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An Analysis of the EC’s First Attempt to Establish the EMU in 1970s

Author: CuiChengLing
Tutor: HuiYiMing
School: Jilin University
Course: World History
Keywords: EC Economic and Monetary Union Werner reports
CLC: F825
Type: Master's thesis
Year: 2011
Downloads: 20
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Abstract

On the establishment of the Economic and Monetary Union in the European Community in the 1970s to try that the EU is the world's most important economic and political groups, and plays an important role on the world stage. The EU is both the results of the European integration, but also the integration of the development process. Full of hardships and tortuous development process of European integration, the end of the 1960s, the European integration movement has made gratifying achievements, especially the achievements in the field of economic, enhanced the States to continue to promote the integrated development of confidence and determination. Once refused to participate in the integration of the European continent, the United Kingdom also actively applied to join the European Community. Same time, during this period the EC internal and international changes in the environment of the integrated development of new problems and new challenges, early guidance Programme of the Treaty of Rome showing the lag, the common market and the common agricultural policy is not perfect dollar crisis, changes in international political relations. Faced with these new situations and new problems, the enthusiasm of the EC Member States on the integration continues unabated. The Hague Summit successfully held in 1969, the General Assembly established the completion of expansion of the three main objectives of the deepening of European integration, the development has entered a new period. Which deepen the goal is the establishment of economic and monetary union within the Community. The Werner Committee on the Werner report in phases to achieve this goal. The Werner Report occupies an important position in the history of the development of the European Community, is not only a deepening of the Treaty of Rome, and provide a reference for later Delors Report. \After bargaining, the last parties on the implementation of the first phase of the Programme to reach a compromise and put into practice. Throughout the 1970s, the practice of economic and monetary union in the European Community is divided into two stages. The first phase from 1971 to 1974, the main achievements of this phase is the establishment of a snake-like floating system, the European Monetary Cooperation Fund, determine the European units. From 1974 to 1977, the EC countries is busy dealing with the country's inflation, the establishment of economic and monetary union plan ran aground. The second stage, that is, the late 1970s, mainly as the establishment of the European Monetary System. During this period, the Franco-German axis gradually mature, the European Monetary System is the result of the two sides cooperate closely. In 1979, the European Monetary System is officially running, and laid the foundation for the establishment of the future economic and monetary union. The first stage and the second stage of the process of practice reflects the achievements of the development of monetary integration. In addition, when we look at throughout the 1970s, the community of economic integration and political integration has also made certain achievements. The Common Agricultural Policy has been consolidated, regional development policies established to further strengthen political cooperation in the field of diplomatic cooperation and the rights of the community level has been enhanced. 1970s, poor internal and external environment, the EC could not achieve the goal of the establishment of the Economic and Monetary Union. Tough run-in practice, further deepen the understanding of the EC Member States on the development of integration. The Franco-German axis gradually mature, get the default of its leading position in the European integration, France and Germany on the integrated development of routes to reach a compromise, the two sides fumbled for a balance of power in the development of nationalism and ultra-nationalism road. In addition, during this period, the Community of expanding and deepening contradictions fore become a major obstacle to the development of the Community. Concrete manifestation of the widening economic structure gap between Member States, national forces to expand, are expanding and deepening contradictions. In the process of development of the European Community, the U.S. factor has been one of the major factors that affect the development, on the one hand, the U.S. and European economies competitive in the field of promoting European unity, on the other hand, the U.S. factor is often hindered by the consistency of the EC action .

An Analysis of the EC’s First Attempt to Establish the EMU in 1970s

Abstract

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