Abstract
Since the Treaties of Rome were concluded in 1957, the history of Europe has been marked by an ever-deepening integration. To some degree this process has certainly been driven by the idea that in a globalised world only a united and strong Europe can succeed. In 1954, Jean Monnet, one of the founding fathers of the European Union, said: “Our countries have become too small for today’s world, when compared to the potential of modern technical means and in relation to the dimension of America and Russia today, China and India tomorrow [1]”. In that sense, European integration and also the introduction of the euro could be interpreted as a response to globalisation—as an attempt to create a strong regional pole in an increasingly multipolar world.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsNotes
- 1.
For a more extensive discussion on these two theories see Kruse, D. C. [2], Monetary Integration in Western Europe: EMU, EMS and Beyond. London, and Wolf, D. [3], Neofuctionalism and Intergovernmentalism Amalgamated: The Case of EMU. In: Verdun, A., The Euro: European Integration Theory and Economic and Monetary Union. New York.
- 2.
Among others, the president of the European Commission, Jean-Claude Juncker, has proposed a capital markets union at various occasions in 2014.
References
Monnet, Jean (1978): Memoirs. London: Collins.
Kruse, D. C. (1980). Monetary Integration in Western Europe: EMU, EMS and Beyond. London.
Wolf, D. (2002). Neofuctionalism and Intergovernmentalism Amalgamated: The Case of EMU. In: Verdun, A. (Ed.), The Euro: European Integration Theory and Economic and Monetary Union. New York.
Weber, A., Ulbrich, J. and Wendorff, K. (2011). Krisenhilfe ohne Gemeinschaftshaftung. Frankfurter Allgemeine Zeitung, 3 March 2011.
Weidman, J. (2014). Reforms for Recovery and Resilience. Speech at Bank of Latvia Conference 2014, 17 October 2014.
Asdrubali P., Sørensen, B.E. and Yosha, O. (1996). Channels of Interstate Risk Sharing: US 1963–1990. Quarterly Journal of Economics, vol. 111(4), pp. 1081–1110.
Sørensen, B.E. and Yosha, O. (1998). International risk sharing and European monetary unification. Journal of International Economics, vol. 45(2), pp. 211–238.
Hepp, R. and von Hagen, J. (2013). Interstate risk sharing in Germany: 1970–2006. Oxford Economic Papers, 65(1), 1–24.
Dombret, A. (2014). Designing a stable monetary union—Progress and open issues. Speech at The Brookings Institution, 8 October 2014.
Fulbright, J.W. (1948). A United States of Europe?. Annals of the American Academy of Political and Social Science, vol. 257, pp. 151–156.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2017 Springer International Publishing Switzerland
About this chapter
Cite this chapter
Dombret, A. (2017). European Financial Integration: Monetary Union, Banking Union, Capital Markets Union. In: Francioni, R., Schwartz, R. (eds) Equity Markets in Transition. Springer, Cham. https://doi.org/10.1007/978-3-319-45848-9_26
Download citation
DOI: https://doi.org/10.1007/978-3-319-45848-9_26
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-45846-5
Online ISBN: 978-3-319-45848-9
eBook Packages: Economics and FinanceEconomics and Finance (R0)