The origins and evolution of the European stability community

This article provides a comprehensive analysis of the evolution of European monetary integration, viewed as a multi-layered civilizational project. The authors detail the path from the Bretton Woods system, through the ERM and the ECU, to the groundbreaking Maastricht Treaty and the establishment of the European System of Central Banks. The text combines a historical perspective with theoretical foundations, such as the Barro-Gordon model, explaining the importance of central bank independence and combating time-inconsistency in monetary policy. The reader will learn about technical stabilization mechanisms, including divergence indicators and convergence criteria, and will also learn about contemporary challenges facing the eurozone, such as fiscal asymmetry and the no-bailout clause. This is essential reading for those seeking to understand how Europe balances political sovereignty with the demands of global economic stability in the face of the ECB's evolving mandate.