Before and beyond EMU: Historical Lessons and Future Prospects

Before and beyond EMU: Historical Lessons and Future Prospects

Before and beyond EMU: Historical Lessons and Future Prospects

Before and beyond EMU: Historical Lessons and Future Prospects

Synopsis

The launch of the Euro has already had profound effects on both European economies and societies - but it is also of huge importance for the international community as a whole. This timely book, from a collection of key names in European Integration Studies, is an authoritative piece of work that is truly multi-disciplinary by nature.

Excerpt

Patrick M. Crowley

On a bitterly cold day in Toronto in March of 1999 a group of academics met at York University to discuss the launch of the euro. This disparate group was a small band of scholars who collectively are known as the European Community Studies Association—Canada (ECSA-C). Amy Verdun, of the University of Victoria, and I had planned this colloquium on the euro as both of us realised that there was little being done in Canadian academia to increase awareness of the important events that were taking place in the European Union (EU). Several of the papers in this volume had their first airing at this seminar, and the discussion and debate was lively and entertaining. Contributors Malte Krueger, Alison Meek, Mitchell Smith (who was at Middlebury, as was I at this time), Amy Verdun, David Long, Eric Helleiner, Tim Le Goff and Xavier de Vanssay all attended the colloquium, along with John Murray from the Bank of Canada, Edelgard Mahant and Chris Paraskevopoulos from York University and our erstwhile President, Steve Wolinetz (Memorial University, Newfoundland), plus a dedicated band of graduate students from University of Toronto, McGill University and York University. I realised at that seminar that what was taking place was quite unique in the academic world—a group of academics from disparate disciplines and backgrounds were coming together to present and discuss their viewpoints on an issue that was taking place on another continent. While it is not unusual for North American economists to discuss international issues, or for political scientists to debate the nature of European integration, it is unusual for a multi-disciplinary panel of North American academics to come together to debate a single European project happening thousands of miles away.

Fast forwarding to the summer of 1999, and once again in freezing conditions at Memorial University in St John’s Newfoundland (who would expect snow and ice in June?), Economic and Monetary Union (EMU) was the topic of extensive debate at the ECSA-C meetings. A joint session was also organised with the Canadian Economics Association who brought together two Canadian economists, James Dean and myself, for a vigorous and heated debate. At the time James was saying that EMU would not be successful—I, naturally, was on the opposite side, and used the famous

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