Table of Contents

The Economic Potential of a Larger Europe

The Economic Potential of a Larger Europe

Edited by Klaus Liebscher, Josef Christl, Peter Mooslechner and Doris Ritzberger-Grünwald

The Economic Potential of a Larger Europe gives insights into past, present and future issues related to the ongoing EU enlargement process. Providing a unique forum for debate and a multiplicity of views and experiences from both high-profile academics and those who engage with enlargement on an implementation level, this book covers a wide range of topics that are key to a successful transition and integration process and thus to the provision of a prosperous growth environment within a larger Europe. Special attention is paid to monetary integration, notably entry into ERM II, on which representatives of the national central banks involved present their views.

Chapter 2: The challenges of a wider and deeper Europe

Charles Wyplosz


Charles Wyplosz1 1. INTRODUCTION In just a few years, Europe will have deeply transformed itself. With the launch of the euro in 1999, it has become much deeper. With the accession of ten new members in 2004, it is becoming much wider. It is no wonder, therefore, that an unprecedented Convention has been convened to mull over the changes required to adapt our institutions to the new configuration. The Convention’s proposals are not driven by a powerful vision but by a thick web of compromises, within the Convention itself, and between the Convention and the national governments that will now decide what to do with them. To some, these proposals represent a significant step forward, to others they display Europe’s tendency to crystallize current disagreements into perennial arrangements. It is tempting, indeed, to feel that Europe is not rising up to its challenges. Where is the vision of the founding fathers? It is time to remember Jean Monnet who, in the darkest hours of World War II, declared in August 1943: ‘There will be no peace in Europe, if the states are reconstituted on the basis of national sovereignty . . . The countries of Europe are too small to guarantee their peoples the necessary prosperity and social development.’ 2 The subsequent 60 years have not fulfilled his vision, but Jean Monnet would not be disappointed, for he was a patient man with a method: ‘Concrete and resolute action on a limited but decisive point, which provokes a fundamental change...

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