The Single European Currency in National Perspective: A Community in Crisis?

Abstract

The single currency scheduled for launch in 1999 was, in the minds of many, to be the culmination of a long process of European integration leading to the formation of a supranational state. Instead, the single currency arises in a period of doubt and uncertainty for the European Community (EC) 1 or Union (EU). The movement for monetary union begun under the Maastricht treaty of 1992 has paradoxically halted momentum for European unity. The European Commission under Jacques Santer has put a quietus on constructive forms of integration such as social and industrial policy. Public opinion, oblivious to the conferral of citizenship under Maastricht, has turned sceptical to the benefits of the EU, especially where Economic and Monetary Union (EMU) has, by artificially raising interest rates, increased unemployment. 2 By imposing a deflationary strait-jacket, EMU has stifled growth and employment and forced cuts in social expenditure, undermining the credibility of national governments and causing the worst crisis in Europe since the 1930s. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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