A History of the Euro: A Multi-Level Analysis
Author: Jyun-yi Lee, Chih-mei Luo
Abstract / Chinese PDF Download
This paper aims to provide a historical overview of the euro, followed by a review of several perspectives that seek to explain that history. The euro is a result of various European attempts to bring about an economic and monetary union (EMU). While it is generally agreed that the process leading to the adoption of the euro can be divided into three stages, there are still heated debates as to what best explains the ups and downs of EMU. To better understand the euro, this paper proposes “level of analysis” as a useful framework to organize and evaluate important theoretical accounts in the literature. Depending on the explanatory power given, the perspectives under review can be categorized into at least three levels—international, European, and national. While these accounts may not be compatible in meta-theoretical terms, together they nevertheless constitute a fuller picture of the complexity of the process. In addition, the framework also allows theories to be compared not by certain “facts” that are not themselves neutral, but by the level(s) that each theory is capable (or incapable) of taking into consideration. Finally, while the fact that no satisfactory account is yet available leads some to argue for an eclectic approach, this paper nevertheless holds a more skeptical stance, arguing that what can be achieved might just be pieces of information, not knowledge.