Changing targets and strategies for the European financial integration

Abstract

 The call for a marked effort of European economic integration through a step-wise surrender of national sovereignty marked the end of the transitional phase of Common Market. However, the series of massive shocks and transformations that have taken place in the international monetary scene since then has resulted in a wave of “disintegration”, plaguing the image of an emerging European bloc as an alternative to the dollar-standard. The present article attempts to find feasible strategies for a more complete European integration as an alternative to the dangerous economic, political and social tensions that lie ahead. The author lays down some basic propositions concerning aspects of monetary and financial integration, leaving aside other equally important aspects, such as fiscal integration through a European budget, industrial and regional policies, and commercial and social policies.

JEL: F36