Regional Integration in Europe and East Asia: Convergence and Divergence

The chapter provides a precise analysis of the specific political and market factors which went towards the "1992" programme and the launching of the Euro. It takes an historical and institutional perspective, taking the story back to the late 1960s and through to 2010. The Euro was launched as a top-down project, led in particular by France and designed to prevent the consolidation of German financial primacy; but it can survive only if the ideological battle is won to ensure a bottom-up support for a liberal market society.