Historical Context
What 1991 agreement, despite Danish and French referendum crises in 1992–93, enshrined “one market, one money” and paved the way for the euro?
The Maastricht Treaty
What form of “solidarity,” as Professor Schelkle defines it, underpins European monetary integration?
Sharing risks among member states to preserve system-wide stability
What 1991 accord enshrined “one market, one money” despite referendum crises?
Maastricht Treaty
What institution, established in 1950, let European states clear trade balances in scarce U.S. dollars and jump-started post-war monetary cooperation?
The European Payments Union (EPU)
What explanation holds that the euro joined export-led Northern economies with demand-led Southern ones, creating structural tensions under a single interest-rate policy?
Growth Models Theory
Which theory argues that monetary union succeeded because diverse member economies could pool risks like an insurance arrangement?
Collective Action (Re-insurance) Theory
What 1979 framework, created after the collapse of Bretton Woods, used the ECU and narrow exchange-rate bands to stabilize European currencies?
The European Monetary System (EMS)
Schelkle organizes the literature into four theoretical lenses. Each lens simultaneously addresses which dual puzzle of the euro project?
Why integration happened & why the euro crisis occurred
Which theory sees the euro as global market integration marked by creditor–debtor power imbalances?
Open Economy Politics