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A Europe Made of Money

The Emergence of the European Monetary System
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A Europe Made of Money is a new history of the making of the European Monetary System (EMS), based on extensive archive research. Emmanuel Mourlon-Druol highlights two long-term processes in the monetary and economic negotiations in the decade leading up to the founding of the EMS in 1979. The first is a transnational learning process involving a powerful, networked European monetary elite that shaped a habit of cooperation among technocrats. The second stresses the importance of the European Council, which held regular meetings between heads of government beginning in 1974, giving EEC legitimacy to monetary initiatives that had previously involved semisecret and bilateral negotiations. The interaction of these two features changed the EMS from a fairly trivial piece of administrative business to a tremendously important political agreement.
Introduction: Multilevel Governance, History, and Monetary Cooperation1. European Monetary Cooperation, 1945-1974: Background and Debates2. Shifting Away from the Werner Approach, May 1974-May 19753. EMU off the Agenda? June 1975-June 19764. Economic Rapprochement, Monetary Standstill, July 1976-June 19775. Conflicting Options, July 1977-March 19786. A Semisecret Negotiation, Late March-Mid-July 19787. Chasing the Ghosts of Failed Negotiations, Mid-July-Late September 19788. A False Start, October 1978-March 1979Conclusions: The Emergence of a European BlocAcknowledgmentsA Note on Sources Cited in the NotesNotesSourcesIndex

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