In the name of the Market: how the European Commission paved the way for monetary union

The advent of economic and monetary union (EMU) is often interpreted as the logical outcome of structural trends, macroeconomic consensus, or grand geopolitical bargains. This article argues, however, that such views miss an essential dimension of the EMU process, namely the political strategy developed within the European Commission in order to achieve that goal. As part of their integrationist agenda, Commission officials selectively marshaled the political and economic significance of Europe's emerging Single Market. Thus, over time, they induced key actors to re-articulate their preferences in terms of monetary union. The article discusses the two main facets of the Commission's strategy, i.e. the politics of monetary sovereignty and the politics of monetary orthodoxy.