Germany, Great Britain And France On The Emu

1779 words - 7 pages

When the Maastricht Treaty was ratified in September 1992, not only was the European Union founded, but the plans for the building of the European Monetary Union was formalized. The plans, which included the founding of a European Central Bank and inextricably link all of the member states and their economies. The Treaty outlined the terms of membership into the economic agreement, called ‘convergence criteria’, that determined the eligibility of countries to join the union. Initially, eleven of the European Union’s fifteen members were qualified to join the Economic and Monetary Union (as it is formally called). Together, these countries would make up 21% of the world’s economy, ahead of the United States (at 17%) and Japan (10%). Of those eleven states, two were the clear bastions of economic success on the continent: Germany and France. Both countries chose to opt into the EMU, but they did so for very different reasons. France and its citizens saw it as an advantageous move, while Germany joined by having their hand forced. On the other end of the spectrum, Great Britain has permanent derogation from the union, for even more significantly different reasons. Not only were they not prepared to adopt the measures they would need to meet to join the Eurozone, but even if the vote came to a referendum, the violently opposed citizens would not ratify it. The United Kingdom also feared losing its autonomy in a single-currency system where the rest of the constituents are not understanding of their unique traditions and conditions.
When France chose to ratify the Maastricht Treaty in 1992, effectively joining the EU and the EMU, it did not do so out of caprice. The country took the decision to opt-in to the union seriously, and weighed it’s political and economic pros and cons. Ultimately, France was convinced that the EMU was a well-founded, pragmatic and realistic process that the French public was strongly committed to. It was believed to serve the most important interests of European economies, while addressing needs that had long been recognized by important political authorities. The first time a European currency was suggested was in 1929, by Gustav Stresemann in the League of Nations. In 1971, almost 18 years before the Delors Report was published, the Heads of State or Government called for the creation of an Economic and Monetary Union within within the next 10 years. France also saw that a single European currency would be of great aid to European economies, noting that not only would the European Union GDP be comparable to NAFTA’s, but that on average, 60% of member states’ external trade was carried out with other member states. France also saw the EMU as pragmatic and realistic because central banks had been involved in the planning process since its inception and it was based on cogent economic foundations.
The French’s strong commitment to the adoption of the Maastricht Treaty and consequential entry into the EU and adoption of...

Find Another Essay On Germany, Great Britain and France on the EMU

The impact of the First World War on Britain and Germany

2201 words - 9 pages Examine the effects of war and the fear of war on the civilian population of two countries during World War one.The First World War was 'Total' in nature and was the first traumatic war Great Britain experienced. One of the features of the war leading up to Britain's involvement was the use of propaganda posters to divert all attention to the War from the home front. The home front was defined as the active support of a nation for its military

Compare and contrast the constitutions of France and Germany

1926 words - 8 pages houses, known respectively as the National Assembly and the Bundestag, are composed of directly elected deputies - the only German federal officials to be elected this way (Art.38). The upper houses, the Senate and the Bundesrat, are, on the other hand, the institutional bodies where local authorities, for France, or Land governments, for Germany, are directly represented. In its relations with the executive, the legislature has seen, in both

Impact of the Great War on Germany

1209 words - 5 pages Impact of the Great War on GermanyThe Great War itself had detrimental effects on Germany and her people ranging from obtaining little control over hyperinflation being invaded by the French. In addition it was all down to the leaders at the time as well for the outcome, and altogether what really made Germany such a country, stripped of its back-bone after the war.One of the most significant problems of the war for Germany was the financial

The Industrial Revolution and Great Britain

1795 words - 7 pages and eventually leading to the current laws enjoyed by today’s society. The Industrial Revolution was indeed revolutionary. Before the revolution, life of the average Briton had more or less stayed the same as it had for centuries. The power of Britain was also on par with the rest of Europe, never really becoming stronger or weaker. However, the series of events in the mere hundred years or so of the British Industrial Revolution, Great

Great Britain and the Industrial Revolution

865 words - 3 pages Revolution. Evans states, “Britain's Industrial Revolution depended not on governments, but on men of initiative, determination, ambition, vision, resourcefulness, single-mindedness, and (not infrequently) good, honest greed” (117). The Industrial Revolution, led by Great Britain, greatly changed the existing attitude of powerlessness towards nature to one of power because now people were able to produce enough goods and food to support the

Great Britain and the American Colonies

836 words - 3 pages development of those divergences. One primary difference was the American demand for free speech. In Great Britain, citizens had a say in their government, but their voices could be easily ignored or silenced by their king. The distance between the power of the monarchy and the streets of Boston or New York or Philadelphia lead to freer, more forceful expression. The colonists realized this fully in the debacle that was The Stamp Act of 1765, a tax on

Impact On Relations Between The United States And Great Britain WW2

1078 words - 4 pages destruction that the war sweeped over the world, the war brought a completely new world into being. The main victor was by far the USA who appeared to hold the world in it's hands. They had gained the trust and admiration of millions. However, Perhaps the most significant casualty over the long term was the world balance of power. Britain, France, Germany, and Japan ceased to be great powers in the traditional military sense, leaving only two, the Soviet Union and the United States.

Effects of the Industrial Revolution on Great Britain

916 words - 4 pages industrialization. On a lower scale of reformation, many factory workers united and formed unions to press for improvement in the workplace. Unionization kindled a new drive for the creation of laws to protect the rights of workers in the workplace. Although the Industrial Revolution contributed to life in Great Britain in both positive and negative ways, the origin of the industrialized society bestowed the foundation for the modern world. Contributing

Compare and contrast the treatment of Native Americans by Britain and France

650 words - 3 pages . For one, neither country enslaved the Indians, however Britain was known for treating them badly whereas France was not. Britain chose to waste funds on fighting wars against them, whereas France chose the route of economic partnership, which proved to be the best route in the end. Regardless, each country went about handling their business how they felt was best, and although the end result was different, in reality the colonial period did pass and lessons learned from the systems used were taken into future dealings.

Treaty Between Britain and France in The Life of King Henry V by William Shakespeare

1253 words - 6 pages of the lords of France for all the World. Ugh!” (3.4.50-54) Her opinion on the English language is mentioned again when Katherine and King Henry were alone (along with Alice), and when King Henry asks whether Katherine likes him. When she responded that she doesn’t know what “like” him is, King Henry explained a metaphor of her being an angel (5.2.110-125). This brings in the explanation on Katherine’s thoughts on the language, her doubts that

The Differences in the Treatment of Prisoners of War by Britain, Germany and Japan

3929 words - 16 pages The Differences in the Treatment of Prisoners of War by Britain, Germany and Japan Works Cited Not Included According international law a POW is defined as "persons captured by a belligerent while fighting in the military." International law includes "rules on the treatment of prisoners of war but extends protection only to combatants. This excludes civilians who engage in hostilities (by international law they are war

Similar Essays

How Much Did The Outcomes Of The Treaties Reflect The Leadership Personalities Of France, Germany And Great Britain?

814 words - 3 pages The three leadership personalities of France, Germany and Great Britain were commonly referred to as "The Big Three", they involved Wilson of America, Lloyd George of Britain and Clemenceau of France. The Treaty of Versailles reflected these three personalities greatly, but some greater than others.The Treaty of Versailles was the peace settlement signed after World War One had ended in 1918 and in the shadow of the Russian Revolution and other

Women In Combat: The World War Ii Experience In The United States, Great Britain, Germany, And The Soviet Union

888 words - 4 pages Thousands of men enlisted and were sent to fight during World War II. However, many people are unaware of the role that women played in the war, not only in taking over the jobs that would have previously belonged to men at home, but also in combat. D’Ann Campbell’s article “Women in Combat: The World War II Experience in the United States, Great Britain, Germany, and the Soviet Union” explores this topic. Campbell argues that the role of women

The Difference Between France And Britain

2836 words - 11 pages , while France is highly ideological, has radical change thru direct action, and has high class differences. Now we can see how much effect political culture has had on the nature of the political institutions and procedures of Britain and France. The bureaucracies of both Britain and France are highly elitist, and their main function is policy-making. In Britain, Whitehall has nearly 3,000 bureaucrats that are not

Emu And The British Perspective Essay

2777 words - 11 pages countries now. This fact has both advantages and disadvantages.2.1. Advantages of a single currencyThe most obvious positive argument for the Euro is that transaction costs are saved. This concerns people who are travelling abroad within the Eurozone, but above all firms that import or export to other EMU countries. (Wren-Lewis, 2001)For firms that import or export much the transaction costs are sizable and are partly passed on to consumers through