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Origins of the Single Currency

In: Endgame for the Euro: A Critical History

Author

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  • Bill Lucarelli

    (University of Western Sydney)

Abstract

The European desire to establish a “zone of monetary stability” has its origins in the wake of the international turmoil that accompanied the collapse of the post-war Bretton Woods agreements and the ensuing dollar crises during 1968–73. It was in this historical context and the threat posed to the Common Agricultural Policy (CAP) by gyrating intra-EEC exchange rates that the earliest proposals were formulated to insulate the Common Market from the instability generated by the dollar crisis and US inflationary policies. Indeed, then French President Charles de Gaulle had been one of the most indefatigable critics of what was described as the “exorbitant” privileges of US dollar seigniorage. This chapter will examine these earlier proposals towards European Monetary Union and the divergent Franco-German strategies, which were reflected in the contending blueprints for EMU.1

Suggested Citation

  • Bill Lucarelli, 2013. "Origins of the Single Currency," Palgrave Macmillan Books, in: Endgame for the Euro: A Critical History, chapter 1, pages 10-23, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37190-4_2
    DOI: 10.1057/9781137371904_2
    as

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