earticle

영어

This paper analyses the process and main issues of monetary integration in EU. The introduction of EMU and Euro, among others, is a good example of economic and monetary integration that East Asia could follow Competing views among the EU member states on the type of monetary union and subsequent resolution of the discord can make significant implications to East Asian countries who have just launched an early stage of monetary cooperation. This paper is an outcome of the reasoning previously mentioned. The Paper analyzes the process of EMU negotiation mainly between 1988 and 1991 in order to derive implications of the EMU negotiation process on East Asian monetary cooperation and integration, which may become a reality. There are more than a few difficulties in deriving lessons from the European experience, most of which come from the differences in the degrees of integration between Europe and East Asia as well as in the characteristics and concepts of the regional integration. In order to resolve these difficulties, this paper adopts the political economy approach, mainly focusing on the negotiation process. This paper excogitates major issues from the EMU negotiation, compares the views of each member states on each issue, and clarifies the way to reach agreements from the different negotiative positions, which help implicate the East Asian monetary cooperation and integration.