A Europe Made of Money is a new history of the making of the European Monetary System (EMS), based on extensive archive research. Emmanuel Mourlon-Druol highlights two long-term processes in the monetary and economic negotiations in the decade leading up to the founding of the EMS in 1979. The first is a transnational learning process involving a powerful, networked European monetary elite that shaped a habit of cooperation among technocrats. The second stresses the importance of the European Council, which held regular meetings between heads of government beginning in 1974, giving EEC legitimacy to monetary initiatives that had previously involved semisecret and bilateral negotiations. The interaction of these two features changed the EMS from a fairly trivial piece of administrative business to a tremendously important political agreement.
The inception of the EMS was greeted as one of the landmark achievements of regional cooperation, a major leap forward in the creation of a unified Europe. Yet Mourlon-Druol’s account stresses that the EMS is much more than a success story of financial cooperation. The technical suggestions made by its architects reveal how state elites conceptualized the larger project of integration. And their monetary policy became a marker for the conception of European identity. The unveiling of the EMS, Mourlon-Druol concludes, represented the convergence of material interests and symbolic, identity-based concerns.
Introduction: Multilevel Governance, History, and Monetary Cooperation
1. European Monetary Cooperation, 1945–1974: Background and Debates
2. Shifting Away from the Werner Approach, May 1974–May 1975
3. EMU off the Agenda? June 1975–June 1976
4. Economic Rapprochement, Monetary Standstill, July 1976–June 1977
5. Conflicting Options, July 1977–March 1978
6. A Semisecret Negotiation, Late March–Mid-July 1978
7. Chasing the Ghosts of Failed Negotiations, Mid-July–Late September 1978
8. A False Start, October 1978–March 1979
Conclusions: The Emergence of a European BlocAcknowledgments
A Note on Sources Cited in the Notes
"Emmanuel Mourlon-Druol has written an exemplary work of historical research: elegant, clear, empirically strong, and theoretically challenging, both to historians and political scientists. Essential reading for all specialists of European integration and highly recommended to anyone wishing to fully understand the current Euro-crisis."
Youssef Cassis, European University Institute
"In A Europe Made of Money, Emmanuel Mourlon-Druol explains the origins of European monetary cooperation and the challenges to the wider processes of European integration posed by the global economic transformation of the 1970s. This book is contemporary international history at its very best and provides necessary background for understanding today's travails in the Eurozone."
O. A. Westad, London School of Economics and Political Science, author of China and the World: The Origins of Chinese Global Power from 1750 to Today
"Highly informative, thoughtful and based on an impressive range of sources...Above all his thesis about the role of the European Council and the predominantly political meaning of the European Monetary System is well substantiated. The debate that has been going on for a few years about the relationship between civil society's transnational networks and political decisions should continue for the coming years."
"The book is well researched and clearly written. It relies on an impressive amount of archival material. The author does an excellent job in explaining with Cartesian clarity, who did what, when, how and most importantly why."
Journal of European Integration History
"While deeply complex and technical subjects like monetary integration do not usually make for light reading, the strength of Mourlon-Druol's book lies precisely in the way in which it manages to regularly transcend such technicalities by highlighting the bigger implications of the EMS for how we understand the larger processes of European integration today. Thus, A Europe Made of Money is not only an authoritative and well-researched history of the creation of the European Monetary System, but it also forces us to reconsider how we approach the study of European integration more generally."
Reviews in History
"Adds pieces to what is likely to be an important historiographical puzzle for some years to come."
"Mourlon-Druol describes the process leading to the birth of the European Monetary System (EMS) in 1979.... This work makes extensive use of a number of archives across Europe and will be valuable for anyone interested in gaining a deeper understanding of the emergence of the EMS."
"This book, based on extensive archival research, delves into the making of the European Monetary System, focusing on the period from May 1974 to March 1979. This book is well written and well structured... On the whole, the strength of this book lies in the author's archival research.... it contributes to our understanding of the process of European monetary integration in the second half of the 1970s."
Fianacial History Review
"[A Europe Made of Money]is recommended for readers with a sound knowledge of 1970s European political,economic and monetary history and will be rewarding for economic historians, politicalscientists and political economists interested in the political and technocratic processesof European monetary co-operation in the 1970s, since these processes are at the heartof Mourlon-Druol's well-researched analysis."
Journal of Common Market Studies
"The book is an excellent contribution to European economic history. It illustrates the critical role of political elites and European institutions, particularly the EU Council, in shaping the multi-level governance framework of EMU. It is crucial reading for those wanting to understand the problems afflicting the Eurozone today."
LSE Review of Books
"At a time when the problems in the euro zone are frequently in the news, it is wise to consider the nature and origins of its immediate predecessor. Emmanuel Mourlon-Druol, of the University of Glasgow and the London School of Economics, has written a thorough description and analysis of the political and economic developments that led to the establishment, in 1979, of the European Monetary System [EMS]."