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Germany and the Economic and Monetary Union. Between the Search for Deeper European Integration and the Assertion of National Interests Allemagne d'aujourd'hui, No. 233, July-September 2020

Germany joined the creation of Economic and Monetary Union only with great hesitation and has tried to dictate the spirit and rules of operation of the Union.

The defense of these rules is the main reason for Berlin's stance in emphasizing the primacy of monetary stability, budgetary rigor, the fight against deficits and public debt and structural reforms. However, the Federal Republic of Germany has also shown flexibility on many occasions, even if it means putting compliance with the rules it has itself laid down in brackets. For the eurozone is not just an economic project, focused on stabilizing the internal market of the European Union (EU). It is also a political, even strategic project which makes it possible to stabilize Europe in an increasingly competitive, even conflict-ridden environment. The decisions taken by the Germans to relaunch the economy in order to deal with the ravages of the COVID-19 crisis bear witness to this.


Hans Stark is Professor of Contemporary German Civilization and Counselor on Franco-German relations at Ifri.



Convergence Criteria European integration Eurozone Fiscal Policy Monetary Policy Europe Germany