By André Szász
This booklet explains the political historical past and describes the decision-making resulting in eu financial Union, as visible by way of a former significant banker who participated within the method in the course of greater than twenty years. Political instead of fiscal concerns have been decisive in constructing EMU. French-German family members particularly shape a thread that runs in the course of the e-book, significantly French efforts to interchange German financial domination through a sort of decision-making France can effect. therefore, the problems concerned are problems with strength, even though usually provided in technical phrases of economics.
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Additional info for The Road to European Monetary Union
In the case of France, however, what rankled was not only the monetary aspect but also the fact that the dollar's international position enabled the United States to pursue its hegemonical policy and finance its military expenditure abroad. 5 In the international monetary discussions the United States found itself on the defensive. General De Gaulle was quick to recognise the possibilities this offered for his foreign policy. " But he also realised that France's chances of successfully confronting the United States alone were limited, even in the international monetary sphere.
The Federal Republic could not simply wait for that; it needed some plausible concept for dealing with a divided Germany. Throughout the fifties and sixties successive governments had attempted to resolve this dilemma by ostracising the East German regime. But by 1970 more and more countries were recognising East Germany in defiance of Bonn's threat to cut off relations (the Hallstein Doctrine). The policy increasingly ran the risk of backfiring; it threatened to isolate Bonn rather than East Germany.
According to him Banque de France Governor Jacques Brunet agreed with this view, and such a combined operation might have been acceptable to the French government as well. 16 But the German Economics and Finance Ministers opposed any revaluation of the German mark; the former, Karl Schiller, for fear of strangling the economic upswing that was taking place, while Finance Minister Franz-Joseph Strauss passionately argued that this would merely be a concession to De Gaulle's nationalist sensitivities.