Denationalizing Monetary Policy: Reflections on 60 Years of European Monetary Integration

The world's economic climate remains unstable, while questions on the most favourable fiscal and financial regulation are still critically relevant. This chapter reflects on six decades of European monetary integration and occasionally refers to Usher's scholarship. It discusses the normative challenges that emerge in the context of changing public power in monetary policy from the national to European level. It then studies monetary integration and monetary stability, before it reviews the rationale for the allocation of monetary policy at the European level. This chapter also analyzes the Maastricht institutional framework.

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