The Making of European Monetary Integration and Transnational Capital Markets: Financial Integration and Investments from the 1960s through to the 1970s, in Nathalie Champroux, Georges Depeyrot, Aykiz Dogan and Jurgen Nautz (a cura di), Construction and Deconstruction of Monetary Unions. Lessons from the Past. Wetteren: Moneta, 2018.

This chapter examines the ways in which the monetary and financial authorities of the European Economic Community (EEC) engaged in constructing an economic and monetary union within the framework of the development of transnational flows in capital, particularly short-term inflation-sensitive money markets, since the mid-1960s through to the 1970s. The long-term construction of the European monetary union that culminated in the 1990s is a case in point to assess to what extent policy makers focused attention on the development of transnational capital flows relative to domestic economic growth. In trying to dissect the intertwining between the making of the European monetary union and the rampant expansion in cross-national capital movements, this contribution also aims at better understanding to what extent the national monetary elites of the EEC and the EEC institutions struggled to establish a common currency bloc in order to weigh the balance between supply in capital and the business cycle through coordinated intra-European balance of payments deficit financing and monetary policies within the framework of either fixed but adjustable exchange rates or coordinated floating regimes, and a substantial continent-wide enforcement of control on capital mobility.