European Integration - Lecture 9 скачать в хорошем качестве

European Integration - Lecture 9

European monetary history over the past 150 years reflects the slow but steady economic and political integration of a mosaic of countries, each with its own culture, history, language, and political preferences. Europe has seen phases of impressive monetary integration as well as spectacular setbacks, including two world wars. It began with a serious attempt to institute a fixed exchange rate regime based on national banks and metallic standards and evolved, after massive political disruptions, to a system of fixed but flexible exchange rates, now dominated by a large single currency area. While the introduction of the Euro was a technocratic achievement, many essential elements of a monetary union have yet to be implemented, and their absence continues to hinder true economic integration.