Abstract
European Monetary Integration - From the Payments Union to the
Monetary Union
Abstract
This thesis attemps to systematically comprehend the European monetary
integration after 1945. Hereby it proceeds from two basic considerations
(part I). 1. Monetary integration is part of political integration so that
primarily the specific European approach to integration must be reflected
upon. 2. Monetary integration in itself follows a logic connection of different
stages of monetary integration.
During the reflection upon political integration (chapter 1) the premisses
of integration are well to the fore. These are political odds given which
determine monetary integration. It is distinguished between general premisses
(e.g. solidarity between states, equality of states, willingness to renounce
of sovereignty) as determining every process of integration and specifically
European premisses (e.g. the national state method of integration, the
real economic method of integration, the hierarchy of integration) which
crystallize in connection with the Treaty of Rome.
Monetary integration, according to a further assumption of this thesis,
takes place in specific monetary stages or monetary orders (chapter 2).
In this step of analysis the thesis distinguishes between closed currency
areas, the payments union, the order of exchange rates, the monetary system,
the monetary union and the unified monetary order. In each case the different
stages excel by a distinct functional mechanism and differing degrees of
renunciation of sovereignty. The elaborated premisses of integration enter
into the monetary stages in that the general premisses structure the respectiv
monetary order while the specifically European premisses determine the
course of monetary integration.
Within this frame of analysis European history of monetary unification
is then explored, as far as it has manifested in treaties and plannings
(part II). In detail these are the European Payments Union (EPU), the European
Monetary Agreement (EMA), the Treaty of the European Economic Community
(EECT), the so called Snake, the European Monetary System (EMS), the cross-border
capital movements, plannings on a monetary system, the Werner Plan and
the Maastricht Plan.
The EPU is shown as a monetary order which was successful because of
the consideration of the premisses of integration, the potential of which
with regard to a further monetary integration was not made use of, however
(chapter 3). Europeans? difficulties with the different orders of exchange
rates are attributed to unsatisfactory consideration of the premisses of
integration and a lacking coordination in the politics of capital movements
(chapter 4). The fact that the proposals concerning the establishing of
a monetary system were not taken up is explained by the thesis with a missing
willingness of co-operation of the Federal Republic of Germany (chapter
5). Finally an explanation is offered for the fact that the Maastricht
Plan was successfully transfered into action while the Werner Plan failed
(chapter 6).
The thesis concludes with reflections upon its coherent findings with
regard to monetary integration and draws theoretical conclusions in a discussion
of the neofunctionalist theory (part III, chapter 7).
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