The Euro

The Euro

Its Origins, Development and Prospects

Chris Mulhearn and Howard R. Vane

This important new book provides a non-technical, comprehensive overview of the central issues surrounding the euro. Following an introduction to the origins of European integration, the authors proceed to examine the first concrete steps in the process that led to the creation of the euro area. The book then explores the economics and architecture of the euro, highlights the issues surrounding enlargement, and reflects on the future of European monetary union. To help bring the subject matter alive, the book also contains interviews with leading academics in the field including Willem Buiter, Nick Crafts, Paul De Grauwe, Patrick Minford, Niels Thygesen, Andrzej Wojtyna and Charles Wyplosz.

Time line of key events in the history of European economic, monetary and political integration

Chris Mulhearn and Howard R. Vane

Subjects: economics and finance, financial economics and regulation, international economics, money and banking


1946 Winston Churchill’s ‘United States of Europe’ speech delivered at the University of Zurich. 1950 May Schuman Declaration presenting Jean Monnet’s plan for the unification of key sectors of the French and German economies, and inviting the participation of other European nations. European Payments Union created to enable balance-of-payments adjustment, facilitate currency convertibility, and promote trade in Europe. 1952 July European Coal and Steel Community (ECSC) is established. Founded by the Treaty of Paris (1951), the ECSC developed a common market in the production, and trade, of coal and steel between its six member countries (Belgium, France, Germany, Italy, Luxembourg, and the Netherlands – known collectively as the Six). 1955 Messina Conference of the Six agrees to develop common institutions and gradually merge their economies. July 229 230 The euro 1957 March Treaty of Rome is signed. The Treaty, which came into force on 1 January 1958, provided for the gradual development of a customs union between the six founding members of the ECSC involving a commitment to free trade between the countries concerned, together with common external tariff arrangements with the rest of the world. The Treaty established the European Economic Community (EEC) – a customs union, which became popularly known as the Common Market – and the European Atomic Energy Community (Euratom). 1964 May Committee of Central Bank Governors of the member states of the EEC is formed. 1969 October December Barre Memorandum explores the possibilities of intensifying monetary cooperation in Europe. Community Heads of State and Government summit in...

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