European integration history revisited Around German leadership in the European Monetary System

Abstract

This chapter reviews the history of European integration by placing German leadership at the centre of the exploration. Guirao traces the history from the symbiotic relationships that took root between 1949 and 1969, due to the pivotal role of the German market in the Western European economy, to the rise of German monetary policy to a leading position after 1969. Guirao places the zenith of German influence in Europe during the early phase of the European Monetary System, between 1979 and 1987. The lack of real convergence among eurozone members meant that Germany’s preferences on key issues of the Maastricht Treaty and the euro was to entail significant social and political costs for some of its EU partners.