European History; European Integration Process; Economic and Monetary Union; Monetary Europe (1947-1974); BeNeLux contries in shaping EMU; The Werner Report; Pierre Werner; Jacques Rueff; Josef Luns; Robert Triffin; Willy Brandt; Jean Monnet
Abstract :
[en] The creation of the euro area in 1999 and the subsequent introduction of the euro as a common currency in 2002 were results of a long process of preparation that went back as far as 1947. On the basis of original documents stored in archives in several European contries, this book traces ans explains the discussions in the formative years of both the ideas for a monetary union and of the European Integration process as such. Its content reveals that the basic issue to be resoled remained the same over time: how the organize effective monetary cooperation between ultimately sovereign states. The result of an international cooperative effort of two research institutes - Huygens Ing from the Netherlands and the Centre Virtuel de la Connaissance sur l'Europe from Luxembourg - this is the first book to appear on this topic that combines official documents with in-depht archival sources. Foremost among them are the personal notes of Pierre Werner, Chairman of the Committee for the Realization by Stages of Economic and Monetary Union in the Community that in 1970 produced the ground-breaking report on how to proceed in this unique European process:
Research center :
Huygens Ing, the Netherlands
Disciplines :
Macroeconomics & monetary economics Political science, public administration & international relations History International economics Arts & humanities: Multidisciplinary, general & others Finance General economics & history of economic thought European & international law Economic systems & public economics
Author, co-author :
Danescu, Elena ; University of Luxembourg > Luxembourg Center for Contemporary and Digital History (C2DH)
Clavert, Frédéric ; University of Luxembourg > Luxembourg Center for Contemporary and Digital History (C2DH)
Gabellini, Marco ; University of Luxembourg > Luxembourg Center for Contemporary and Digital History (C2DH)
Dierikx, Marc
Smits, Mari
Van Suiklekom, Loes
External co-authors :
yes
Language :
English
Title :
Common Fate, Common Future. A Documentary History of Monetary and Financial Cooperation in Europe, 1947-1974
Publication date :
April 2012
Main work title :
Common Fate, Common Future. A Documentary History of Monetary and Financial Cooperation in Europe, 1947-1974
Editor :
Dierikx, Marc
Publisher :
Huygens Instituut voor Nederlandse Geschiedenis - KNAW, The Hague, Netherlands
ISBN/EAN :
9789052161808
Peer reviewed :
Peer reviewed
Focus Area :
Finance Law / European Law
Commentary :
Monetary cooperation, in the sense of different political entities adopting
or supporting a single coin or currency to foster trade and economic
development, has had a long history in Europe. Its roots reach as far back
as Roman times. In post-1945 Europe, ideas and reminiscences of such
cooperative endeavours, notably those undertaken in the latter half of the
19th century, struck a chord. Recovering from the gravest conflict in history
that had brought unprecedented suffering and devastation, more than a few
European thinkers and policy makers regarded such unions as exemplary.
The particular circumstances of the late 1940s formed the backdrop to
renewed promotion of monetary cooperation in talks between nations that
had, until recently, been at war with each other. An attractive prospect of a
stable monetary island where badly needed economic reconstruction would
profit from the abolition of barriers to trade beckoned on the horizon.
This book does not cover the entire ascent of ideas from the late 1940s to
the creation of the euro area in 1999 and the euro’s subsequent introduction
as a common currency in 2002, but focuses on the exchanges that took
place up to the adoption by the European Council, on 8 and 9 June 1970, of
the basic plan for the achievement by stages of an economic and monetary
union at the European level. This, after all, was the crucial turning point in
the process moving from option to necessity. In December 2010 it found
its wording in the stated conviction of the euro as our ‘common fate’, and
Europe as our ‘common future’ – to quote the German Chancellor Angela
Merkel before the German Parliament, on the eve of one of the summits to
discuss the monetary crisis enveloping Europe since 2009. Her statement
subsequently became one of the cornerstones of German policy in this respect.1
The recent crisis has highlighted the challenges and difficulties of
financial and monetary cooperation in the European Union (EU). This
publication seeks to contribute to the quality of the debate on this subject
by offering a more historical perspective. Its contents will reveal that the
basic issue to be resolved – how to organise effective monetary cooperation
between ultimately sovereign states – has remained the same over time. To
demonstrate this and shed light on various past approaches to overcome this
fundamental dilemma, this book offers a selection of primary sources from the
period after the end of the Second World War until 1973, when the important
decisions to move towards adopting a single European currency had been
taken. Together they provide an insight into the political and technical issues
surrounding the process towards an economic and monetary union from the
early days of European integration. Before moving to the core of the book,
the selection of sources, this introduction will provide a short overview of
monetary integration in Europe up to the end of the Second World War, as well
as information on how the book is structured
