"The role of medium-sized countries in the creation of EMU: The cases of Belgium and the Netherlands"

Maes, Ivo and Verdun, Amy. (2003) "The role of medium-sized countries in the creation of EMU: The cases of Belgium and the Netherlands". In: UNSPECIFIED, Nashville, TN. (Unpublished)

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Abstract

It is often argued the EMU was created due to the efforts and interests of larger member states. This paper argues that the Belgian and Dutch contributions to EMU indicate that medium-sized countries played a significant role in the creation of EMU. This paper analyses the path to monetary cooperation of Belgium and the Netherlands from its early days in the context of the Benelux to their participation in Economic and Monetary Union. It examines Belgian and Dutch attitudes towards European integration, key concepts of the Belgian and Dutch EM strategies, and their role on the European monetary scene. It is argued that both countries wanted to create a zone of monetary stability in Europe and, as such, have led the process by example. However, their conceptions of monetary stability were, to a certain extent, different. In the EMU process their roles diverged. Belgium, as a close ally of the Commission, played a pace-setting role, especially through creative and diplomatic proposals, whilst the Netherlands played the role of gate-keeper and important ally of the Germans. In addition, they both played the role of mediator.

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