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
11 - The Euro Area Crisis: From Pre-history to Aftermath
from Money and Society
Published online by Cambridge University Press: 12 October 2023
By
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
On 26 July 2012, Mario Draghi declared in front of a group of about 200 London business people that he would do ‘whatever it takes to save the euro’.1 These seven words have been analysed to have made all the difference.2 By doing so, the European Central Bank (ECB) effectively ended a long period of uncertainty and indecisiveness. The markets needed a strong signal so that they knew that the young European currency would be supported politically and economically.
After summer 2012, the euro area did not experience the same level of crisis, although the sovereign debt crisis was truly resolved only in 2015 and there were still challenging times until then.
- Type
- Chapter
- Information
- The Cambridge History of the European Union , pp. 308 - 338Publisher: Cambridge University PressPrint publication year: 2023
References
Recommended Reading
Chang, M. Economic and Monetary Union (Basingstoke, Palgrave Macmillan, 2016).CrossRefGoogle Scholar
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Dyson, K. and Quaglia, L.. European Economic Governance and Policies, vol. i: Commentary on Key Historical and Institutional Documents (Oxford, Oxford University Press, 2010).Google Scholar
Jones, E. The Politics of Economic and Monetary Union: Integration and Idosyncrasy (Lanham, MD, Rowman and Littlefield, 2002).Google Scholar
McNamara, K. R. The Currency of Ideas: Monetary Politics in the European Union (London, Cornell University Press, 1998).Google Scholar
Mourlon-Druol, E. A Europe Made of Money: The Emergence of the European Monetary System (Ithaca, NY, Cornell University Press, 2012).Google Scholar
Sadeh, T. Sustaining European Monetary Union: Confronting the Cost of Diversity (Boulder, CO, Lynne Rienner, 2006).CrossRefGoogle Scholar
Verdun, A. European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany (Basingstoke, Palgrave Macmillan, 2000).Google Scholar