German trade surpluses are making once again the headlines. The European Commission decided yesterday to launch an investigation into Berlin’s “excessive” trade surplus. This surplus is so large, the Commission argues, that it saps the strength of the Eurozone economic balance (or, put differently, nurtures its imbalances). But is this concern really new?
This paper sheds light on the current euro crisis by looking at the debates preceding the conception of the euro. How can the early days of EU monetary cooperation help us understand today’s predicament? And what lessons can we draw from them for the euro?
Thomas Mayer s’intéresse dans ce livre aux origines et à l’évolution récente de la monnaie unique et propose une série de mesures pour restaurer la confiance dans l’euro.
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.
The EMS, created in 1979, is part of the prehistory of the euro: it was a first concrete attempt at organising the European Union’s – that was still then the European Economic Community (EEC) – currency relations. And the discussions that took place then bear a striking resemblance to our current predicament.