French-German Tussle: Monetary Union Revived (1987–8)

André Szász
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André Szász: Dutch Central Bank

Chapter 11 in The Road to European Monetary Union, 1999, pp 98-109 from Palgrave Macmillan

Abstract: Abstract The climate regarding European integration was now changing. The renewed drive for capital liberalisation, the European Single Act opening the prospect for the completion of the internal market (of which free capital movements were soon to be made an integral part) were both cause and effect of this changing climate. A shift in French domestic policies and priorities was an important part of the changing scene. It made capital liberalisation possible, but also increased French feelings of dependence on German policy decisions, thus rekindling French interest in Monetary Union in which it could hope to influence those policies. For Germany, the change in French policies made the prospect of Monetary Union more attractive. In the same period fundamental political changes took place in Eastern Europe after Mikhail Gorbachov rose to power in the Soviet Union in 1985; for Germany, this opened up the perspective of a more active involvement in developments in Eastern Europe, which was in turn an incentive for more dynamism in Western European integration in order not to disturb the fundamental balance in German foreign policy.

Keywords: Monetary Policy; Security Policy; EUROPEAN Central Bank; European Central; Finance Minister (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59947-5_11

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DOI: 10.1057/9780230599475_11

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