- Preface
- New to this edition
- Brexit Late News
- List of figures
- List of boxes
- List of tables
- List of contributors
- List of abbreviations
- How to use the online resources
- 1. Introduction
- Part 1 The Historical Context
- 2. The European Union: Establishment and Development
- 3. From the Constitutional Treaty to the Treaty of Lisbon and Beyond
- Part 2 Theories and Conceptual Approaches
- 4. Neo-functionalism
- 5. Intergovernmentalism
- 6. Theorizing the European Union after Integration Theory
- 7. Governance in the European Union
- 8. Europeanization
- 9. Democracy and Legitimacy in the European Union
- Part 3 Institutions and Actors
- 10. The European Commission
- 11. The European Council and the Council of the European Union
- 12. The European Parliament
- 13. The Court of Justice of the European Union
- 14. Interest Groups and the European Union
- 15. Citizens and Public Opinion in the European Union
- Part 4 Policies and Policy-making
- 16. Policy-making in the European Union
- 17. Trade and Development Policies
- 18. Enlargement
- 19. The European Union’s Foreign, Security, and Defence Policies
- 20. The Single Market
- 21. The European Union’s Social Dimension
- 22. The Area of Freedom, Security, and Justice
- 23. Economic and Monetary Union
- 24. The Common Agricultural Policy
- 25. Environmental Policy
- Part 5 Issues and Debates
- 26. The Euro Crisis and European Integration
- 27. Brexit
- 28. The Future of the EU
- Glossary
- References
- Appendix—Brexit supplement
- References
- Index
(p. 343) 23. Economic and Monetary Union
- Chapter:
- (p. 343) 23. Economic and Monetary Union
- Author(s):
Amy Verdun
- DOI:
- 10.1093/hepl/9780198806530.003.0023
This chapter provides an introduction to economic and monetary union (EMU). It describes the key components of EMU and what happens when countries join. EMU was the result of decades of collaboration and learning, which have been subdivided here into three periods: 1969–91, taking us from the European Council’s first agreement to set up EMU to Maastricht, when the European Council included EMU in the Treaty on European Union (TEU); 1992–2002, from when plans for EMU were being developed to the irrevocable fixing of exchange rates; and 2002 onwards, once EMU had been established, and euro banknotes and coins were circulating in member states. Next, the chapter reviews various theoretical explanations, both economic and political, accounting for why EMU was created and looks at some criticisms of EMU. Finally, the chapter discusses how EMU has fared under the global financial crisis and the sovereign debt crisis. These crises brought to the fore various imperfections in the design of EMU. This section discusses what changes have been made since 2009 to address those flaws and at what we may expect in the years to come.
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- Preface
- New to this edition
- Brexit Late News
- List of figures
- List of boxes
- List of tables
- List of contributors
- List of abbreviations
- How to use the online resources
- 1. Introduction
- Part 1 The Historical Context
- 2. The European Union: Establishment and Development
- 3. From the Constitutional Treaty to the Treaty of Lisbon and Beyond
- Part 2 Theories and Conceptual Approaches
- 4. Neo-functionalism
- 5. Intergovernmentalism
- 6. Theorizing the European Union after Integration Theory
- 7. Governance in the European Union
- 8. Europeanization
- 9. Democracy and Legitimacy in the European Union
- Part 3 Institutions and Actors
- 10. The European Commission
- 11. The European Council and the Council of the European Union
- 12. The European Parliament
- 13. The Court of Justice of the European Union
- 14. Interest Groups and the European Union
- 15. Citizens and Public Opinion in the European Union
- Part 4 Policies and Policy-making
- 16. Policy-making in the European Union
- 17. Trade and Development Policies
- 18. Enlargement
- 19. The European Union’s Foreign, Security, and Defence Policies
- 20. The Single Market
- 21. The European Union’s Social Dimension
- 22. The Area of Freedom, Security, and Justice
- 23. Economic and Monetary Union
- 24. The Common Agricultural Policy
- 25. Environmental Policy
- Part 5 Issues and Debates
- 26. The Euro Crisis and European Integration
- 27. Brexit
- 28. The Future of the EU
- Glossary
- References
- Appendix—Brexit supplement
- References
- Index
