Historical errors in the initial conception of the euro and its subsequent development

Author:

TROITIÑO DAVID RAMIRO1,FAERBER KAROLINE2

Affiliation:

1. Tallinn University of Technology, Estonia

2. King’s College London, United Kingdom

Abstract

ABSTRACT In 1992, the European Council launched the economic and monetary union (EMU). The inception of the euro followed in 1999. Ever since, the EMU has experienced severe malfunctions, not least during the recent Eurozone crisis of 2010. To understand the current Eurozone (EZ) conundrum, it is necessary to analyse the circumstances under which the EMU was designed. Throughout its development, former French President François Mitterrand proved to be a central figure due to his ability to influence the European integration process. Against the backdrop of German reunification, Mitterrand succeeded in obtaining the creation of an EMU from Germany. However, he thereafter failed to prevent the same union from being shaped according to the German model. This contribution argues that Mitterrand’s inability to form the EMU according to his own ideals partly explains the structural failures of the EZ.

Publisher

FapUNIFESP (SciELO)

Subject

Political Science and International Relations,General Economics, Econometrics and Finance,Sociology and Political Science

Reference91 articles.

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4. CDM.14-1, Position of the Delegation, 25 November 1991,1991

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