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2. For a cogent expression of the intergovernmentalist view, see Moravcsik, “Negotiating the Single European Act.”

3. See Koehane, Robert O. and Hoffmann, Stanley, “Institutional Change in Europe in the 1980s,” in Keohane, Robert O. and Hoffmann, Stanley, eds., The New European Community: Decisionmaking and Institutional Change (Boulder, Colo.: Westview, 1991), pp. 10–15Google Scholar; and Cameron, , “The 1992 Initiative,” p. 30.Google Scholar

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19. See Agence Europe, 30 July 1991; and Agence Europe, 16 November 1991.

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21. International Monetary Fund, International Financial Statistics, electronic database, Washington, D.C.

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29. See Eduard Hochreiter and Ake Törnqvist, “Austria's Monetary and Exchange Rate Policy: Some Comparative Remarks with Respect to Sweden,” paper prepared for the CEPIME seminar, Brussels, 27 April 1990.

30. See Giovannini, Alberto, The Transition to European Monetary Union, Essays in International Finance, no. 178 (Princeton, N.J.: Princeton University Department of Economics, 1990) pp. 4–6.Google Scholar

31. See Ludlow, Peter, The Making of the European Monetary System (London: Butterworths, 1982).Google Scholar

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33. Commission of the European Communities, “One Market, One Money,” special issue, European Economy 44 (10 1990), pp. 63–64Google Scholar, 87, 136–37, and 178–79.

34. “The Meaning of Madrid,” The Economist, 1 07 1989, p. 37.Google Scholar

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36. Commission of the European Communities, Economic and Monetary Union (Brussels, Commission of the European Communities, 21 08 1990).Google Scholar

37. See the following publications of the Committee of Governors of the Central Banks of the Member States of the European Economic Community (EEC): Introductory Report on the Draft Statute of the European System of Central Banks and of the European Central Bank (Brussels: Committee of Governors of the Central Banks of Member States of the EEC, 27 11 1990Google Scholar); and Draft Statute of the European System of Central Banks and of the European Central Bank (Brussels, Committee of Governors of the Central Banks of Member States of the EEC: 27 11 1990).Google Scholar

38. See Hill, Andrew, “Dutch Under Fire over Stance on EMU Progress,” Financial Times, 11 09 1991, p. 3Google Scholar; and Buchan, David, “Three-point Consensus Ends Two-speed Europe,” Financial Times, 23 09 1991, p. 4.Google Scholar

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41. The seminal work was Haas, Ernst B., The Uniting of Europe (Stanford, Calif.: Stanford University Press, 1958).Google Scholar

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45. ibid., p. 11.

46. CEC, One Market, One Money, p. 17.Google Scholar

47. ibid., p. 18.

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49. For a sample of the debates among economists, see de Cecco and Giovannini, eds., A European Central Bank?; Giovazzi, Micossi, and Miller, eds., The European Monetary System; and Wood, “One Money for Europe?”

50. Calculated from Commission of the European Communities, Eurobarometer, no. 33, 06 1990, pp. 15 and 17.Google Scholar

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a. The question asked in the Eurobarometer surveys is, “Generally speaking, do you think that (your country's) membership of the Common Market is a good thing, a bad thing, or neither good nor bad?” The numbers in this table represent the percentage of respondents answering “a good thing” minus the percentage of respondents answering “a bad thing.” Eurobarometer surveys are normally carried out twice per year, once in spring and once in autumn. Data in this table come from the spring surveys.

b. Results from the autumn survey are included for Germany because of the large disparity with the spring results.

c. joined the Community in 1981.

d. joined the Community in 1986.

e. lncludes Greece from 1981 and Portugal and Spain from 1986.

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52. Commission of the European Communities, Target 92 10 (11/12 1990), suppl., p. 2.Google Scholar The phrase “where national central banks would be represented” may give the suggested outcome a less radical appearance, thus increasing the positive response.

53. Frieden, Jeffry A., “Invested Interests: The Politics of National Economic Policies in a World of Global Finance,” International Organization 45 (Autumn 1991), pp. 425–51.CrossRefGoogle Scholar The quotation is drawn from p. 441.

54. “Monnaie unique rime avec marché unique” (Single currency rhymes with single market), Le Monde, 28 04 1989, p. 40.Google Scholar

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56. Agence Europe, 7 June 1991.

57. See Peel, Quentin, “EMS Founders Refire Faith in Full Unity,” Financial Times, 19 12 1986, p. 3Google Scholar; and “Thatcher to Stand Firm Against EC Bank Plan,” Financial Times, 27 06 1988, p. 1.Google Scholar

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59. Commission of the European Communities, Eurecom 3 (04 1991), p. 3.Google Scholar

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a. The survey results depicted in this table are not strictly comparable from year to year. The 1976 survey asked subjects if they would be for or against it if their national currency were replaced by a European currency. The 1985 survey added a third possible response: “Would you be for, against or not mind either way if your national currency were replaced by a European currency?” The “not mind” option almost certainly diminished the size of the favorable response. The 1990 and 1991 surveys, after briefly describing the EC negotiations on the creation of an Economic and Monetary Union, asked subjects if they were “in favour or not” of “a single common currency replacing the different national currencies of the Member States in five or six years' time.”

b. Dashes = no data.

c. the former German Democratic Republic in 1990 and 1991.

d. Excludes Northern Ireland in 1985.

Sources. Commission of the European Community (CEC), Euro-barometre No. 23 (Brussels, CEC, 06 1985), pp. 17–18Google Scholar; CEC, Eurobarometer No. 35 (Brussels, CEC, 06 1991), p. A23Google Scholar; and CEC, Eurobarometer No. 36 (Brussels, CEC, 12 1991), p. A37.Google Scholar

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70. See “German Bank Chief Offers Universal Currency Terms”; Karl Otto Pohl, “A Vision of a European Central Bank,” Wall Street Journal, 15 07 1988, p. 14Google Scholar; Campbell, Katherine, “Pöhl Warns of Danger in Rapid Moves to EMU,” Financial Times, 4 09 1990, p. 1Google Scholar; Marsh, David, “Bonn Supports Bundesbank on EMU, Warns of Rate Tensions,” Financial Times, 21 09 1990, p. 10Google Scholar; “IGC Session on EMU Described as ‘Extremely Useful’,” Agence Europe, 27 January 1991; and Peel, Quentin, “Bundesbank Deputy Calls for Tough Line on Emu,” Financial Times, 19 09 1991, p. 3.Google Scholar

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72. See Steven Greenhouse, “Concept of a Central Bank Gains Support in Europe”; and Marsh, David, “Stoltenberg Calls for EC to End All Capital Controls,” Financial Times, 18 03 1988, p. 2.Google Scholar

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78. See “Hold on a Minute,” The Economist, 4 11 1989, p. 58Google Scholar; and Kellaway, Lucy, “Kohl Backs Mitterrand in Support for Union,” Financial Times, 23 11 1989, p. 2.Google Scholar

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83. As Clas Wihlborg and Thomas Willett point out, it is important for this argument that there be a single currency. As long as countries retain their own currencies, there is at least the possibility of altering exchange rates to accommodate inflation differentials. During economic shocks, national authorities would be tempted to take advantage of this possibility. See Wihlborg and Willett, “Optimal Currency Areas Revisited.”

84. On the notion of tying one's hands, see Giavazzi, Francesco and Pagano, Marco, “The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility,” European Monetary Review 32 (1988), pp. 1055–75.Google Scholar

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