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Unformatted text preview: by the decline of the dollar o BUT, still maintain independence in their own monetary affairs Henning Article-Basis hypothesis: US dominance in the economic sphere causes instability, European countries will react by integrating their monetary policy.-“When a large state produces instability in the international monetary system, smaller countries that have achieved substantial integration of markets on a regional basis will launch initiatives for a regional monetary integration as well.”-US stability causes Euro countries to lean towards the US dominated system-US instability or shocks causes further European monetary integration o Charts below provide a helpful representation of those effects...
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- Winter '09
- European Monetary Union, European Central Bank