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The EMS Is not Enough: The Need for Monetary Union

Tommaso Padoa‐Schioppa

in The Road to Monetary Union in Europe: The Emperor, the Kings, and the Genies

Published in print:
2000
Published Online:
November 2003
ISBN:
9780199241767
eISBN:
9780191596742
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199241767.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

The long‐term prospects of the European Monetary System (EMS) are examined from a non‐technical viewpoint, considering the system as a variable rather than a given. The prospects are seen as ... More


Introduction: An Historical Overview

Kenneth Dyson and Kevin Featherstone

in The Road To Maastricht: Negotiating Economic and Monetary Union

Published in print:
1999
Published Online:
November 2003
ISBN:
9780198296386
eISBN:
9780191599125
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019829638X.003.0001
Subject:
Political Science, European Union

The negotiation of EMU is situated in an historical context, notably the mounting tensions in the post‐war Bretton Woods system, the Hague Summit of 1969, the eventual collapse of Bretton Woods and ... More


Lessons from the European Monetary System

Tommaso Padoa‐Schioppa

in The Road to Monetary Union in Europe: The Emperor, the Kings, and the Genies

Published in print:
2000
Published Online:
November 2003
ISBN:
9780199241767
eISBN:
9780191596742
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199241767.003.0004
Subject:
Economics and Finance, Macro- and Monetary Economics

Few proposals have been made for the reform of what used to be called the international monetary system, and academic economists have tended to ignore the experience of the European Monetary System ... More


After the Storm

Tommaso Padoa‐Schioppa

in The Road to Monetary Union in Europe: The Emperor, the Kings, and the Genies

Published in print:
2000
Published Online:
November 2003
ISBN:
9780199241767
eISBN:
9780191596742
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199241767.003.0013
Subject:
Economics and Finance, Macro- and Monetary Economics

The concluding essay in the book, written in 1994. It summarizes the factors and events that led to the signing of the Maastricht Treaty in February 1992, and then gives the author's interpretation ... More


Aftermath, 1992 and 1993

DAVID MCKAY

in Federalism and European Union: A Political Economy Perspective

Published in print:
1999
Published Online:
October 2011
ISBN:
9780198296775
eISBN:
9780191685279
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198296775.003.0005
Subject:
Political Science, European Union

This chapter mentions some of the potential anomalies in the European Monetary System (EMS). It also consists of brief case-studies of those countries most affected by the crises and concentrates on ... More


Monetary Cooperation and Integration

Ulrich Krotz and Joachim Schild

in Shaping Europe: France, Germany, and Embedded Bilateralism from the Elysée Treaty to Twenty-First Century Politics

Published in print:
2012
Published Online:
May 2013
ISBN:
9780199660087
eISBN:
9780191751646
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199660087.003.0009
Subject:
Political Science, European Union, International Relations and Politics

From the onset of European monetary cooperation until the current eurozone crisis, France and Germany have been at the heart of European decision-making on monetary affairs. Monetary integration ... More


Aftermath, 1992 and 1993

David McKay

in Rush to Union: Understanding the European Federal Bargain

Published in print:
1996
Published Online:
October 2011
ISBN:
9780198280583
eISBN:
9780191684364
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198280583.003.0005
Subject:
Political Science, European Union

This chapter examines the potential anomalies in the European Monetary System (EMS) and the experiences of countries affected by the exchange rate crisis of 1992 and 1993. It argues that the economic ... More


A Semisecret Negotiation, Late March–Mid-July 1978

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0007
Subject:
Political Science, European Union

This chapter examines the quest for a new philosophy of the European Economic Community (EEC) exchange rate system, from Helmut Schmidt's “exotic idea” of late March 1978 to the publication of the ... More


A Europe Made of Money: The Emergence of the European Monetary System

Emmanuel Mourlon-Druol

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.001.0001
Subject:
Political Science, European Union

This book is a new history of the making of the European Monetary System (EMS). It highlights two long-term processes in the monetary and economic negotiations in the decade leading up to the ... More


Multilevel Governance, History, and Monetary Cooperation

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0001
Subject:
Political Science, European Union

This book challenges a rather simplistic interpretation of the creation of the European Monetary System (EMS) and sheds new light on the wider trends in European monetary cooperation. Drawing on ... More


In a Keynesian Mood?: Why Exchange Rate Systems Collapse

Toshiaki Hirai, Maria Cristina Marcuzzo, and Perry Mehrling

in Keynesian Reflections: Effective Demand, Money, Finance, and Policies in the Crisis

Published in print:
2013
Published Online:
May 2013
ISBN:
9780198092117
eISBN:
9780199082506
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198092117.003.0010
Subject:
Economics and Finance, History of Economic Thought

Keynesian proposals for reforming international monetary relations aim at establishing a world central bank that, in order to enhance stability and growth, imposes ceilings for current account ... More


The Emergence of a European Bloc

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0010
Subject:
Political Science, European Union

This book has documented the prehistory of European monetary cooperation and the negotiations that took place in order to establish the European Monetary System (EMS). It has highlighted two ... More


Chasing the Ghosts of Failed Negotiations, Mid-July–Late September 1978

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0008
Subject:
Political Science, European Union

This chapter examines the European Monetary System (EMS) negotiations from the Bremen European Council until late September 1978, when the debate over the role of the European Currency Unit in the ... More


A False Start, October 1978–March 1979

Emmanuel Mourlon-Druol

in A Europe Made of Money: The Emergence of the European Monetary System

Published in print:
2012
Published Online:
August 2016
ISBN:
9780801450839
eISBN:
9780801465932
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9780801450839.003.0009
Subject:
Political Science, European Union

This chapter focuses on the end of the European Monetary System (EMS) negotiations and the launch of the new exchange rate system. The discussion covers the second and last phase of the negotiations, ... More


An International Economy

John Hicks

in A Market Theory of Money

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.003.0015
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter addresses the issue of Britain's participation (and degree of participation) in, the European Monetary System (EMS). It does not attempt any direct conclusion to that issue. Instead, it ... More


From Convergence to Crisis: Labor Markets and the Instability of the Euro

Alison Johnston

Published in print:
2016
Published Online:
January 2017
ISBN:
9781501702655
eISBN:
9781501703775
Item type:
book
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501702655.001.0001
Subject:
Political Science, Political Economy

What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, this book focuses on labor markets in a narrative that ... More


From Order to Disorder: How Monetary Union Changed National Labor Markets

Alison Johnston

in From Convergence to Crisis: Labor Markets and the Instability of the Euro

Published in print:
2016
Published Online:
January 2017
ISBN:
9781501702655
eISBN:
9781501703775
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501702655.003.0002
Subject:
Political Science, Political Economy

This chapter examines how monetary union changed national labor markets in Europe. It begins with a discussion of assumptions and theoretical foundations of a dual-sector economy consisting of the ... More


Roy Jenkins: The Importance of Top-Level Politics

N. Piers Ludlow

in Architects of the Euro: Intellectuals in the Making of European Monetary Union

Published in print:
2016
Published Online:
September 2016
ISBN:
9780198735915
eISBN:
9780191799860
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198735915.003.0006
Subject:
Political Science, European Union, Political Economy

Though Roy Jenkins had a short involvement with EMU as president of the European Commission, he developed an approach that was to prove of great longer-term significance. His contribution mattered ... More


Sheltered Sector Dominance under a Common Currency: Irrational Exuberance in Ireland and Fragmentation in Spain

Alison Johnston

in From Convergence to Crisis: Labor Markets and the Instability of the Euro

Published in print:
2016
Published Online:
January 2017
ISBN:
9781501702655
eISBN:
9781501703775
Item type:
chapter
Publisher:
Cornell University Press
DOI:
10.7591/cornell/9781501702655.003.0006
Subject:
Political Science, Political Economy

This chapter examines the political and institutional features of wage-setting regimes that favor sheltered sector interests in European Economic and Monetary Union (EMU) countries. Using a ... More


Exchange Rate Regimes and Inflation

Michael W. Klein and Jay C. Shambaugh

in Exchange Rate Regimes in the Modern Era

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013659
eISBN:
9780262259002
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013659.003.0010
Subject:
Economics and Finance, Econometrics

This chapter considers the possible connection between the exchange rate regime and inflation performance. A basic framework is conceptualized, using a heuristic approach and a model of inflation ... More


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