Book contents
- The Cambridge History of the European Union
- The Cambridge History of the European Union
- The Cambridge History of the European Union
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume II
- Acknowledgements
- Abbreviations
- Reflections on the History and Historiography of European Integration
- Part I Milestones: Treaties and Treaty Changes
- Part II Instruments of Integration
- Money and Society
- 7 In the Name of Social Stability: The European Payments Union
- 8 Competition versus Planning: A Battle That Shaped European Integration
- 9 Commercial Banks, the Eurodollar Market and the Beginnings of Monetary Integration
- 10 From the Werner Report to the Start of EMU
- 11 The Euro Area Crisis: From Pre-history to Aftermath
- Challenges of Expansion: Protection and Security
- Part III Narratives and Outcomes
- Index
- References
9 - Commercial Banks, the Eurodollar Market and the Beginnings of Monetary Integration
from Money and Society
Published online by Cambridge University Press: 12 October 2023
Book contents
- The Cambridge History of the European Union
- The Cambridge History of the European Union
- The Cambridge History of the European Union
- Copyright page
- Contents
- Figures
- Tables
- Contributors to Volume II
- Acknowledgements
- Abbreviations
- Reflections on the History and Historiography of European Integration
- Part I Milestones: Treaties and Treaty Changes
- Part II Instruments of Integration
- Money and Society
- 7 In the Name of Social Stability: The European Payments Union
- 8 Competition versus Planning: A Battle That Shaped European Integration
- 9 Commercial Banks, the Eurodollar Market and the Beginnings of Monetary Integration
- 10 From the Werner Report to the Start of EMU
- 11 The Euro Area Crisis: From Pre-history to Aftermath
- Challenges of Expansion: Protection and Security
- Part III Narratives and Outcomes
- Index
- References
Summary
The decade-long process of European monetary integration has been the most ambitious, and probably the most controversial, project of its type.1
The Eurozone crisis of the early 2010s reinforced the scepticism toward monetary integration experienced not only by populist politicians but also by disillusioned academics. Belke and Verheyen, for example, argued in 2012 that: ‘It is time to admit that under the prevailing structure and membership, the euro area simply does not work successfully.’
- Type
- Chapter
- Information
- The Cambridge History of the European Union , pp. 261 - 283Publisher: Cambridge University PressPrint publication year: 2023
References
Recommended Reading
Altamura, C. E. European Banks and the Rise of International Finance: The Post-Bretton Woods Era (Abingdon, Routledge, 2017).Google Scholar
Battilossi, S. and Cassis, Y. (eds.). European Banks and the American Challenge: Competition and Cooperation in International Banking under Bretton Woods (Oxford, Oxford University Press, 2002).Google Scholar
Dyson, K. and Featherstone, K., The Road to Maastricht: Negotiating Economic and Monetary Union (Oxford and New York, NY, Oxford University Press, 1999).Google Scholar
Eichengreen, B. Globalizing Capital: A History of the International Monetary System (Princeton, NJ and Oxford, Princeton University Press, 2008).Google Scholar
James, H. Making the European Monetary Union (Cambridge, MA and London, Harvard University Press, 2012).Google Scholar
Mourlon-Druol, E. A Europe Made of Money (Ithaca, NY, Cornell University Press, 2012).Google Scholar