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Shaping EuropeFrance, Germany, and Embedded Bilateralism from the Elysée Treaty to Twenty-First Century Politics$
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Ulrich Krotz and Joachim Schild

Print publication date: 2012

Print ISBN-13: 9780199660087

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199660087.001.0001

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Monetary Cooperation and Integration

Monetary Cooperation and Integration

(p.183) 8 Monetary Cooperation and Integration
Shaping Europe

Ulrich Krotz

Joachim Schild

Oxford University Press

From the onset of European monetary cooperation until the current eurozone crisis, France and Germany have been at the heart of European decision-making on monetary affairs. Monetary integration provides an outstanding example of the impact of Franco-German bilateralism in a key European policy field. This chapter examines the crucial leadership role of the two states in setting the agenda for integration in monetary affairs—the European Monetary System (EMS) in the 1970s and Economic and Monetary Union (EMU) prior to the Maastricht Treaty in 1988–91. Despite different national monetary policy traditions and monetary cultures, France and Germany struck “compromises by proxy” acceptable to other states. During the current sovereign debt crisis, they have been pivotal in shaping the fate of the eurozone, providing common leadership. Chapter 8 also analyzes the growing asymmetry between France and Germany when it comes to financial resources and economic competitiveness, and its consequences for their common leadership capacity.

Keywords:   monetary cooperation, monetary integration, European Monetary System (EMS), Economic and Monetary Union (EMU), Maastricht Treaty, eurozone, sovereign debt crisis, economic governance, Franco-German asymmetry

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