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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 s, Europeans had been looking for a way to address two conund 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.

Since the s, 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 Road to European Monetary Union | André Szász | Palgrave Macmillan

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 s and s, but remained in the hands of member states.

The Treaties.

Harold James - Making the European Monetary Union

Treaties of Accession. Abandoned treaties and agreements. European Council. European Commission. European Parliament Members.

Council of the EU Presidency. European Court of Justice. Eurozone Members.

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The Road to European Monetary Union

European Central Bank. Schengen Area. Participating Schengen Area States. European Economic Area. EEA Members.

In This Review

Court of Auditors. Budget OLAF. Other Bodies. Policies and Issues.

Unofficial EU Currencies. Non-Schengen Area States. Candidate Countries for EU Membership. Foreign Relations. High Representative. Foreign relations of EU Member States. Other countries Atlas. Further information: European debt crisis and Optimum currency area. Retrieved 26 February New York: Cambridge University Press. Retrieved 14 May Euro topics. Proposed eurobonds Reserve currency Petroeuro World currency. Andorra Monaco San Marino Vatican. Political rather than economic considerations were decisive in establishing EMU. French-German relations in particular form a thread that runs through the book, notably French efforts to replace German monetary domination by a form of decision-making France can influence.

Thus, the issues involved are issues of power, though often presented in technical terms of economics. He was born in Indonesia in He studied economics at the University of Amsterdam. From until July he was a member of the Executive Board, responsible in particular for international monetary affairs. Since Dr. He is a member of two advisory committees to the Dutch Government on European integration, and a non-executive director of two financial institutions.