Economic and Monetary Union at Twenty: A Stocktaking of a Tumultuous Second Decade

by David Howarth (editor), Amy Verdun (Editor)

The contributions to this book examine the two main asymmetries of the Euro Area as they have intensified during the second decade of Economic and Monetary Union (EMU): the first between monetary union (more supranational governance) versus ‘economic’ union (less centralised governance); the second between those Euro Area member states of the so-called ‘core’ and those of the ‘periphery’. EMU stands as one of the European Union’s (EU) flagship integration achievements. Set up in 1999, with the large majority of EU member states at the time, EMU was described as ‘asymmetrical’ even prior to its start. From the outset, it involved asymmetrical integration in monetary and ‘economic’ union. Although a major element of the blueprint that paved the way for the final stage of EMU, the concept of ‘economic’ union was insufficiently developed. The second decade of the single currency gave rise to a second asymmetry, namely one between those Euro Area member states of the ‘core’ and those of the ‘periphery’. The ten contributions to this volume speak to one or both of these asymmetries, covering the major political, political economy and policy dimensions of EMU and the ongoing debates about necessary policy and institutional reforms to overcome these asymmetries and bolster Euro Area stability. The outbreak of the Coronavirus (Covid-19) Crisis in 2020 created unprecedented socio-economic challenges for Euro Area member states, heightening the perceived urgency of reform. The chapters in this book were originally published as a special issue of the Journal of European Integration.

178 pages, Hardcover

Published May 19, 2021

About the author

David Armine Howarth (1912 - 1991) was a British historian and author. After graduating from Cambridge University, he was a radio war correspondent for BBC at the start of the Second World War, joining the Navy after the fall of France. He rose to the rank of lieutenant commander and spent four yeas in the Shetland Islands, becoming second in command of the Shetland Naval base. He was involved in the Special Operations Executive (SOE), including the Shetland Bus, an SOE operation manned by Norwegians running a clandestine route between Shetland and Norway, which utilized fishing boats with crews of Norwegian volunteers to land agents and arms in occupied Norway. For his contributions to espionage operations against the German occupation of Norway, he received King Haakon VII's Cross of Liberty. The King also made Howarth a Chevalier First Class of the Order of St Olav.

After the War he designed and built boats before turning to writing full time. He wrote an account of the Shetland Bus operation, as well as many other books of history, bringing to his many of his books an immense practical knowledge of ships and the sea.

David Howarth died in 1991. At his request, his ashes were scattered over the waters of Lunna Voe, Shetland, near Lunna House, the first base of the Shetland Bus operation.