30 - The Making of the European Monetary Union: 30 years

ORIGINS AND IMPLICATIONS OF THE CRISIS Barry Eichengreen introduces the origins of the ERM in the context of historical experience in Europe, the trauma of the Great Depression combined with the geopolitics of Europe in the late 1970s and the personal affinity between Giscard d’Estaing and Schmitt, the French and German leaders at the time. [...] THE MAKING OF THE EUROPEAN MONETARY UNION: 30 YEARS SINCE THE ERM CRISIS Philip Lane brings the memory and the lessons from the ERM crisis to bear on the dual crises of 2008–2012 and the COVID-19 pandemic. [...] THE TRAUMA OF THE EUROPEAN CURRENCY CRISES IN THE 1990S AND ITS CONSEQUENCES | CORSETTI, HALE AND WEDER DI MAURO TWO DECADES OF EMU AND THE FUTURE OF THE EURO In hindsight, the first decade of the euro was one of optimism. [...] To a large extent, its resolution in the 1990s determined the good, the bad and the ugly of the subsequent institutional development of the euro area. [...] WHY IS THE EUROPEAN CURRENCY AND FINANCIAL CRISIS OF THE 1990S RELEVANT TODAY? | CORSETTI THE ERM CRISIS ULTIMATELY STRENGTHENED THE POLITICAL DRIVE TOWARDS THE CREATION OF THE MONETARY UNION When the crisis erupted in 1992, it revived a long-standing European debate between 20 the so-called ‘economists’ and the ‘monetarists’.