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European Monetary Union since 1848 : a political and historical analysis /
Wim F.V. Vanthoor.
Cheltenham, UK ; Brookfield, VT : Edward Elgar, 1996.
xvi, 207 p.
More Details
Cheltenham, UK ; Brookfield, VT : Edward Elgar, 1996.
language note
Rev. translation of: Europese monetaire eenwording in historisch perspectief.
catalogue key
Includes bibliographical references and index.
A Look Inside
Full Text Reviews
Appeared in Choice on 1997-06:
This interesting study is an updated version of a monograph published in Holland in 1992, shortly after the member states of the European Union (EU) had agreed to establish an Economic Monetary Union (EMU), involving the adoption of a single currency, by 1999. In part 1 Vanthoor outlines the experience of European nations' attempts to establish and maintain single currency systems over the past 150 years. He shows that success was only achieved in countries such as Switzerland, Italy, and Germany, where monetary unification was embedded in the process of completing national political integration, and where the new currencies were accepted as symbols of national identity. In contrast to these successful examples, he illustrates how attempts to create monetary unions between sovereign nations, such as the German-Austrian union of 1857 and the Scandinavian union of 1872, ended in failure. Parts 2 and 3 focus on the 20th century to demonstrate how nationalist movements prevented economic cooperation between 1918 and 1945, and how national differences have slowed the process of European integration. This leads the author to conclude that political union is a prerequisite to monetary union, and that plans for the EMU will fail unless they are augmented by the development of closer political union within the EU. The book ends with two useful appendixes that survey 19th-century attempts for union, and details of developments in Europe in recent years. Of interest to students and scholars following the development of the EU and general readers interested in European economics and politics. G. T. Potter; emeritus, Ramapo College of New Jersey
This item was reviewed in:
Choice, June 1997
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Bowker Data Service Summary
This innovative book - based on actual historical experience - advances the controversial idea that European Monetary Union will only succeed if supported by much close political union between the member states.
Main Description
Even though Vanthoor s book European Monetary Union Since 1848 was published a few years ago it remains very topical today, when the 12 EMU countries after three years of the euro system will be physically using euros in 2002. Riitta Hjerppe, Scandinavian Economic History Review The literature on the success of the EMU needs more historical analyses like Vanthoor s. His case studies sparkle with intriguing historical details that will stimulate more questions and further research about monetary unions. His appendices, which give a chronological overview of European monetary integration since the mid-nineteenth century, make a handy reference. The book should be of interest to economic and legal historians and political scientists. Michaela Dabringhausen, The International History Review . . . it is a useful book to have on one s shelf, not only because of the analysis given but also because of the two extensive appendices. . . Hans Visser, De Economist . . . as a record of the political and institutional antecedents to EMU, this book offers a level of detail that will be hard to match. The detailed chronology in the appendix will be invaluable reference for students of European monetary integration. Huw Pill, Harvard Business School, US This innovative book based on actual historical experience advances the controversial idea that European Monetary Union will only succeed if supported by much closer political union between the member states. A careful analysis of initiatives in the nineteenth century shows that if a monetary union is based on an agreement between autonomous states, tensions arise which eventually destroy the arrangements. This leads to the conclusion that political union is a prerequisite not only for the sustainability of a monetary union, but also and especially for its irreversibility.
Table of Contents
General Characteristics
Monetary Union
Supraregional Monetary Unions
Inter-European Monetary Unions
The 19th-Century Monetary Unions Assessed
Integration in the 20th Century
The Period 1918-1945: The Age of European Disintegration
The Period 1945-1957: Preparations for Integration
The Period 1957-1969: The Common Market
The Period 1969-1979: A Difficult Road to EMU
The Period 1979-1989: The European Monetary System
The Period 1989-1995: The Way to 'Maastricht' and its Repercussions
Assessment: Period 1918-1995
On the Eve of the 21st Century
Lessons from the Past
EPU as the Ultimate Objective of EMU?
Summary and Conclusions
Table of Contents provided by Publisher. All Rights Reserved.

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