The financial and economic crisis that hit Europe in 2009 brought out the precariousness of the monetary union, accentuating the economic disequilibrium among European nations and strengthening Euro-skepticism. The History of the European The crisis was the catalyst for long-standing and unresolved problems: the creation of a singly monetary area with intergovernmental control, the Monetary Union final act in the construction of a Europe economically united but without a government and a state; the consequent discrepancy between forming a consensus that remains in large part national and the political dynamics in Comparing Strategies amidst Prospects Europe; the sustainability of a monetary union in the absence of an economic- for Integration and National Resistance social union, which presents again the long-standing debate between “monetarist” countries and “economist” countries. This book aims at placing current events within a long-term framework composed of a mosaic of multidisciplinary contributions that can provide the reader with keys which are adequate for an understanding of these events The History of the European Monetary Union and useful for opening up new horizons. Daniela Preda is Full Professor at the University of Genoa and Jean Monnet Chair ad personam in History of European Integration. Former president of the Associazione universitaria di Studi Europei (Italian section of ECSA), she is Daniela Preda (ed.) a member of the Scientific Board for the PhD program in History (University Daniela Preda (ed.) of Pavia). Her most important research interests concern the history of the European Community and the history of the federalist movements. She published many books and essays; she co-edited with Daniele Pasquinucci the following books published by P.I.E. Peter Lang: (2010) and (2012). ISBN 978-2-8076-0098-0 P.I.E. Peter Lang Brussels www.peterlang.com P.I.E. Peter Lang The financial and economic crisis that hit Europe in 2009 brought out the precariousness of the monetary union, accentuating the economic disequilibrium among European nations and strengthening Euro-skepticism. The crisis was the catalyst for long-standing and unresolved problems: the creation of a singly monetary area with intergovernmental control, the final act in the construction of a Europe economically united but without a government and a state; the consequent discrepancy between forming a consensus that remains in large part national and the political dynamics in Comparing Strategies amidst Prospects Europe; the sustainability of a monetary union in the absence of an economic- for Integration and National Resistance social union, which presents again the long-standing debate between “monetarist” countries and “economist” countries. This book aims at placing current events within a long-term framework composed of a mosaic of multidisciplinary contributions that can provide the reader with keys which are adequate for an understanding of these events The History of the European Monetary Union and useful for opening up new horizons. Daniela Preda is Full Professor at the University of Genoa and Jean Monnet Chair ad personam in History of European Integration. Former president of the Associazione universitaria di Studi Europei (Italian section of ECSA), she is Daniela Preda (ed.) a member of the Scientific Board for the PhD program in History (University Daniela Preda (ed.) of Pavia). Her most important research interests concern the history of the European Community and the history of the federalist movements. She published many books and essays; she co-edited with Daniele Pasquinucci the following books published by P.I.E. Peter Lang: The Road Europe Travelled Along: the Evolution of the EEC/EU Institutions and Policies (2010) and Consensus and European Integration: a Historical Perspective (2012). P.I.E. Peter Lang Brussels THE HISTORY OF THE EUROPEAN MONETARY UNION COMPARING STRATEGIES AMIDST PROSPECTS FOR INTEGRATION AND NATIONAL RESISTANCE P.I.E. Peter Lang Bruxelles Bern Berlin Frankfurt am Main New York Oxford Wien EUROCLIO is a scientific and editorial project, a network of research institutions and researchers, and an ideas forum. EUROCLIO as an editorial project consists of two aspects: the first concerns studies and documents, the second concerns tools. Both are aimed at making the results of research more accessible, and also at opening up paths through the history of European construction/integration/ unification. The EUROCLIO series meets a dual objective: - to provide reference tools for research, - to provide a platform for this research in terms of the publication of results. The series thus consists of two sub-series that satisfy these requirements: the Studies and Documents series and the References series. These two series are aimed at general libraries and/or university history departments, teachers and researchers, and in certain cases, specific professional circles. The Studies and Documents series consists of monographs, collections of ar- ticles, conference proceedings, and collections of texts with notes for teaching purposes. The References series consists of bibliographies, guides and other tools. It thus contributes to the creation of a database making up a “Permanent catalogue of sources and bibliographies on European construction”. Edited by Éric Bussière, Université de Paris-Sorbonne (France), Michel Dumoulin, Louvain-la-Neuve (Belgique), & Antonio Varsori, Universitá degli Studi di Padova (Italia) THE HISTORY OF THE EUROPEAN MONETARY UNION COMPARING STRATEGIES AMIDST PROSPECTS FOR INTEGRATION AND NATIONAL RESISTANCE Daniela PREDA (ed.) Euroclio Vol. 99 With the support of the Lifelong Learning Programme of the European Union, Jean Monnet Chair ad personam “History and Politics of European Integration”. European Commission, Education, Audiovisual and Culture Executive Agency – EACEA, Reference 542586-LLP-1-2013-1-ITAJM-CL, Decision No. 2013-2728 / 001. This project has been funded with support of the European Commission. This publication reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. This publication has been peer-reviewed. No part of this book may be reproduced in any form, by print, photocopy, microfilm or any other means, without prior written permission from the publisher. All rights reserved. © P.I.E. PETER LANG S.A. Éditions scientifiques internationales Brussels, 2016 1 avenue Maurice, B-1050 Brussels, Belgium [email protected]; www.peterlang.com ISSN 0944-2294 ISBN 978-2-8076-0098-0 ePDF 978-2-8076-0099-7 ePub 978-2-8076-0100-0 Mobi 978-2-8076-0101-7 DOI 10.3726/b10858 D/2017/5678/22 Printed in Germany CIP available from the British Library, UK and from the Library of Congress, USA. “Die Deutsche National Bibliothek” lists this publication in the “Deutsche Nationalbibliogra- fie”; detailed bibliographic data is available on the Internet at http://dnb.de. Table of Contents Introduction ���������������������������������������������������������������������������������������9 Daniela Preda Opening Address ������������������������������������������������������������������������������17 Mario Venturi Opening Address ������������������������������������������������������������������������������19 Realino Marra Three Lessons from the Past: Monetary Unions in the 19th Century Europe ���������������������������������������������������������������21 Lara Piccardo Robert Triffin et le processus d’intégration monétaire européenne ����������������������������������������������������������������������37 Ivo Maes Le Plan Werner et la découverte de l’Europe monétaire ������������������59 Andreas Wilkens The End of Bretton Woods and the Setting up of the Snake �����������75 Maria Eleonora Guasconi The European Monetary System ������������������������������������������������������89 Giovanni Battista Pittaluga The Role of Giulio Andreotti in the Birth of the EMS and of the Monetary Union ������������������������������������������������������������107 Daniela Preda La présidence Mitterrand, fer de lance de l’Union monétaire européenne (1988-1992) ? ��������������������������������������������129 Jean-Marie Palayret The Action of the European Federalist Movement for the European Currency �������������������������������������������������������������157 Guido Montani L’euro entre problèmes de naissance et incertitudes identitaires (1991-2016) �����������������������������������������������������������������185 Carlo Degli Abbati Fiscal Discipline and Growth within EMU �����������������������������������197 Alberto Majocchi Crisis and Possible New Start of Integration Process. Beyond the Eurozone Predicament ������������������������������������������������221 Franco Praussello From Pringle to Gauweiler. The Difficult Years of European Monetary Union and Their Impact on the EU Legal System ��������245 Francesco Munari On the Metamorphosis of the Crisis and the Prospects for European Economic Governance �����������������������������277 Adriano Giovannelli The Authors ������������������������������������������������������������������������������������317 Introduction The financial and economic crisis that hit Europe in 2009 brought out the precariousness of the monetary union, accentuating the economic disequilibrium among European nations and strengthening Euro- skepticism� As occurred during the 1970s, the charges of self-interest levelled at the stronger countries were countered by accusations that the weaker