Experts Shape Asymmetrical EU, Prioritizing Monetary Over Economic Integration
The article discusses why experts in Britain, France, and Germany agreed to create an 'asymmetrical' Economic and Monetary Union (EMU) in Europe. They focused more on the monetary side of EMU and less on the economic aspects. This decision was influenced by the belief that further integration was only possible in monetary policy. They also thought it was best to leave fiscal and social policies to individual countries and market forces. The experts believed that letting market forces shape economies would make them more competitive internationally. In the end, the EMU helped legitimize German monetary policies in Europe and provided a way to restructure welfare states.