Making the European Monetary Union

. November 2012. 574p. 978-0-67406-683-0. 35.
Authorized by the European Central Bank (ECB) and the Bank for International Settlements (BIS), James (European studies, Princeton Univ; Krupp: A History of the Legendary German Firm) presents this detailed study of the European Monetary Union’s (EMU) creation. The creation of the EMU was an enormous undertaking, and it continues to work toward ensuring European price stability among members by integrating monetary systems and providing a major cross-national currency, the euro. Drawing on newly available archives from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988-89, James shows that, although the EMU is growing and evolving, it has been plagued with problems: its lack of coordination in policymaking, regulation between member states, and complex decision making due to the sheer number of interrelationships between monetary and economic variables. The text is complemented by many appendixes with additional data and documentation.
VERDICT James’s focus on the EMU’s development yields insights about current regional financial crises. This in-depth history will appeal to academic readers looking for extensive details about the EMU from several decades. Recommended.

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