This book explains the political background and describes the decision-making leading to European Monetary Union, as seen by a former central banker who participated in the process during more than two decades. Political rather than economic considerations were decisive in establishing EMU. French-German relations in particular form a thread that runs through the book, notably French efforts to replace German monetary domination by a form of decision-making France can influence. Thus, the issues involved are issues of power, though often presented in technical terms of economics.
'If there were any doubt that monetary union is only the first step towards political union, Andre Szasz buries it with his fascinating account...A former Executive Director of the Dutch Central Bank intimately involved in European monetary affairs for thirty years, he does not display any of the emotion that characterizes both sides of the debate in Britain, and his book is all the more welcome for that. He tells a story of postwar European politics that is remarkable for its consistency.' - Janet Bush, Times Litetary Supplement