Germany and the European Union by Simon Bulmer

Author:Simon Bulmer
Language: eng
Format: epub
Publisher: Macmillan Education UK

Economic and monetary union

Germany has been a keen advocate of monetary cooperation and integration right from initial efforts by the EC in this policy area following the 1969 summit at The Hague and the demise of the Bretton Woods international monetary system in the early 1970s. However, this policy has always been conditional on a number of principles: the need for sound public finances on the part of participating states; the need for economic convergence before monetary union; giving policy priority to combating inflation; and central bank independence as the anchor of monetary governance. These principles found reflection in the early deliberations about monetary integration in the 1970s, in the launch of the European Monetary System in 1979, in the negotiations leading to the Maastricht model of monetary union and its subsequent operationalisation in the following decades through to the eurozone crisis in the 2010s.

These are the core principles but the practice is discussed in much greater detail in Chapter 6, including an assessment of whether Germany has played the role of hegemon in this policy area, notably during the eurozone crisis.

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