| 
  • If you are citizen of an European Union member nation, you may not use this service unless you are at least 16 years old.

  • You already know Dokkio is an AI-powered assistant to organize & manage your digital files & messages. Very soon, Dokkio will support Outlook as well as One Drive. Check it out today!

View
 

European Economic and Monetary Union - EMU - Euro - history

Page history last edited by Brian D Butler 13 years, 3 months ago

see also:

 

------------------------------------------------------------- 

 

 

Table of Contents:


 

Quotes:

  • "In many ways, it is the most dramatic political and economic development of our time"[1]

 

Why?

  • compete better in global markets
  • post WWII (see below) - attitude that "nation state" had failed
  • fear of domination by US & communist Russia after WWII

 

 

History

 

Early History:

 

Many have tried to unite Europe throughout history (often violently), from:

  • Romans
  • Charlemagne
  • Napoleon

 

Others have argued for unity as a way to find peace:

  • William Penn (UK Quaker) - 1693 - argued for the end of the nation state
  • Jeremy Bentham
  • Jean-Jacques Rousseau - argued for a European federation
  • Henri Saint-Simon - 1814 "United States of Europe"
  • Victor Hugo - used phrase "United States of Europe" at Paris Peace conference - 1849
  • 1923 - Richard Coudenhove-Kalergi - Pan European Union -- influenced Adenauer, Pompidou, Sforza

 

 

Post WWII (1945)

  • attitudes toward integration changed
  • after 3 major wars in less than 100 years ( Franco-Prussian war 1870-71  , WWI 1914-18 , and WWII 1939-45)
  • OEEC (later the OECD) - to oversee US Marshall Plan aid (organization was set up with Council of Ministers, unanimous voting... predecessors to EU style of organization)
  • currency devaluations 1949 - fear of return to "beggar thy neighbor" currency devaluations of period after Great Depression (led to WWII)

 

 

Institutions:

 

Early attempts to organize Europe

 

The Council of Europe:

  • 1948-9 -- UK was looked to for leadership, but Atlee government focused at home with labor and social development
  • European assembly supported by Belgium and France - Robert Schuman

 

 

 

 

Maastrich Treaty:

 

The Maastricht Treaty forbids the ECB to monetize any member country's deficit...which could be quite a problem if any EUR nation defaults.

 

What is the Maastrich Treaty?   It was basically the agreement that led to the creation of the European Union and later the Euro....see here ....  http://en.wikipedia.org/wiki/Treaty_on_European_Union

 

 

 

Future:

 

 

 

Links - See Also:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Footnotes

  1. Valdez, Stephen "An Introduction to Global Financial Markets", 5th Edition, ch11, p265-308

Comments (0)

You don't have permission to comment on this page.