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States, Debt, and Power'Saints' and 'Sinners' in European History and Integration$
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Kenneth Dyson

Print publication date: 2014

Print ISBN-13: 9780198714071

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780198714071.001.0001

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The Achilles Heel of Post-War European Integration

The Achilles Heel of Post-War European Integration

Endogenous Preference Formation and the Boundaries of Creditor-State Power

(p.591) 18 The Achilles Heel of Post-War European Integration
States, Debt, and Power

Kenneth Dyson

Oxford University Press

This chapter examines the formalization of creditor-debtor state relations in post-1945 Europe within the early framework of the Bretton Woods system. It looks in depth at the European Payments Union; the first decade of the EEC; the process and the substance of EMU, particularly from the Werner Group to the Delors Committee and the Maastricht Treaty. The chapter considers the post-2007 economic and financial crisis; its strategic management within a shrinking ‘hard core’ of creditor states; the rise and eclipse of the ‘stand-alone’ model of European monetary union and the process of beginning to build banking and fiscal union in Europe. It examines the Franco-German relationship, the European Council, the European Commission, and the ECB. The chapter concludes by considering the boundaries of creditor-state power and the unresolved tension between endogenous preference formation, in particular learning by doing, and conditional cooperation, in which ‘red lines’ continue to be drawn.

Keywords:   creditor-state power, European Payments Union, monetary union, banking union, fiscal union, European Council, Franco-German relations, ECB, European Commission, endogenous preference formation

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