Within the monetary sphere, the 1970s were characterised by the opposition between two strategies for integration at the European level: the “economists” vs. “monetarists” debate. This chapter concentrates on the specific case of the monetary initiatives taken by France in 1974 and 1975.
A Europe Made of Money is a new history of the making of the European Monetary System (EMS). This account stresses that the EMS is much more than a success story of financial cooperation. The technical suggestions made by its architects reveal how state elites conceptualized the larger project of integration. And their monetary policy became a marker for the conception of European identity.