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French-German Tussle: Monetary Union Revived (1987–8)

In: The Road to European Monetary Union

Author

Listed:
  • André Szász

    (Dutch Central Bank)

Abstract

The climate regarding European integration was now changing. The renewed drive for capital liberalisation, the European Single Act opening the prospect for the completion of the internal market (of which free capital movements were soon to be made an integral part) were both cause and effect of this changing climate. A shift in French domestic policies and priorities was an important part of the changing scene. It made capital liberalisation possible, but also increased French feelings of dependence on German policy decisions, thus rekindling French interest in Monetary Union in which it could hope to influence those policies. For Germany, the change in French policies made the prospect of Monetary Union more attractive. In the same period fundamental political changes took place in Eastern Europe after Mikhail Gorbachov rose to power in the Soviet Union in 1985; for Germany, this opened up the perspective of a more active involvement in developments in Eastern Europe, which was in turn an incentive for more dynamism in Western European integration in order not to disturb the fundamental balance in German foreign policy.

Suggested Citation

  • André Szász, 1999. "French-German Tussle: Monetary Union Revived (1987–8)," Palgrave Macmillan Books, in: The Road to European Monetary Union, chapter 11, pages 98-109, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59947-5_11
    DOI: 10.1057/9780230599475_11
    as

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