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(p. 385) 21. Economic and Monetary Union 

(p. 385) 21. Economic and Monetary Union
(p. 385) 21. Economic and Monetary Union

Ian Bache

, Simon Bulmer

, Stephen George

, and Owen Parker

Page of

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date: 07 July 2020

This chapter examines the various attempts to create the Economic and Monetary Union (EMU), which first became an official objective of the European Community (EC) in 1969 but was achieved only thirty years later. In December 1969, the Hague Summit meeting of the EC heads of government made a commitment to the achievement of EMU ‘by 1980’. However, France and West Germany disagreed over how to do it. Germany made anti-inflationary policies the priority, while France made economic growth the priority, even at the risk of higher inflation. The chapter first provides a historical background on efforts to create the EMU before discussing the launch of the single currency, the euro, and its subsequent progress up to and including the eurozone crisis in the late 2000s. It also considers some of the explanations for and critiques of EMU that have been offered by various academic commentators.

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