The History of Monetary Integration in Europe
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Horst Tomann: Freie Universitaet (FU) Berlin
Chapter 1 in Monetary Integration in Europe, 2017, pp 1-17 from Palgrave Macmillan
Abstract The history of monetary integration in Europe distinguishes different monetary regimes which preceded the monetary union. After the war, monetary integration started with the European Payments Union, which provided the precondition for the expansion of trade in Europe, but also served as a framework for macroeconomic policy coordination. The Bretton Woods System provided fixed, albeit adjustable, exchange rates whereas after its collapse in 1971 European integration had to be pursued under conditions of a currency competition. So, a political consensus evolved to coordinate monetary policies and to return to fixed exchange rates. The European Monetary System proved to be a reliable basis to erect a monetary union.
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