By D. Howarth
ISBN-10: 0333920961
ISBN-13: 9780333920961
The common sense at the back of eu financial cooperation and integration can simply be understood via an exam of French efforts to maximize their financial energy on the subject of Germany and the United States. This booklet offers a close and historically-informed examine of the causes and monetary and political attitudes that formed French coverage on ecu advancements over a thirty 12 months interval, from the cave in of the foreign financial process within the overdue Sixties and early Seventies via to the beginning of EMU on 1 January 1999.
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Additional info for The French Road to the European Monetary Union
Example text
However, the desire to decrease the asymmetry of the Snake ± European monetary power motives ± was the immediate French goal. French efforts to prevent the creation of a mark zone European monetary power motives encouraged the French to pursue further European monetary co-operation only once this was seen as indispensable to control the expression of German monetary and economic power. Within the protective framework of the Bretton Woods system, the monetary impact of this power was negligible.
During the discussions on EMU, they did not advocate the creation of a European single currency, even though the Commission presented this move as an effective way to challenge the dollar. Pompidou saw the creation of a single currency as a very long term objective and insisted on focusing full attention on the tightening of EEC fluctuation margins (CousteÂ, 1974, p. 110). Certain French policymakers ± significantly Giscard ± clearly did think in these terms. However, once elected president, Giscard ceased to speak publicly of the need to establish a single currency.
39 In conclusion, French policy on European monetary co-operation appears somewhat contradictory from the perspective of European monetary power motives. The French could have improved the stability of intra-EEC parities and decreased the strength of the mark by supporting immediate moves towards economic convergence: the central demand of the `economists' during discussions on EMU. It was unlikely that convergence would have led to a dramatic alteration of French economic policies, given that French inflation levels were near the EEC average, and well below it after the accession of the three new member states.
The French Road to the European Monetary Union by D. Howarth
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