IN DECEMBER 2004, the new Barroso Commission brought the saga of the French and German infringements of the Stability and Growth Pact to a close by lifting the "excessive deficit" procedure launched in 2003. That same month, the Commission launched infringement proceedings against Greece that...

[From the precis]. This study provides a multi-dimensional analysis of the decision of British policy makers to join the exchange rate mechanism (ERM) of the European Monetary System (EMS) in October 1990, British monetary authorities are obliged to function within several different spheres...

This paper seeks to explain the variance between success and failure of attempts to achieve monetary cooperation and integration in Western Europe. In its first two sections the paper develops six assumptions about international monetary behavior of states and the conditions for monetary...

[From the Introduction]. On March 13, 1991, the European Monetary System (EMS) celebrated its twelfth birthday with a sense that the system, originally launched by French President Valery Giscard d'Estaing and West German Chancellor Helmut Schmidt, had progressed much further toward...

[From the Introduction]. What are the major issues involved in our topic? The questions are: first, given that there is a "Europe 1992", the creation of a Single European market (SEM) in the real sector, what, if any, are, or must be, the implications for the monetary sector. Second, whether and...

Since the inception of Euro in 1999, a single currency and the Economic and Monetary Union (EMU) have past more than ten years. By and large, stepping into EMU represents one of the key aspects of EU’s successful integration. For most of its short life, the European Union has been driven...

Summary. Contrary to often-heard concerns, the main question regarding the future of the European single currency is not who is going to leave, but who is going to join. Three of the new EU member states want to join Economic and Monetary Union (EMU) and adopt the euro within the next year, and...

(From introduction). By many standards, economic and monetary union (EMU) is a major success. The transition to the new currency was remarkably smooth. The euro area has enjoyed remarkable price stability. After several years of disappointing economic performance between 2001 and 2005, growth...

[From the Introduction]. With only two more years to run on the European Community's (EC) 1992 single market program, European leaders have been seeking for the last several years to develop and specify a range of extensive proposals to enhance the benefits of an integrated market. One principal...

This paper takes a preliminary step toward formulating a theory of German leadership within European monetary politics. Its purpose is to examine the constraints to monetary cooperation in Europe. An analysis of the constraints provides a prerequisite for understanding the particular role of...