(Greece was ruled by a military junta from 1967 to 1974.) And they are also haunted by the fear that a Grexit --Greek withdrawal--may lead to a collapse of the European Monetary Union
, or at least a severe diminution of its size and influence in the long term.
James (European studies, Princeton U.) presents an account of the origins and development of the European Monetary Union
. He argues that it was not a fundamentally political project, as some have asserted, but instead was a response to genuine problems of currency instability and misalignment at the international level that gained greater momentum in those moments when global imbalances threatened the international economic system in the late 1960s, the late 1970s, and the late 1980s.
Even plans that seemed sophisticated and well thought out in advance of the European Monetary Union
have proven to be perilously incomplete.
For the EU just took a great leap forward to force Europe's most indebted nations to surrender their economic independence or be expelled from the European Monetary Union
. The PIGS--Portugal, Ireland, Italy, Greece, and Spain--may rebel.
Angela Merkel, the German Chancellor, warned on Saturday that the were the European monetary union
to collapse it would "shake the whole European project" to its foundations.
The precedent of the European monetary union
highlights the critical role of a proper institutional driver as now embodied in the GCC Monetary Council.
To the shock of many, Sarkozy launched no less than an all-out attack against the foundations of the European Monetary Union
, and then proposed the setting up of a euro-area "economic government" as a "counterweight" to the European Central Bank in order to "coordinate" monetary and fiscal policies.
Some member countries of the European Monetary Union
showed signs of economic weakness before the euro was introduced.
Membership of the euro was supported by 54.9% while 40.3% of respondents preferred to stay outside of the European monetary union
, reported the Danish news agency Ritzau.
The new voting system takes different sizes of the European Monetary Union
And, after closely watching the performance of the other 12 nations which joined European Monetary Union
on January 1, 2002, it was decided that there should be only a two-month dual currency period in the UK.
In that sense, the European monetary union
is not monetary progress; it is political progress confirming the triumph of Monnet's pioneering vision." What was Monnet's ultimate vision?