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European Monetary Union Since 1848
A Political and Historical Analysis
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.
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What Reviewers Are Saying
`Even though Vanthoor's book European Monetary Union Since 1848 was published a few years ago it remains very topical today, when the 12 EMU countries after three years of the euro system will be physically using euros in 2002.' -- Riitta Hjerppe, Scandinavian Economic History Review `The literature on the success of the EMU needs more historical analyses like Vanthoor's. His case studies sparkle with intriguing historical details that will stimulate more questions and further research about monetary unions. His appendices, which give a chronological overview of European monetary integration since the mid-nineteenth century, make a handy reference. The book should be of interest to economic and legal historians and political scientists.' -- Michaela Dabringhausen, The International History Review `. . . it is a useful book to have on one's shelf, not only because of the analysis given but also because of the two extensive appendices. . .' -- Hans Visser, De Economist `. . . as a record of the political and institutional antecedents to EMU, this book offers a level of detail that will be hard to match. The detailed chronology in the appendix will be invaluable reference for students of European monetary integration.' -- Huw Pill, Harvard Business School, US