POLI 4074 Lecture Notes - Luxembourg Compromise, Ernst Haas, Intergovernmentalism
Document Summary
Biggest ones: ecsc (coal & steel), eec (economic community), eurtom, ec, eu. Euro coal & steel community established in 1952. Euro defense community & euro political community - more integrated than. Euro economic community in 1958 - wanted a common market / free trade area. / customs union - movement towards free trade across europe. 1962 - direct elections for european parliament coming up, but charles de gaulle blocks increased powers - luxembourg compromise. 1970s - more monetary cooperation - world goes off of the gold standard. Other countries - currency backed by us currency, so usd was good as gold. China - buying treasury bonds to lend us money, building up huge pile of usd to keep their currency low and keep unemployment & export prices low. Devaluation - when the relative values of two currencies change (one goes down and one goes up) 1972 - america closed the gold window - no more trading usd for gold!