The euro: Faith, hope and parity

International Affaires

Volumn 79, Issue 5, 2003, Pages 979-992+i+iv

  Cyr, Arthur I ^a  

^a CARTHAGE COLLEGE   (United States)

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[No Author keywords available]

Indexed keywords

EID: 10744224988     PISSN: 00205850     EISSN: None     Source Type: Journal    
DOI: 10.1046/j.1468-2346.2003.00349.x     Document Type: Review

References (33)

1. R. A. Mundell, 'A reconsideration of the twentieth century', American Economic Review 90: 3, June 2000, pp. 327-40 at p. 337.
2. European Union leaders decided to call the new currency the 'euro' at the Madrid European Council in December 1995, and also agreed to introduce the new money in three stages. John McCormick, Understanding the European Union: a concise introduction (New York and London: Simon & Schuster, 1993), p. 196.
3. On development of administrative law, see the quantitative analysis by Alec Stone Sweet and Thomas L. Brunell, 'Constructing a supranational constitution: dispute resolution and governance in the European Community', American Political Science Review 92: I, March 1998, pp. 63-81.
4. One sophisticated supporter of the euro observed in 1999 that 'public discussion about EMU [European Monetary Union] has had a dreamlike quality . . . with most observers assuming it would never happen.' Christian N. Chabot, Understanding the euro (London and New York: McGraw-Hill, 1999), p. xiii.
5. Jean Eaglesham, George Parker and Haig Simonian, 'Blair talks up chances of early move to join euro', Financial Times, 11 June 2003, p. 5. The 1975 referendum in the UK on membership in the European Community, also carried out by a Labour government, provides ready precedent. The strong 'No' vote in the September 2003 referendum in Sweden may further postpone a British decision to join the euro.
6. Niall Ferguson, The cash nexus: money and power in the modern world, 1700-2000 (New York: Basic Books, 2001), pp. 340-1.
7. Krim Talia, 'The decline and fall of the Scandinavian Currency Union 1914-1924', Stockholm School of Economics, n.d.
8. Ferguson, Cash nexus, p. 341.
9. The analogies have worked both ways. European officials in recent years have been given to comparing the difficulties of the EU with the 'prolonged growing pains' of the US. See e.g. John Newhouse, Europe adrift (New York: Pantheon/Council on Foreign Relations, 1997), p. 293.
10. Gabor S. Boritt, Lincoln and the economics of the American dream (Urbana and Chicago: University of Illinois Press, 1978; new edn 1994), pp. 63ff.; Jason Goodwin, Greenback: the almighty dollar and the invention of America (New York: Holt, 2003), pp. 216ff.
11. Gabor S. Boritt, Lincoln and the economics of the American dream (Urbana and Chicago: University of Illinois Press, 1978; new edn 1994), pp. 63ff.; Jason Goodwin, Greenback: the almighty dollar and the invention of America (New York: Holt, 2003), pp. 216ff.
12. James Buchan, Frozen desire: an inquiry into the meaning of money (London: Picador, 1997), p. 262. Buchan, a successful novelist as well as a journalist for the Financial Times and other publications, captures the allegorical, psychological, romantic and other related roles of money, along with the strictly commercial and economic.
13. Nora Beloff, The General says no: Britain's exclusion from Europe (Harmondsworth: Penguin, 1963), esp. ch. 1; Geoffrey Warner, 'Why the General said No', International Affairs 78: 4, October 2002, pp. 869-82.
14. Nora Beloff, The General says no: Britain's exclusion from Europe (Harmondsworth: Penguin, 1963), esp. ch. 1; Geoffrey Warner, 'Why the General said No', International Affairs 78: 4, October 2002, pp. 869-82.
15. John Newhouse, Collision in Brussels: the Common Market crisis of 30 June 1965 (New York: Norton/Twentieth Century Fund, 1967). The Commission proposals appeared to give the body a very independent life, separate from the Council of Ministers. In retrospect, the bold move was premature, clearly unwise given the attitudes of de Gaulle, but also true to the financial evolution that has since taken place.
16. Peter Coffey, The euro: an essential guide (London and New York: Continuum, 1991), pp. 7-8; Stephen Frank Overturf, Money and European Union (New York: St Martin's, 1997), pp. 1, 9-11.
17. Peter Coffey, The euro: an essential guide (London and New York: Continuum, 1991), pp. 7-8; Stephen Frank Overturf, Money and European Union (New York: St Martin's, 1997), pp. 1, 9-11.
18. C. Fred Bergsten, 'The new economics and US foreign policy', Foreign Affairs 50: 2, Jan. 1972, pp. 199-222, at p. 199.
19. For an insightful contemporary piece on the special problems of monetary compared with trade negotiations, see Kathleen R. McNamara and Sophie Meunier, 'Beyond national sovereignty and international power: what external voice for the euro?', International Affairs 78: 4, Oct. 2002, pp. 852-3.
20. J.-J. Servan-Schreiber, The American challenge, intr. Arthur Schlesinger Jr., trans. Ronald Steel (New York: Atheneum, 1968).
21. Stanley Hoffmann, 'The European Community and 1992', Foreign Affairs 68: 4, Fall 1989, pp. 27-47; on the dramatic financial crash of 1987, a useful source is Joel Kurtzman, The death of money (New York and London: Simon & Schuster, 1993), pp. 89, 95ff., and passim.
22. Stanley Hoffmann, 'The European Community and 1992', Foreign Affairs 68: 4, Fall 1989, pp. 27-47; on the dramatic financial crash of 1987, a useful source is Joel Kurtzman, The death of money (New York and London: Simon & Schuster, 1993), pp. 89, 95ff., and passim.
23. John Grahl, After Maastricht: a guide to European monetary union (London: Lawrence & Wishart, 1997), p. 109.
24. Overturf, Money and European Union, pp. 105-32.
25. 'Even where national currencies are fully convertible, uncertainty concerning rates of exchange imposes a cost on operations between residents of different countries and reduces the mobility of factors.' Tommaso Padoa-Schioppa, 'Key questions on economic and monetary union', in William James Adams, ed., Singular Europe: economy and polity of the European Community after 1992 (Ann Arbor: University of Michigan Press/Chicago Council on Foreign Relations, 1993; new edn 1995), p. 56.
26. William James Adams, 'Introduction', in Singular Europe, pp. 1-10.
27. Haig Simonian and George Parker, 'Optimism on Giscard plans', Financial Times, 11 June 2003, p. 3.
28. Buchan, Frozen desire, p. 264.
29. Martin Mayer, The bankers: the next generation (London and New York: Dutton/Penguin, 1997), pp. 294-7; Jack Weatherford, The history of money (New York: Crown, 1997).
30. Martin Mayer, The bankers: the next generation (London and New York: Dutton/Penguin, 1997), pp. 294-7; Jack Weatherford, The history of money (New York: Crown, 1997).
31. Vincent Cable, 'The diminished nation-state: a study in the loss of economic power', in 'What future for the state?', Daedalus 124: 2, Spring 1995, pp. 23-53. Cable, at the time Head of the International Economics Programme at the Royal Institute of International Affairs, noted that global foreign exchange trading exceeded 'a trillion dollars a day . . . fifty times, or more, of the daily amount of world trade and greater than the total stock of foreign exchange reserves held by all governments', p. 27.
32. Klaus Friedrich, 'The euro-dollar system and international liquidity', Journal of Money, Credit and Banking 2: 3, Aug. 1970, pp. 337-47; James P. Hawley, 'Protecting capital from itself: US attempts to regulate the eurocurrency market', International Organization 38: 1, Winter 1984, pp. 131-65.
33. Klaus Friedrich, 'The euro-dollar system and international liquidity', Journal of Money, Credit and Banking 2: 3, Aug. 1970, pp. 337-47; James P. Hawley, 'Protecting capital from itself: US attempts to regulate the eurocurrency market', International Organization 38: 1, Winter 1984, pp. 131-65.