Theory of Intergovernmentalism

The concept of intergovernmentalism, gives the most suitable explanation about the formation of the European Union and the realization of the European Monetary Union based in the reality that it were the European Nation States the ones that move Europe towards an integration that was first economic, and that was then moved towards a concrete union based in political, social and economic interdependency that can be beneficial to all member states. Based on this reality, the theories of multilevel-governance, neo-functionalism, and institutionalism do not appropriately suit the formation of the European Union, as well as the realization of the European Monetary Union.

The European Union has its bases back in 1951, when the founding members first pooled their coal and steel industries, and established the European Coal and Steel Community (ECSC). Being this the first step towards a better economic Europe, in 1957, the first six member states, Belgium, France, Germany, Italy, Luxemburg and the Netherlands, signed the Treaties of Rome, establishing the European Economic Community (EEC). Continu

ing with the integration, many other nation states decided to join the EEC mainly for economic reasons giving birth to the final European Union in 1992, with the Maastricht Treaty, which strengthened the integration, helping to later form a single market, in which goods, services, capital and people would flow as one nation state. Having formed a concrete union, and market, the last goal was now to achieve a single European Monetary Union (EMU), talked back in 1988, that can move the economic, political, and social markets as a whole. After going through different stages, the European Monetary Union was finally achieved in 1999, with the third stage in which the Euro came into operation (Nugent 536-545).

Nonetheless, the economic issue was still in matter within the member states discussions, that they saw necessary to give birth not only to a single market, but also to a European Monetary Union (EMU) as well. It was more than necessary for many of the member states to have a single currency, and even one of the main factors for it was “Notably an increasing appreciation by governments of the benefits for the SEM of economic and financial integration…” (Nugent 331). The nation states’ governments found clearly beneficial to have a single currency, and it was up to them to decide. “Ministers and senior officials did regularly convene to consult and to exchange ideas on macroeconomic policy, and at their meetings they periodically considered Commission submissions for the adoption of common guidelines and for short-term and medium-term strategies. But ultimately it was up to the states themselves as to wha

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