957 Treaty of Rome. The massive reduction of trade barriers, particularly between France and Germany, was rewarded by vigorous growth over the next 15 years. Even as late as 1972, when Britain acceeded to the Treaty of Rome, the EEC was thought to be lar~ely a customs union: in de Gaulle eyes the EEC was simply a collection of sovereISJ:l states who cooperated primarily on trade. Each state however enjoyed a veto; deCIsions had to be unanimous.

Klappentext

The purpose of this book is to provide an analysis of the emerging political and economic dilemmas EC member nations face on the road to Economic and Monetary Union (EMU) since the signing of the Maastricht Treaty. Due to the fast-changing nature of the character, and thus the pace, of European monetary and economic integration, this book addresses the critical economic and political issues that threaten the European integration process during this decade and beyond.

Inhalt
I: Overview of European Monetary Integration.- The Evolution of the European Union (EU).- The History of European Monetary Integration.- Annex I.1.- II: Political and Economic Dilemmas Of the EMU.- The Maastricht Treaty Ratification Process.- The Politics of the Maastricht Treaty.- The Impact of the ERM Crises on the EMU.- The Transitional Dilemmas of EMU.- EU Enlargement Implications.- The Implications of a Multi-Speed EMU.- Annex II.1.- III: Fiscal Policy and the EMU.- Fiscal Coordination and Binding Constraints.- The EU Common Budget and the EMU.- The Role of National Fiscal Policies in the EMU.- Sustaining the Maastricht Treaty Fiscal Convergence Criteria.- IV: The Single Currency, The Euro: Costs and Benefits.- Towards the Euro.- Costs and Benefits of the EMU.- Costs and Benefits of The Euro.- The Euro's National and Regional Impact.- Annex IV.1.- V: The European Central Bank.- The European Monetary Institute (EMI).- The European Central Bank.- The Maastricht Treaty Statutory Requirements for National Central Banks.- Annex V.1.- Annex V.2.- Annex V.3.- Annex V.4.- Annex V.5.- Annex V.6.- Annex V.7.- Annex V.8.- Annex V.9.- VI: Key EMU Predicaments and Outlook.- Impact of Common Monetary Policies.- EU Financial Centers: Gains and Losses.- The City of London and the EMU.- The EMU and the Global Financial Markets.- The ERM II.- Maastricht Convergence Criteria.- The U.K. Dilemma.- The German EMU Predicament.- The Importance of the Franco-German Alliance.- The 199697 IGC Negotiations.- Possible EMU Impediments.- The EMU Blueprint for 2002.- Appendix A: Key Dates In The History Of European Integration.- About the Author.