This innovative book - based on actual historical experience - advances the controversial idea that European Monetary Union will only succeed if supported by much closer political union between the member states.
A careful analysis of initiatives in the nineteenth century shows that if a monetary union is based on an agreement between autonomous states, tensions arise which eventually destroy the arrangements. This leads to the conclusion that political union is a prerequisite not only for the sustainability of a monetary union, but also and especially for its irreversibility.
The late Wim F.V. Vanthoor, formerly Assistant Manager, Research Department and Head of the Historical Section, De Nederlandsche Bank, Amsterdam, the Netherlands
Contents: Preface Part I: Introduction 1. General Characteristics 2. Monetary Union 3. Supraregional Monetary Unions 4. Inter-European Monetary Unions 5. The 19th-Century Monetary Unions Assessed Part II: Integration in the 20th Century 6. The Period 1918-1945: The Age of European Disintegration 7. The Period 1945-1957: Preparations for Integration 8. The Period 1957-1969: The Common Market 9. The Period 1969-1979: A Difficult Road to EMU 10. The Period 1979-1989: The European Monetary System 11. The Period 1989-1995: The Way to `Maastricht' and its Repercussions 12. Assessment: Period 1918-1995 Part III: On the Eve of the 21st Century 13. Lessons from the Past 14. EPU as the Ultimate Objective of EMU? 15. Summary and Conclusions