The Making Of The Single Currency: Between An Economic Vision And A Political Treaty
DOI:
https://doi.org/10.24905/icobis.v2i1.4Keywords:
Economic and Monetary Union, single currency, economic integration, imperatives and political objectives, political factorsAbstract
The creation of the euro represents one of the most significant achievements of European integration and a landmark institutional project in contemporary economic history. This article examines the origins of Economic and Monetary Union (EMU) by analysing the economic and political factors that led to the adoption of the common currency. The study employs a qualitative institutional and legal analysis of the Werner Report (1970), the Delors Report (1989), and the Maastricht Treaty (1992). The findings indicate that the establishment of the euro was driven not only by the economic requirements of the Single Market but also by the political commitment of the Member States to deepen European integration. The institutional architecture of EMU ultimately emerged as a compromise between economic imperatives and political objectives. These findings contribute to the debate on the future development of the euro area.
References
Bofinger, P., & Rath, D. (2012). Problems of European Monetary Union: Asymmetric shocks or asymmetric behaviour. VoxEU.
Bokajło, J., & Dahl, M. (2023). Between Dogmatism and Pragmatism: Economic Order Policy in the Context of the Eurozone Crisis.
International Journal of Legal Studies, Special Issue 5, 85–101. DOI: 10.5604/01.3001.0055.2754.
Committee for the Study of Economic and Monetary Union. (1989). Report on Economic and Monetary Union in the European Community.
Luxembourg: Office for Official Publications of the European Communities.
Dahl, M., & Kuba, A. (2016). The European Union’s Way to Create a Federation. Journal of Modern Science, 31(4), 217–236.
European Commission. (1970). Report to the Council and the Commission on the Realisation by Stages of Economic and Monetary Union in the Community (Werner Report). Supplement to Bulletin of the European Communities, No. 11/1970. Luxembourg: Office for Official
Publications of the European Communities.
Fiszer, J. M. (2010). Społeczno-polityczne i ekonomiczne skutki wprowadzenia euro w Polsce. Międzynarodowe Stosunki Gospodarcze i
Polityczne, 4.
Fiszer, J. M. (2011). Skutki członkostwa w Unii Europejskiej dla suwerenności i tożsamości kulturowej Polski. Myśl Ekonomiczna i
Polityczna, 1–2(32–33), 170–198.
Narodowy Bank Polski. (2009). Raport na temat pełnego uczestnictwa Rzeczypospolitej Polskiej w trzecim etapie Unii Gospodarczej i
Walutowej. Warszawa: Narodowy Bank Polski.
Rosati, D. K. (2022). Euro. Mity i fakty. Warszawa: Polskie Wydawnictwo Ekonomiczne.
Treaty on European Union. (1992). Treaty on European Union (Maastricht Treaty). Official Journal of the European Communities, C 191,
July 1992.
