The Road to European Monetary Union by André Szász

By André Szász

This booklet explains the political heritage and describes the decision-making resulting in ecu financial Union, as obvious by way of a former significant banker who participated within the technique in the course of greater than 20 years. Political instead of monetary issues have been decisive in setting up EMU. French-German family specifically shape a thread that runs throughout the booklet, significantly French efforts to interchange German financial domination by way of a sort of decision-making France can impression. therefore, the problems concerned are problems with strength, notwithstanding usually offered in technical phrases of economics.

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But by 1970 more and more countries were recognising East Germany in defiance of Bonn's threat to cut off relations (the Hallstein Doctrine). The policy increasingly ran the risk of backfiring; it threatened to isolate Bonn rather than East Germany. By the seventies the Adenauer policies on reunification were bound to bring the Federal Republic into increasing conflict with both allies and the non-aligned. 24 The 'Grand Coalition' of the Christian Democrats and Social Democrats in which Kiesinger was Chancellor and Willy Brandt Vice Chancellor and Foreign Minister had tried to improve relations with the East, but because it lacked an agreed view its progress was necessarily limited.

Thus no choice was made between the widely diverging models existing in the Community, with the Deutsche Bundesbank at one extreme with its far-reaching independence and its obligation to pursue the stability of the currency (interpreted as price stability), and, at the other, central banks that were dependent on government policies and had no priorities specified by law. 2 ECONOMIC UNION The communique of The Hague did not define Economic Union any more than it did Monetary Union. ' Though strictly speaking this sentence concerned development towards EMU rather than EMU itself, it could be read to imply that Monetary Union should be based on the harmonisation of economic policies.

11 After the meeting he told the waiting press that, though now floating, the franc's value would be kept close to the snake 'as long as it still exists'. One could not help feeling that he would not mind if France's departure would trigger the snake's demise. During the days that followed, an acrimonious exchange of views took place between ministers in the form of press comments. Dutch Minister of Finance Wim Duisenberg, stung by Fourcade's criticism of unhelpfulness, told the press that his government would have been prepared to accept a devaluation of two per cent against the German mark.

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