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History of European Monetary Law

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International and European Monetary Law

Part of the book series: SpringerBriefs in Law ((BRIEFSLAW))

Abstract

The history of the European Union (EU) and in particular of economic and monetary integration is not a story of linear evolution according to an ideal abstract system, but one shaped by events and political will, by trial and error, by successes and failures.

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Notes

  1. 1.

    See Lastra (2015, p. 221).

  2. 2.

    In this context see Art. 2 of the Treaty Establishing the European Economic Communities (known as Treaty of Rome).

  3. 3.

    Lastra (2015, p. 221); although, as Lastra notes as well, the Werner Report predates the collapse of the par-value system. The observation is therefore not entirely chronologically accurate but nonetheless overall correct.

  4. 4.

    Herrmann (2010, p. 195 ss).

  5. 5.

    The OEEC was established in 1948 to manage the Marshall Plan funds and was later succeeded by the Organization for Economic Cooperation and Development (OECD)—a world-wide body—after its objectives had been mostly achieved in 1961, see Lastra (2015, p. 222) and http://www.oecd.org/general/organisationforeuropeaneconomicco-operation.htm.

  6. 6.

    The name Marshall Plan goes back to the US Secretary of State George Marshall, who announced the “European Recovery Program” in his famous Harvard speech in June 1947, for more information see http://marshallfoundation.org/marshall/the-marshall-plan/.

  7. 7.

    Lastra (2015, p. 222).

  8. 8.

    Lastra (2015, p. 222).

  9. 9.

    Smits notes, however, that the coordination mechanisms never really came to life partly due to political reasons and partly due to the lack of material (‘hard’) norms in this respect, Smits (1997, p. 12).

  10. 10.

    This is in contrast to the common market integration process, which was significantly moved forward by the European Court of Justice’s (ECJ) judicial intervention, see Lastra (2015, p. 224).

  11. 11.

    Smits (1997, p. 10 ss).

  12. 12.

    See also The Economist (1998).

  13. 13.

    Smits (1997, p. 10).

  14. 14.

    Lastra (2015, p. 224).

  15. 15.

    The Monetary Committee existed until the beginning of the third stage of EMU and was subsequently replaced by the Economic and Financial Committee, Art. 134 TFEU.

  16. 16.

    See Council Decision 64/300/EEC, 8.05.1964, OJ 1964 p. 1206; it ceased to exist at the beginning of the second stage of EMU; the European Monetary Institute (EMI) took over its role.

  17. 17.

    Smits (1997, p. 13), Scheller and ECB (2004, p. 17).

  18. 18.

    Herrmann (2010, p. 198).

  19. 19.

    Lastra (2015, p. 223).

  20. 20.

    Herrmann (2010, p. 198), Smits (1997, p. 11 s).

  21. 21.

    Smits (1997, p. 12), although Smits only referred to economic cooperation with this statement, it nonetheless also applies to monetary cooperation.

  22. 22.

    Smits (1997, p. 14).

  23. 23.

    Scheller and ECB (2004, p. 17).

  24. 24.

    Scheller and ECB (2004, p. 17).

  25. 25.

    Available at http://aei.pitt.edu/1091/1/Barr_Plan_II_COM__70_300.pdf.

  26. 26.

    Smits (1997, p. 13).

  27. 27.

    J. Monet, for example, had already proposed a European Reserve Fund in the late 1950ies, see Smits (1997, p. 12).

  28. 28.

    Available at http://aei.pitt.edu/1002/1/monetary_werner_final.pdf.

  29. 29.

    Lastra (2015, p. 225).

  30. 30.

    Werner (1970, p. 12).

  31. 31.

    Werner (1970, p. 12).

  32. 32.

    Lastra (2015, p. 225 s).

  33. 33.

    Scheller and ECB (2004, p. 18), Lastra (2015, p. 227).

  34. 34.

    Resolution of the Council and of the Representatives of the Governments of the Member States of 21 March 1972 on the application of the Resolution of 21 March 1971 on the attainment by stages of economic and monetary union in the Community, OJ C 38/3 (18 April 1972).

  35. 35.

    Scheller and ECB (2004, p. 18).

  36. 36.

    See Council Regulation (EEC) No 907/73 of 3 April 1973 establishing a European Monetary Cooperation Fund, OJ L 89/2 (5 April 1973).

  37. 37.

    Scheller and ECB (2004, p. 18).

  38. 38.

    Lastra (2015, p. 226 s).

  39. 39.

    Lastra (2015, p. 228).

  40. 40.

    Lastra (2015, p. 228).

  41. 41.

    Lastra (2015, p. 228). The basket was eventually frozen on August 1st 1994, Art. 118 EC Treaty (post Maastricht).

  42. 42.

    Smits (1997, p. 21).

  43. 43.

    Lastra (2015, p. 228).

  44. 44.

    Lastra (2015, p. 229).

  45. 45.

    Eur-Lex, The Single European Act, http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=uriserv:xy0027.

  46. 46.

    See Commission (1990) http://ec.europa.eu/economy_finance/publications/pages/publication7454_en.pdf.

  47. 47.

    Available at http://aei.pitt.edu/1007/1/monetary_delors.pdf.

  48. 48.

    Lastra (2015, p. 232).

  49. 49.

    Lastra (2015, p. 232).

  50. 50.

    Lastra (2015, p. 233 s).

  51. 51.

    Lastra (2015, p. 234 ss).

  52. 52.

    Lastra (2015, p. 236 s).

  53. 53.

    Conversely, Sweden does not possess a formal opt-out status but achieved a temporary derogation status by purposefully not complying with several convergence criteria.

  54. 54.

    Technically, the ECU was transformed from a composite currency, whose value depended on the currency basket, into an independent currency.

  55. 55.

    European Commission, What is the Euro?, http://ec.europa.eu/economy_finance/euro/adoption/euro_area/index_en.htm.

  56. 56.

    Lastra (2015, p. 241).

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Authors and Affiliations

  1. Faculty of Law, University of Passau, Passau, Germany

    Christoph Herrmann

  2. Faculty of Law, Ludwig Maximilian University of Munich, Munich, Germany

    Corinna Dornacher

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Herrmann, C., Dornacher, C. (2017). History of European Monetary Law. In: International and European Monetary Law. SpringerBriefs in Law. Springer, Cham. https://doi.org/10.1007/978-3-319-57642-8_7

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