2009
DOI: 10.1111/j.1468-2486.2009.00849.x
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Explaining Europe’s Monetary Union: A Survey of the Literature

Abstract: This article offers a survey of the literature on European Economic and Monetary Union (EMU), in particular works that deal with the question why EMU happened and, based on this literature, what one might be able to conclude about its sustainability. It reviews the literature by dividing up the analyses into four categories: those that explain EMU at the global and at the European Union (EU) levels of analysis, explanations at the national level, and explanations at the domestic level of analysis. The review s… Show more

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Cited by 65 publications
(22 citation statements)
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“…With only these economic aspects in mind, it seems to be somewhat of a mystery in hindsight why the EMS participants decided in the 1990s to abolish the discretionary exchange rate regime in favour of a monetary union (a clear overview is provided by Sadeh andVerdun 2009, see also Frieden 2014). A look at the chronology of events in the EMS reveals that the signing of the Maastricht Treaty coincided with the end of the five-year quiet phase in the EMS during which it could be reasonably assumed that the need for nominal exchange rate adjustments was a thing of the past (the third section).…”
Section: Discussionmentioning
confidence: 99%
“…With only these economic aspects in mind, it seems to be somewhat of a mystery in hindsight why the EMS participants decided in the 1990s to abolish the discretionary exchange rate regime in favour of a monetary union (a clear overview is provided by Sadeh andVerdun 2009, see also Frieden 2014). A look at the chronology of events in the EMS reveals that the signing of the Maastricht Treaty coincided with the end of the five-year quiet phase in the EMS during which it could be reasonably assumed that the need for nominal exchange rate adjustments was a thing of the past (the third section).…”
Section: Discussionmentioning
confidence: 99%
“…A popular view is that giving up its currency was the price that Germany had to pay to overcome France's opposition to German reunification (Garrett, 1993;Marsh 2011), a deal summarized by the witticism quoted by Garton Ash (2012, p. 6): "[T]he whole of Deutschland for Kohl, half the deutsche mark for Mitterrand." Literally taken, as a quid pro quo, this interpretation is not held by most scholars (Sadeh and Verdun 2009). It is questionable that a French threat to veto the reunification of Germany could be credible.…”
Section: The Role Of Germanymentioning
confidence: 99%
“…This complexity is reflected in a variety of interpretations by political scientists and political economists (for overviews, see Gilpin 2001, chapter 13;Eichengreen 2006;and Sadeh and Verdun 2009). This article discusses facts and theories about European integration from a political-economy perspective, building on ideas and results from the economic literature on the formation of states and political union (for overviews, see Spolaore 2006Spolaore , 2012.…”
mentioning
confidence: 99%
“…The literature on EMU focused considerable attention on its origins (for a review see Sadeh and Verdun, 2009). Moravcsik (1998) spelt out in much detail how the acceptance of EMU was in the interest of the large member states.…”
Section: Emu and The Importance Of Large Member Statesmentioning
confidence: 99%