LEADER 04451nam 2200649 a 450 001 9910462144203321 005 20200520144314.0 010 $a0-674-07094-1 010 $a0-674-06808-4 024 7 $a10.4159/harvard.9780674068087 035 $a(CKB)2670000000276637 035 $a(EBL)3301165 035 $a(SSID)ssj0000756291 035 $a(PQKBManifestationID)11494938 035 $a(PQKBTitleCode)TC0000756291 035 $a(PQKBWorkID)10733087 035 $a(PQKB)10094643 035 $a(MiAaPQ)EBC3301165 035 $a(DE-B1597)178011 035 $a(OCoLC)835789961 035 $a(OCoLC)840444632 035 $a(DE-B1597)9780674068087 035 $a(PPN)17555157X 035 $a(Au-PeEL)EBL3301165 035 $a(CaPaEBR)ebr10623019 035 $a(EXLCZ)992670000000276637 100 $a20120430d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMaking the European monetary union$b[electronic resource] $ethe role of the Committee of Central Bank Governors and the origins of the European Central Bank /$fby Harold James ; with a foreward by Mario Draghi and Jaime Caruana 210 $aCambridge, Mass. $cHarvard University Press$d2012 215 $a1 online resource (592 p.) 300 $aDescription based upon print version of record. 311 $a0-674-06683-9 320 $aIncludes bibliographical references and index. 327 $aList of figures -- Foreword / by Mario Draghi -- A Napoleonic prelude -- The origins of the committee -- The response to global monetary turbulence : Barre and Werner -- The snake and other animals -- Negotiating the European monetary system -- The malaise of the 1980s -- The Delors committee and the relaunching of the central bank governors -- Designing a central bank -- The EMS crises -- Conclusion: the euro and the legacy of the Committee of Governors -- Appendix A: The governors' drafts and the treaty text of the statutes of the ECB and EMI -- Appendix B: Members of the committee of governors -- Appendix C: Dramatis personae -- Appendix D: Chronology -- Appendix E: Figures -- Abbreviations used in the text -- Notes -- Acknowledgments -- Index. 330 $aEurope's financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro's invention. Since the 1960's, Europeans had been looking for a way to address two conundrums simultaneously: the dollar's privileged position in the international monetary system, and Germany's persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980's and 1990's, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community's Committee of Central Bank Governors and the Delors Committee of 1988-89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future. 606 $aMonetary unions$zEuropean Union countries 606 $aMonetary policy$zEuropean Union countries 607 $aEurope$xEconomic integration 608 $aElectronic books. 615 0$aMonetary unions 615 0$aMonetary policy 676 $a332.4/94 700 $aJames$b Harold$f1956-$0850533 701 $aDraghi$b Mario$0126860 701 $aCaruana$b Jaime$01040311 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910462144203321 996 $aMaking the European monetary union$92463060 997 $aUNINA