The recent State of the Union speech by Jean-Claude Juncker sparked a discussion about the potential wider use of the euro on the international stage. Historically, it is not the first debate of this kind. I review four previous cases of debates on international currencies to reveal the different scenarios associated with their greater use, as well as the need to have a clear objective for a currency’s internationalisation.
EURECON is a 5-year project financed by €1.5 million Starting Grant from the European Research Council (ERC). The goal of the EURECON project is to explore European policymakers’ views about how to make the organisation of the European Economic Community (EEC) fit for the creation of a single currency, from 1957 to 1992. The project will examine the origins of the issues that are currently bedevilling the European Union (EU) by investigating the period between the creation of the EEC in 1957 and the decision to create a European single currency in 1992.
The ECB has published its first “minutes” of the Governing Council, following up a promise made last year.
The move of Eurozone banking supervision to the supranational level represents a genuine novelty in Europe’s economic governance.
In an article on the bailout of the Cyprus Popular Bank, the New York Times describes internal disputes within the European Central Bank on the basis of leaked ECB minutes – an episode that epitomises some of the challenges faced by historians.
The article argues that many of the issues that are causing trouble in the eurozone today had long been debated, but not solved, prior to the beginning of the so-called euro crisis.