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A Europe Made of MoneyThe Emergence of the European Monetary System$
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Emmanuel Mourlon-Druol

Print publication date: 2012

Print ISBN-13: 9780801450839

Published to Cornell Scholarship Online: August 2016

DOI: 10.7591/cornell/9780801450839.001.0001

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EMU off the Agenda? June 1975–June 1976

EMU off the Agenda? June 1975–June 1976

(p.65) 3 EMU off the Agenda? June 1975–June 1976
A Europe Made of Money

Emmanuel Mourlon-Druol

Cornell University Press

This chapter examines why and how economic divergences resulted only in the partial disappearance of monetary cooperation from the European Community's agenda between June 1975 and June 1976. It firsts considers the development of a more positive European Economic Community (EEC) climate after the settlement of the British renegotiation issue, and how the change in Britain's position gave a renewed psychological impetus to European (monetary) cooperation, albeit temporarily. It then explores the extent to which domestic politics can influence the course of European (monetary) cooperation and goes on to discuss the EEC-wide consequences of economic divergences, along with their impact on the EEC's structure, in terms of both agenda (abandoning the Economic and Monetary Union?) and institutions (what role for the European Council?). The chapter also describes what was clearly the lowest point in terms of European monetary cooperation and how these times of crisis paved the way for a clearer sense of what still needed to be done in order to improve cooperation.

Keywords:   economic divergence, European Community, European Economic Community, Britain, politics, Economic and Monetary Union, European Council, European monetary cooperation

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