Andre Szasz - The Road to European Monetary Union A Political and Economic History [1999]

This book explains the political background, and describes the decision-making leading to European Economic and Monetary Union (EMU). As a former central banker who participated in the process for three decades, Andre Szasz is uniquely placed to add practical insights to his theoretical and historical research. Political rather than economic considerations were decisive in establishing EMU. France resented German monetary dominance and insisted on a form of decision-making in which it could exert influence. Germany complied. It needed French support at an early stage when trying to normalise relations with the Eastern bloc, and later - when Chancellor Helmut Kohl forced German unification. Located in the centre of Europe, and very much aware of recent history, Germany wished to secure stability by establishing Political Union. Meeting French demands to establish Monetary Union was a condition that had to be fulfilled first. Thus the issues involved are issues of power, though these are often couched in technical terms.

'If there were any doubt that monetary union is only the first step towards political union, Andre Szasz buries it with his fascinating account...A former Executive Director of the Dutch Central Bank intimately involved in European monetary affairs for thirty years, he does not display any of the emotion that characterizes both sides of the debate in Britain, and his book is all the more welcome for that. He tells a story of postwar European politics that is remarkable for its consistency.' - Janet Bush, Times Litetary Supplement

ANDRAe SZASZ has been involved in European economic integration for all of his professional life. He was born in Indonesia in 1932. He studied economics at the University of Amsterdam. In 1960 he joined the Nederlandsche Bank (the Dutch Central Bank) as an economist. From 1973 until July 1994 he was a member of the Executive Board, responsible in particular for international monetary affairs. During this period he was a member of the Monetary Committee of the European Community, as well as the Deputy for the Dutch Central Bank Governor in the Committee of Governors of the EC. Since 1990 Dr. Szasz has been an extraordinary Professor for European Studies at the University of Amsterdam. He is a member of two advisory committees to the Dutch Government on European integration, and a non-executive director of two financial institutions.