%PDF-1.3 1 0 obj << /Type /Catalog /Outlines 2 0 R /Pages 3 0 R >> endobj 2 0 obj << /Type /Outlines /Count 0 >> endobj 3 0 obj << /Type /Pages /Kids [6 0 R 20 0 R 22 0 R 27 0 R ] /Count 4 /Resources << /ProcSet 4 0 R /Font << /F1 8 0 R /F2 9 0 R /F3 10 0 R >> /XObject << /I1 11 0 R >> >> /MediaBox [0.000 0.000 595.280 841.890] >> endobj 4 0 obj [/PDF /Text /ImageC ] endobj 5 0 obj << /Creator (DOMPDF) /CreationDate (D:20140819123932+01'00') /ModDate (D:20140819123932+01'00') /Title (A Europe Made of Money: The Emergence of the European Monetary System) >> endobj 6 0 obj << /Type /Page /Parent 3 0 R /Annots [ 12 0 R 15 0 R 18 0 R ] /Contents 7 0 R >> endobj 7 0 obj << /Length 4364 >> stream q 381.750 0 0 120.000 34.016 687.874 cm /I1 Do Q 0.000 0.000 0.000 rg BT 34.016 676.469 Td /F1 12.0 Tf [(Published on )] TJ ET BT 99.356 676.469 Td /F2 12.0 Tf [(Reviews in History)] TJ ET BT 190.016 676.469 Td /F1 12.0 Tf [( \()] TJ ET 0.000 0.000 0.800 rg BT 197.012 676.469 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 197.012 675.075 m 357.332 675.075 l S 0.000 0.000 0.000 rg BT 357.332 676.469 Td /F1 12.0 Tf [(\))] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 653.743 526.499 1.500 re S BT 34.016 615.321 Td /F3 18.0 Tf [(A Europe Made of Money: The Emergence of the European )] TJ ET BT 34.016 593.937 Td /F3 18.0 Tf [(Monetary System)] TJ ET BT 34.016 237.683 Td /F1 12.0 Tf [(?If the Euro fails, Europe fails?, Angela Merkel boldly declared in September 2011; a potent reminder of )] TJ ET BT 34.016 223.427 Td /F1 12.0 Tf [(how monetary integration lies at the heart of today?s European Union.)] TJ ET 0.000 0.000 0.800 rg BT 371.624 223.427 Td /F1 12.0 Tf [(\(1\))] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 371.624 222.033 m 385.616 222.033 l S 0.000 0.000 0.000 rg BT 385.616 223.427 Td /F1 12.0 Tf [( Yet the Eurozone has not been the )] TJ ET BT 34.016 209.171 Td /F1 12.0 Tf [(first attempt at European monetary cooperation. Already, in the early 1970s, the collapse of the Bretton )] TJ ET BT 34.016 194.915 Td /F1 12.0 Tf [(Woods system had triggered various initiatives, eventually leading to the creation of the European Monetary )] TJ ET BT 34.016 180.659 Td /F1 12.0 Tf [(System [EMS] in 1979. The EMS introduced an exchange rate mechanism that tied European currencies )] TJ ET BT 34.016 166.403 Td /F1 12.0 Tf [(permanently together within an agreed band. As it put monetary integration at the centre of the European )] TJ ET BT 34.016 152.147 Td /F1 12.0 Tf [(project for the first time, it is well worth taking a closer look at its creation, which is precisely what )] TJ ET BT 34.016 137.891 Td /F1 12.0 Tf [(Emmanuel Mourlon-Druol sets out to do in his timely and important book, )] TJ ET BT 395.684 137.891 Td /F2 12.0 Tf [(A Europe Made of Money: The )] TJ ET BT 34.016 123.635 Td /F2 12.0 Tf [(Emergence of the European Monetary System.)] TJ ET BT 34.016 97.379 Td /F1 12.0 Tf [(While there is no shortage of literature on the EMS, the 30-year rule applied in most European countries )] TJ ET BT 34.016 83.123 Td /F1 12.0 Tf [(meant that previous works largely had to rely on secondary literature, or on the recollections of key )] TJ ET BT 34.016 68.867 Td /F1 12.0 Tf [(protagonists.)] TJ ET 0.000 0.000 0.800 rg BT 95.684 68.867 Td /F1 12.0 Tf [(\(2\))] TJ ET 0.24 w 0 J [ ] 0 d 95.684 67.473 m 109.676 67.473 l S 0.000 0.000 0.000 rg BT 109.676 68.867 Td /F1 12.0 Tf [( By contrast, Mourlon-Druol?s book is based on extensive primary research, using materials )] TJ ET BT 34.016 54.611 Td /F1 12.0 Tf [(from 18 archives in six different countries. This includes official records from key EC member-states, the )] TJ ET BT 34.016 563.315 Td /F3 12.0 Tf [(Review Number:)] TJ ET BT 34.016 549.059 Td /F1 12.0 Tf [(1415)] TJ ET BT 34.016 534.803 Td /F3 12.0 Tf [(Publish date:)] TJ ET BT 34.016 520.547 Td /F1 12.0 Tf [(Thursday, 16 May, 2013)] TJ ET BT 34.016 506.291 Td /F3 12.0 Tf [(Author:)] TJ ET BT 34.016 492.035 Td /F1 12.0 Tf [(Emmanuel Mourlon-Druol)] TJ ET BT 34.016 477.779 Td /F3 12.0 Tf [(ISBN:)] TJ ET BT 34.016 463.523 Td /F1 12.0 Tf [(9780801450839)] TJ ET BT 34.016 449.267 Td /F3 12.0 Tf [(Date of Publication:)] TJ ET BT 34.016 435.011 Td /F1 12.0 Tf [(2012)] TJ ET BT 34.016 420.755 Td /F3 12.0 Tf [(Price:)] TJ ET BT 34.016 406.499 Td /F1 12.0 Tf [(33.95)] TJ ET BT 34.016 392.243 Td /F3 12.0 Tf [(Pages:)] TJ ET BT 34.016 377.987 Td /F1 12.0 Tf [(368pp.)] TJ ET BT 34.016 363.731 Td /F3 12.0 Tf [(Publisher:)] TJ ET BT 34.016 349.475 Td /F1 12.0 Tf [(Cornell University Press)] TJ ET BT 34.016 335.219 Td /F3 12.0 Tf [(Publisher url:)] TJ ET BT 34.016 320.963 Td /F1 12.0 Tf [(http://www.cornellpress.cornell.edu/book/?GCOI=80140100879390)] TJ ET BT 34.016 306.707 Td /F3 12.0 Tf [(Place of Publication:)] TJ ET BT 34.016 292.451 Td /F1 12.0 Tf [(Ithaca, NY)] TJ ET BT 34.016 278.195 Td /F3 12.0 Tf [(Reviewer:)] TJ ET BT 34.016 263.939 Td /F1 12.0 Tf [(Mathias Haeussler)] TJ ET endstream endobj 8 0 obj << /Type /Font /Subtype /Type1 /Name /F1 /BaseFont /Times-Roman /Encoding /WinAnsiEncoding >> endobj 9 0 obj << /Type /Font /Subtype /Type1 /Name /F2 /BaseFont /Times-Italic /Encoding /WinAnsiEncoding >> endobj 10 0 obj << /Type /Font /Subtype /Type1 /Name /F3 /BaseFont /Times-Bold /Encoding /WinAnsiEncoding >> endobj 11 0 obj << /Type /XObject /Subtype /Image /Width 509 /Height 160 /Filter /FlateDecode /DecodeParms << /Predictor 15 /Colors 3 /Columns 509 /BitsPerComponent 8>> /Mask [ 255 255 255 255 255 255 ] /ColorSpace /DeviceRGB /BitsPerComponent 8 /Length 3280>> stream x[EQ㎦fVttҒ +3O{?lGDQԯDrB^.ϯ%~'0۠/2>0AG_>0j0GCfE67>rB^}@  !&y+r?INp:erc b8f=rQC!~-Wf^^zF[)G 2ޯe7V_Go3Ke GEGOo8rώ#\1ZY~N6^H}yLxS-!:412V+u\-LSO?xVvZ|GjǮT_8EYJF=Tw^ 7GxfN/S:Ʌ~ʟtt?5n÷J'JcF-GVξx{rO~tJd;#a\7}|~y'>}c2C vR}f׈**h.)_&@pfzjsx:5;S\vKhM5j=!Cn+h"u]a EUN]jn=k<,:Ք>sU!ni~6EJ)¦72?G}[y}_vc$t?iSܟ2Zݞ,VN?_`='RFK1A2qv&X_lLRWY'%:I㢖zb_UEx\>&ɆBˏ~K@ \gYØU4}$8Dv!'Q'*+Εj(UCGo[#< 2Ja(sZi9fZKE Rn`u\9r^Zmɯ׹}mstO4uc~#'jEvۼ Dx[z ޏQ4KL5,5u3>i^uÒ-53ba ~,~/pyt1fMU'CVm:qv~=Y'Es"WsφG?l_kN5}],Ow7 uh`xƫ?zMl7ٻv$A(4Dl(wwH} ?=[=S;yC]^BK>㕪9`Z'Wj;E|:bf>kCԘ#RY,iv쵗~}n'"1u" *uO΄/2^Sxr(!/DD\~mJyZ!MmrA!#u[if|99WB WΡpp}w}sh#,\ &:%˳X?D3 %W0cC?o̲^} F3XLVn]Cߖiϧ!7}yZJ#P7]=)7Ρp;>> Ye^xx{Oafw{ ;>4gfLt ʊ:q%#r/)pv!O4wGh|dS ӣݽހ-gVUC'pBxrB^} 7JA^} /'8!`:r?}}],X  }6y!`/~Br?}Q< >k7vx"] ,' .3jn{-i}|~%-};b6#U)7繎kiEw 㤳:E}[޼c"rꬊ7Dc$~"/Y&zSd:tFȌCrʙ`7u .#[-<)j ?TGS(j~oTup(hjU4PlJ=}|it.ҽ@\wʨuXÞZcx18Wo<~ikOg,ވ\^?EneyZcc0[R١z|zv7_m:_n]a?osS3~j^ hD.a_X'KfBX6w wݶ"Oa:,bvhrWH[uCF-Xfc}>x+Rz)2N-B 7y^٨;[/vg? | |2Sve}=o䑰j[vWjF0{굦?VI~}xM(_TlG__+]:#к?S} c>GŸD7 !w{S{B =x7a?oE#)+Gz:o_4Q<;n?\tt7?mGCџQGu4kņOF>F?#} hP&ђߴM#u!.СtL2^#o nIk_i.~7tr@n 1P~3?.[]=S5b߮~Yo^HFH YBi8a4iom>CKgMy*;?zqEӕ` >zB9iFzC?XF?ޟIܰ펉A}{I5ᄊx%ez#Mp@rߎpi]IOVjzuJt\۰f׺u5><,J~PTJp1)}){9N {!`/> endstream endobj 12 0 obj << /Type /Annot /Subtype /Link /A 13 0 R /Border [0 0 0] /H /I /Rect [ 197.0117 675.3895 357.3317 687.2695 ] >> endobj 13 0 obj << /Type /Action /S /URI /URI (http://www.history.ac.uk/reviews) >> endobj 14 0 obj [6 0 R /Fit] endobj 15 0 obj << /Type /Annot /Subtype /Link /A 16 0 R /Border [0 0 0] /H /I /Rect [ 371.6237 222.3475 385.6157 234.2275 ] >> endobj 16 0 obj << /Type /Action >> endobj 17 0 obj [6 0 R /Fit] endobj 18 0 obj << /Type /Annot /Subtype /Link /A 19 0 R /Border [0 0 0] /H /I /Rect [ 95.6837 67.7875 109.6757 79.6675 ] >> endobj 19 0 obj << /Type /Action >> endobj 20 0 obj << /Type /Page /Parent 3 0 R /Contents 21 0 R >> endobj 21 0 obj << /Length 7347 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(European Central Bank archives and the European Commission Historical Archives, as well as the personal )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(papers of individual actors. This makes the book a both multi-layered and multilateral study, escaping the )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(potential pitfalls of a historiography that sometimes confines itself to a single analytical level or too readily )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(adopts national perspectives.)] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(Yet, the book?s true originality lies in its arguments. Mourlon-Druol rejects the view that the EMS )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(constituted a new and revolutionary approach to European monetary integration, an impression often gained )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(from subsequent EU mythology or the likes of Helmut Schmidt and Valry Giscard d?Estaing. Instead, he )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(emphasizes the many continuities of the scheme with earlier ideas of monetary integration. In particular, he )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(argues that the EMS in its final shape was ?almost identical? \(p. 258\) to the previous currency snake that had )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(bound some European currencies together since the early 1970s. This has important implications for how the )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(book is set up. While previous works have tended to focus almost exclusively on the actual negotiations )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(leading to the EMS in 1978?9, this book instead portrays the EMS?s creation as part of a longer-term )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(process of ?slow, tortuous, but continuous monetary cooperation? \(p. 194\) from 1974 onwards. It rejects )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(?simplified? stories that the EMS negotiations ?form a coherent and autonomous whole?; instead embedding )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(them in a longer story of ?uncertain, protracted monetary cooperation? \(p. 4\). As a result, the book adopts a )] TJ ET BT 34.016 570.629 Td /F1 12.0 Tf [(largely chronological structure from the demise of the Bretton Woods System onwards. After an )] TJ ET BT 34.016 556.373 Td /F1 12.0 Tf [(introductory first chapter, in which the reader is introduced to the various debates over European monetary )] TJ ET BT 34.016 542.117 Td /F1 12.0 Tf [(cooperation from 1945 to 1974, the book spends three chapters on various earlier schemes for monetary )] TJ ET BT 34.016 527.861 Td /F1 12.0 Tf [(integration in the period from 1974 to 1977, before moving on to the actual negotiations leading to the EMS )] TJ ET BT 34.016 513.605 Td /F1 12.0 Tf [(\(chapters 5?8\).)] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(Mourlon-Druol argues that the interaction of two long-term processes account for how and when the EMS )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(was created ? a transnational learning process of monetary elites, and the emergence of political will for )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(monetary cooperation on the highest political level. With regards to the transnational learning process, )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(Mourlon-Druol beautifully illustrates how the EMS?s lack of originality in technical terms can ?largely be )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(explained by the spread of a Bundesbank-inspired consensus on a snake-like system among a transnationally )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(connected monetary elite? \(p. 262\). In order to back this up, the book painstakingly reconstructs and )] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(analyses the many complex proposals for European monetary cooperation that had been floating around )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(since the early 1970s, including the Werner Plan, the Fourcade Memorandum, the Duisenberg Proposals, or )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(the Jenkins proposal. Through in-depth analyses of these various schemes, Mourlon-Druol uncovers the )] TJ ET BT 34.016 359.045 Td /F1 12.0 Tf [(?Socratic way? \(p. 263\) in which monetary elites thought about monetary cooperation. Noting how ?the )] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(same names were always appearing and with numerous interconnections? \(p. 263\), he illustrates how the )] TJ ET BT 34.016 330.533 Td /F1 12.0 Tf [(?Bundesbank interpretation of monetary policy, and by extension the stability-orientated economic policy of )] TJ ET BT 34.016 316.277 Td /F1 12.0 Tf [(the German government?, gradually came to prevail against other schemes \(p. 265\). This is explained by the )] TJ ET BT 34.016 302.021 Td /F1 12.0 Tf [(Bundesbank?s political independence and its dominant influence in the European monetary system, )] TJ ET BT 34.016 287.765 Td /F1 12.0 Tf [(Germany?s economic power inside the EC, as well as by the relative success of the German-dominated )] TJ ET BT 34.016 273.509 Td /F1 12.0 Tf [(currency snake during the 1970s. As a result, the EMS remained a ?fundamentally intergovernmental )] TJ ET BT 34.016 259.253 Td /F1 12.0 Tf [(cooperative mechanism? that largely left out redistributive aspects \(p. 266\).)] TJ ET BT 34.016 232.997 Td /F1 12.0 Tf [(Yet, if such a transnational debate over monetary cooperation had been going on for years, why did the EMS )] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(only emerge in 1979? Here, the book highlights the paramount importance of domestic factors in shaping )] TJ ET BT 34.016 204.485 Td /F1 12.0 Tf [(each country?s approach to monetary integration. In the case of West Germany, for example, Mourlon-Druol )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(shows how a focus on stability-orientated economic policies dominated its approach to monetary integration )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(throughout; yet, he also identifies the Federal Republic?s political shift in 1977, moving away from the )] TJ ET BT 34.016 161.717 Td /F1 12.0 Tf [(United States and seemingly ?willing to provide a European answer to global problems? \(p. 279\), as a key )] TJ ET BT 34.016 147.461 Td /F1 12.0 Tf [(turning point in the EMS?s creation. By contrast, the case for France is less clear-cut, as changes in French )] TJ ET BT 34.016 133.205 Td /F1 12.0 Tf [(domestic politics often had a paramount impact on the wider perspectives for European monetary )] TJ ET BT 34.016 118.949 Td /F1 12.0 Tf [(cooperation. In chapter three, for example, Mourlon-Druol not only highlights how the economic U-turn of )] TJ ET BT 34.016 104.693 Td /F1 12.0 Tf [(the French government in late 1975 ? the decision to abandon stability-orientated policies for a Keynesian-)] TJ ET BT 34.016 90.437 Td /F1 12.0 Tf [(inspired plan for economic growth ? was overwhelmingly motivated by electoral and party-political )] TJ ET BT 34.016 76.181 Td /F1 12.0 Tf [(motivations, but he also shows how this decision lead to an erosion of trust in French policy on the German )] TJ ET BT 34.016 61.925 Td /F1 12.0 Tf [(side \(pp. 72-7\). It was only when the nomination of Raymond Barre as prime minister in August 1976 )] TJ ET endstream endobj 22 0 obj << /Type /Page /Parent 3 0 R /Annots [ 25 0 R ] /Contents 23 0 R >> endobj 23 0 obj << /Length 7647 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(reversed this course that plans for monetary cooperation became viable again \(p. 105\). For Britain, on the )] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(other hand, this new Franco-German impetus in 1976?7 ?marked the beginning of British self-exclusion )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(from the advancement of EEC cooperation? \(p. 276\); though Mourlon-Druol also suggests that the fact of )] TJ ET BT 34.016 753.701 Td /F1 12.0 Tf [(self-exclusion does not necessarily imply ?that the British government was wrong in doing so? \(p. 276\).)] TJ ET BT 34.016 727.445 Td /F1 12.0 Tf [(Thus, the book clearly puts close Franco-German cooperation at the centre of the EMS story, highlighting )] TJ ET BT 34.016 713.189 Td /F1 12.0 Tf [(the crucial importance of Schmidt and Giscard as key protagonists. It places particular emphasis on the )] TJ ET BT 34.016 698.933 Td /F1 12.0 Tf [(importance of trust in each other?s economic policies, noting how the bilateral understanding was primarily )] TJ ET BT 34.016 684.677 Td /F1 12.0 Tf [(based on a ?convergence in policy beliefs rather than in policy outcomes? \(p. 274\). Mourlon-Druol offers )] TJ ET BT 34.016 670.421 Td /F1 12.0 Tf [(detailed and nuanced analyses of the economic and political thought of Schmidt and Giscard, though not )] TJ ET BT 34.016 656.165 Td /F1 12.0 Tf [(ignoring major differences between the two. At times, indeed, it seemed as if ?the only thing on which they )] TJ ET BT 34.016 641.909 Td /F1 12.0 Tf [(were wholly agreed was the necessity that they should agree? \(pp. 238?9\). Of particular strength here is the )] TJ ET BT 34.016 627.653 Td /F1 12.0 Tf [(detailed analysis of Schmidt?s surprising turnaround in early 1978. While the German chancellor had )] TJ ET BT 34.016 613.397 Td /F1 12.0 Tf [(previously been reluctant to support new schemes for European monetary integration, Mourlon-Druol shows )] TJ ET BT 34.016 599.141 Td /F1 12.0 Tf [(that Schmidt?s sudden readiness to openly support a new scheme in early 1978 was not least due to the )] TJ ET BT 34.016 584.885 Td /F1 12.0 Tf [(outcome of the French general elections that March \(pp. 152?5\).)] TJ ET BT 34.016 558.629 Td /F1 12.0 Tf [(In so doing, then, Mourlon-Druol reaffirms the essentially political nature of the EMS scheme. However, )] TJ ET BT 34.016 544.373 Td /F1 12.0 Tf [(while he constitutes that the new stimulus for monetary cooperation in 1977?8 was largely down to )] TJ ET BT 34.016 530.117 Td /F1 12.0 Tf [(?personal decisions made by individuals? \(p. 157\), he does not accept the heroic tales of key protagonists )] TJ ET BT 34.016 515.861 Td /F1 12.0 Tf [(uncritically. Instead, what matters to him is the forum in which they could exercise their influence inside the )] TJ ET BT 34.016 501.605 Td /F1 12.0 Tf [(EC machinery, namely through the newly created European Council.)] TJ ET 0.000 0.000 0.800 rg BT 365.288 501.605 Td /F1 12.0 Tf [(\(3\))] TJ ET 0.24 w 0 J [ ] 0 d 365.288 500.211 m 379.280 500.211 l S 0.000 0.000 0.000 rg BT 379.280 501.605 Td /F1 12.0 Tf [( Strongly supported by the biggest )] TJ ET BT 34.016 487.349 Td /F1 12.0 Tf [(member-states, the European Council could give political weight and legitimacy to the EMS initiative by )] TJ ET BT 34.016 473.093 Td /F1 12.0 Tf [(offering some form of collective leadership on monetary questions. This distinction between national )] TJ ET BT 34.016 458.837 Td /F1 12.0 Tf [(agendas and the institution of the Council, however, is at times somewhat misleading. After all, the )] TJ ET BT 34.016 444.581 Td /F1 12.0 Tf [(European Council could easily be dismissed simply as a new forum for traditional bargaining between )] TJ ET BT 34.016 430.325 Td /F1 12.0 Tf [(member-states, offering Schmidt and Giscard a vital opportunity to ?progressively reintroduce an )] TJ ET BT 34.016 416.069 Td /F1 12.0 Tf [(intergovernmental ? even bilateral ? initiative into the EEC machinery? \(p. 269\). Nonetheless, Mourlon-)] TJ ET BT 34.016 401.813 Td /F1 12.0 Tf [(Druol is certainly right to stress the paramount importance of the Council meetings during 1978 in shaping )] TJ ET BT 34.016 387.557 Td /F1 12.0 Tf [(the eventual consensus on the EMS scheme. As he puts it in his conclusion, ?the European Council?s )] TJ ET BT 34.016 373.301 Td /F1 12.0 Tf [(political impetus explains why reheated old ideas became a palatable dish for EEC heads of government, )] TJ ET BT 34.016 359.045 Td /F1 12.0 Tf [(while the slow formation of a transnational consensus among a European monetary elite along a )] TJ ET BT 34.016 344.789 Td /F1 12.0 Tf [(Bundesbank-inspired line explains the absence of novelty in the EMS? \(p. 268\).)] TJ ET BT 34.016 318.533 Td /F1 12.0 Tf [(For Mourlon-Druol, it is precisely this interaction between transnational learning-processes and the political )] TJ ET BT 34.016 304.277 Td /F1 12.0 Tf [(lead given by the European Council that lies at the centre of the EMS?s creation. Therefore, in his )] TJ ET BT 34.016 290.021 Td /F1 12.0 Tf [(conclusion, he places great emphasis on the ?interaction of transnational, supranational, and )] TJ ET BT 34.016 275.765 Td /F1 12.0 Tf [(intergovernmental phenomena? behind the quest for European monetary cooperation in the 1970s \(p. 268\). )] TJ ET BT 34.016 261.509 Td /F1 12.0 Tf [(In so doing, Mourlon-Druol rejects both state-centric and state-phobic approaches to the study of European )] TJ ET BT 34.016 247.253 Td /F1 12.0 Tf [(integration. Speaking out against an increasingly compartmentalized historical profession, he suggests that )] TJ ET BT 34.016 232.997 Td /F1 12.0 Tf [(the ?traditional oppositions in the historiography appear somewhat superficial? and ?all-too simplistic? \(p. )] TJ ET BT 34.016 218.741 Td /F1 12.0 Tf [(270\). In his eyes, only the )] TJ ET BT 161.336 218.741 Td /F2 12.0 Tf [(combination)] TJ ET BT 221.336 218.741 Td /F1 12.0 Tf [( of supranational and intergovernmental phenomena can truly explain )] TJ ET BT 34.016 204.485 Td /F1 12.0 Tf [(the creation of the EMS; and the real task for historians of European integration is to strike a good balance )] TJ ET BT 34.016 190.229 Td /F1 12.0 Tf [(between these two. Given his analytical sophistication as well as the meticulous research on which this book )] TJ ET BT 34.016 175.973 Td /F1 12.0 Tf [(is based, Mourlon-Druol fully succeeds in this self-assigned task.)] TJ ET BT 34.016 149.717 Td /F1 12.0 Tf [(In a sense, then, this book is not only about a )] TJ ET BT 253.004 149.717 Td /F2 12.0 Tf [(Europe Made of Money. )] TJ ET BT 372.644 149.717 Td /F1 12.0 Tf [(It is also about a Europe of )] TJ ET BT 34.016 135.461 Td /F1 12.0 Tf [(transnational elites trying to penetrate decision-making channels; a Europe fundamentally shaped by )] TJ ET BT 34.016 121.205 Td /F1 12.0 Tf [(domestic developments in key countries; a Europe trying to escape institutional paralyses; and, ultimately, a )] TJ ET BT 34.016 106.949 Td /F1 12.0 Tf [(Europe trying to reassert its role in the increasingly globalized world of the 1970s. While deeply complex )] TJ ET BT 34.016 92.693 Td /F1 12.0 Tf [(and technical subjects like monetary integration do not usually make for light reading, the strength of )] TJ ET BT 34.016 78.437 Td /F1 12.0 Tf [(Mourlon-Druol?s book lies precisely in the way in which it manages to regularly transcend such )] TJ ET BT 34.016 64.181 Td /F1 12.0 Tf [(technicalities by highlighting the bigger implications of the EMS for how we understand the larger processes )] TJ ET endstream endobj 24 0 obj [22 0 R /Fit] endobj 25 0 obj << /Type /Annot /Subtype /Link /A 26 0 R /Border [0 0 0] /H /I /Rect [ 365.2877 500.5255 379.2797 512.4055 ] >> endobj 26 0 obj << /Type /Action >> endobj 27 0 obj << /Type /Page /Parent 3 0 R /Annots [ 29 0 R 31 0 R 33 0 R 35 0 R 37 0 R 39 0 R 41 0 R 43 0 R 45 0 R 47 0 R 49 0 R 51 0 R ] /Contents 28 0 R >> endobj 28 0 obj << /Length 6163 >> stream 0.000 0.000 0.000 rg 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d BT 34.016 796.469 Td /F1 12.0 Tf [(of European integration today. Thus, )] TJ ET BT 213.656 796.469 Td /F2 12.0 Tf [(A Europe Made of Money)] TJ ET BT 337.628 796.469 Td /F1 12.0 Tf [( is not only an authoritative and well-)] TJ ET BT 34.016 782.213 Td /F1 12.0 Tf [(researched history of the creation of the European Monetary System, but it also forces us to reconsider how )] TJ ET BT 34.016 767.957 Td /F1 12.0 Tf [(we approach the study of European integration more generally.)] TJ ET BT 34.016 733.059 Td /F3 18.0 Tf [(Notes)] TJ ET BT 48.816 702.442 Td /F1 12.0 Tf [(1.)] TJ ET BT 64.016 702.437 Td /F2 12.0 Tf [(SPIEGELOnline)] TJ ET BT 144.008 702.437 Td /F1 12.0 Tf [(, ??If the Euro Fails, Europe Fails?: Merkel says EU must be bound closer together?, )] TJ ET BT 64.016 688.181 Td /F1 12.0 Tf [(7 September 2011 <)] TJ ET 0.000 0.000 0.800 rg BT 164.108 688.181 Td /F1 12.0 Tf [(http://www.spiegel.de/international/germany/if-the-euro-fails-europe-fails-)] TJ ET 0.24 w 0 J [ ] 0 d 164.108 686.787 m 524.036 686.787 l S BT 64.016 673.925 Td /F1 12.0 Tf [(merkel-says-eu-must-be-bound-closer-together-a-784953.html)] TJ ET 0.24 w 0 J [ ] 0 d 64.016 672.531 m 364.280 672.531 l S 0.000 0.000 0.000 rg BT 367.280 673.925 Td /F1 12.0 Tf [([2])] TJ ET BT 381.272 673.925 Td /F1 12.0 Tf [(> [accessed 30 January 2013].)] TJ ET 0.000 0.000 0.800 rg BT 526.328 673.925 Td /F1 12.0 Tf [(Back )] TJ ET 0.24 w 0 J [ ] 0 d 526.328 672.531 m 553.988 672.531 l S BT 64.016 659.669 Td /F1 12.0 Tf [(to \(1\))] TJ ET 0.24 w 0 J [ ] 0 d 64.016 658.275 m 90.344 658.275 l S 0.000 0.000 0.000 rg BT 48.816 645.418 Td /F1 12.0 Tf [(2.)] TJ ET BT 64.016 645.413 Td /F1 12.0 Tf [(Major works are P. Ludlow, )] TJ ET BT 202.328 645.413 Td /F2 12.0 Tf [(The Making of the European Monetary System: A Case Study of the )] TJ ET BT 64.016 631.157 Td /F2 12.0 Tf [(Politics of the European Community)] TJ ET BT 239.348 631.157 Td /F1 12.0 Tf [( \(London, 1982\); H. Ungerer, )] TJ ET BT 383.984 631.157 Td /F2 12.0 Tf [(A Concise History of European )] TJ ET BT 64.016 616.901 Td /F2 12.0 Tf [(Monetary Integration: From EPU to EMU)] TJ ET BT 268.988 616.901 Td /F1 12.0 Tf [( \(Westport, CT, 1997\); L. Tsoukalis, )] TJ ET BT 447.644 616.901 Td /F2 12.0 Tf [(The Politics and )] TJ ET BT 64.016 602.645 Td /F2 12.0 Tf [(Economics of European Monetary Integration)] TJ ET BT 285.992 602.645 Td /F1 12.0 Tf [( \(London, 1977\); K. Dyson, )] TJ ET BT 422.648 602.645 Td /F2 12.0 Tf [(Elusive Union: The Process )] TJ ET BT 64.016 588.389 Td /F2 12.0 Tf [(of Economic and Monetary Union in Europe)] TJ ET BT 278.660 588.389 Td /F1 12.0 Tf [( \(London, 1994\).)] TJ ET 0.000 0.000 0.800 rg BT 359.984 588.389 Td /F1 12.0 Tf [(Back to \(2\))] TJ ET 0.24 w 0 J [ ] 0 d 359.984 586.995 m 413.972 586.995 l S 0.000 0.000 0.000 rg BT 48.816 574.138 Td /F1 12.0 Tf [(3.)] TJ ET BT 64.016 574.133 Td /F1 12.0 Tf [(On the creation of the European Council, see also E. Mourlon-Druol, ?Filling the EEC leadership )] TJ ET BT 64.016 559.877 Td /F1 12.0 Tf [(vacuum? The creation of the European Council in 1974?, )] TJ ET BT 341.960 559.877 Td /F2 12.0 Tf [(Cold War History)] TJ ET BT 427.964 559.877 Td /F1 12.0 Tf [( 10, 3 \(2010\), 315?39.)] TJ ET 0.000 0.000 0.800 rg BT 64.016 545.621 Td /F1 12.0 Tf [(Back to \(3\))] TJ ET 0.24 w 0 J [ ] 0 d 64.016 544.227 m 118.004 544.227 l S 0.000 0.000 0.000 rg BT 34.016 519.365 Td /F3 12.0 Tf [(Other reviews:)] TJ ET BT 34.016 505.109 Td /F1 12.0 Tf [(LSE Review of Books)] TJ ET 0.000 0.000 0.800 rg BT 34.016 490.853 Td /F1 12.0 Tf [(http://blogs.lse.ac.uk/lsereviewofbooks/2013/02/27/book-review-a-europe-made-of-money-the-emergence-)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 489.459 m 548.900 489.459 l S BT 34.016 476.597 Td /F1 12.0 Tf [(of-the-european-monetary-system/)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 475.203 m 200.636 475.203 l S 0.000 0.000 0.000 rg BT 203.636 476.597 Td /F1 12.0 Tf [([3])] TJ ET BT 34.016 462.341 Td /F1 12.0 Tf [(EH.net)] TJ ET 0.000 0.000 0.800 rg BT 34.016 448.085 Td /F1 12.0 Tf [(http://eh.net/book_reviews/europe-made-money-emergence-european-monetary-system)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 446.691 m 455.576 446.691 l S 0.000 0.000 0.000 rg BT 458.576 448.085 Td /F1 12.0 Tf [([4])] TJ ET BT 34.016 433.829 Td /F1 12.0 Tf [(Foreign Affairs)] TJ ET 0.000 0.000 0.800 rg BT 34.016 419.573 Td /F1 12.0 Tf [(http://www.foreignaffairs.com/articles/138639/emmanuel-mourlon-druol-harold-james/a-europe-made-of-)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 418.179 m 545.240 418.179 l S BT 34.016 405.317 Td /F1 12.0 Tf [(money-the-emergence-of-the-european-monetary-sy)] TJ ET 0.24 w 0 J [ ] 0 d 34.016 403.923 m 285.920 403.923 l S 0.000 0.000 0.000 rg BT 288.920 405.317 Td /F1 12.0 Tf [([5])] TJ ET 0.502 0.502 0.502 RG 0.75 w 0 J [ ] 0 d 34.391 400.591 526.499 1.500 re S BT 34.016 382.811 Td /F3 12.0 Tf [(Source URL:)] TJ ET 0.000 0.000 0.800 rg BT 104.672 382.811 Td /F1 12.0 Tf [(http://www.history.ac.uk/reviews/review/1415)] TJ ET 0.000 0.000 0.800 RG 0.24 w 0 J [ ] 0 d 104.672 381.417 m 328.316 381.417 l S 0.000 0.000 0.000 rg BT 34.016 356.440 Td /F3 12.0 Tf [(Links:)] TJ ET BT 34.016 342.040 Td /F1 12.0 Tf [([1] http://www.history.ac.uk/reviews/item/62900)] TJ ET BT 34.016 327.755 Td /F1 12.0 Tf [([2] http://www.spiegel.de/international/germany/if-the-euro-fails-europe-fails-merkel-says-eu-must-be-)] TJ ET BT 34.016 313.384 Td /F1 12.0 Tf [(bound-closer-together-a-784953.html)] TJ ET BT 34.016 299.099 Td /F1 12.0 Tf [([3] http://blogs.lse.ac.uk/lsereviewofbooks/2013/02/27/book-review-a-europe-made-of-money-the-)] TJ ET BT 34.016 284.728 Td /F1 12.0 Tf [(emergence-of-the-european-monetary-system/)] TJ ET BT 34.016 270.328 Td /F1 12.0 Tf [([4] http://eh.net/book_reviews/europe-made-money-emergence-european-monetary-system)] TJ ET BT 34.016 256.043 Td /F1 12.0 Tf [([5] http://www.foreignaffairs.com/articles/138639/emmanuel-mourlon-druol-harold-james/a-europe-made-)] TJ ET BT 34.016 241.672 Td /F1 12.0 Tf [(of-money-the-emergence-of-the-european-monetary-sy)] 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