WEEKLY SUPPLEMENT / European library

*** KENNETH DYSON, KEVIN FEATHERSTONE: The Road to Maastricht. Negotiating Economic and Monetary Union. Oxford University Press (Great Clarendon Street, Oxford OX2 6DP. Tel: [phone], http: //http://www.oup.com ). 1999, 859 pages, GBP 75 (hardback) or 25. ISBN 0-19-828077-7 and 0-19-829638-X.

With its nearly 900 pages, this is an impressive volume. And its content is no less impressive than its size. When two professors specialised in European affairs (both at the University of Bradford) decide to combine the academic approach expected of them with a journalist's approach -and not run-of-the mill, but truly investigative journalism- that the absence of a deadline as binding as in the media enables them to conduct with a rare degree of cross-checking of information, the result is an out-of-the-ordinary investigation that should make journalists green with envy, but offers immense pleasure as well.

Dyson and Featherstone first examine the genesis and advent of the single currency on a theoretical basis. This is the subject of their first chapter (in a book with 17), which is not the one readers -with the possible exception of enlightened theoreticians- will devote the greatest attention to, in any case those readers uninitiated in economic and monetary matters (let us hope, moreover, for our authors, that the "uninitiated" simply committed to the long march towards European unification will make up the bulk of their readers, to the benefit of both). The principal contribution made by Kenneth Dyson and Kevin Featherstone lies elsewhere: in the 300-odd meetings they held with the creators of the single currency, individuals who, in one role or another (experts, representatives of governments or institutions), participated in the multiple bargaining sessions that led to the Treaty of Maastricht. In fact, the authors played detectives, exploring recent memory. Tomorrow, historians will assess at its fair value the work they have accomplished.

Through this investigation focusing on the European Commission chaired by Jacques Delors and four major Member States (France, Germany, Italy and Great Britain), the authors reveal (notably through private unpublished documents entrusted to them by the participants) that the enshrinement of economic and monetary union in the Treaty of Maastricht resulted, first and foremost, from a political will, an interactive process and determined attitudes linked to men and the sum total of their experiences, beliefs and attitudes. In short, while all paths may no longer lead to Rome, this book sheds light on all those that led to the single currency. Exciting reading!

Michel Theys

*** ARMAND-DENIS SCHOR: Economie politique de l'euro. La Documentation Française (29-31 quai Voltaire, F-75344 Paris Cedex 07. Tel: [phone], fax: [phone], http: //www. Ladocfrancaise. gouv.fr). "Les Etudes de la Documentation française" series. 1999, 174 pages, FRF 81.99, EUR 12.50. ISBN 2-11004362-8.

Jean Monnet Professor at University of Lille II, Armand-Denis Schor's essay on political economics offers a broad review of the economic theories applicable to the single currency. Leaving behind the practical and technical arrangements for the switchover to the euro, which are "by nature … transitional and no doubt destined to be quickly forgotten" (in his introduction, he compares citizens of the euro area to a family moving house, which, "absorbed by transport and unpacking, … wonders about the cost, constraints, inconveniences", but, "once settled in, … quickly forgets the worries of the transitional period"). In Part One, the author reviews experiences in monetary unification in the course of history (Latin Union, Zollverein, Belgo-Luxembourg Monetary Union and the Scandinavian Monetary Union), the years spent preparing monetary Europe, "from the rapprochement of the post-war period to the definition of EMU" (from the European Payment Union to the Treaty of Maastricht, without neglecting the European currency unit, the Werner Plan and the EMS), and the objectives and consequences of the euro. This overview leads him to state that, in the final analysis, the single currency "marks the restoration of the Old Continent's role in the economy of the 21st century, that of an area independent from other world powers". Part Two focuses on the "Maastricht currency", the author describing and analysing "monetary policy in stage three of EMU", "the coordination of budget policies and general economic policies", the convergence criteria, the stability and growth pact and international aspects of the euro. In his conclusion, Professor Schor maintains that it would be an error to see the single currency as the crowning achievement of European integration: on the contrary, it is a beginning because it "creates the need for an economic government with the vocation of becoming a catalyst for the European identity". It represents no more and no less than the "birth of the European government".

(MT)

*** Raconte-moi…l' €uro ou l'histoire de la monnaie. Nouvelle Arche de Noé Editions (153 bld Haussmann, F-75008 Paris, Tel: [phone], fax: [phone], [e-mail]). "Collection du citoyen" series, No 28. 1999, 39 pages. ISBN 2-84368-028-X.

Richly illustrated, this volume for young people recounts clearly and in an amusing way the history of ancient currencies and the emergence of the first coins in France. It then goes on to teach youngsters how to read the two sides of a coin and outlines the main financial principles governing the use and transformation of contemporary means of payment. The work then traces the beginnings of the euro, explains arrangements for its conversion and outlines prospects for the international development of the single currency. Useful addresses and a glossary of economic terms are also included. This volume, prepared by Yves-Thibault de Silguy, will also prove instructive for more than a few adults.

(ED)

*** FRANCOIS-OLIVIER MANSON: Le guide euro des fonctions juridiques et ressources humaines. Editions d'Organisation (1 rue Thénard, F-75240 Paris Cedex 05. http://www.editions-organisation.com ). "L'euro en pratique" series. 1999, 181 pages. ISBN 2-7081-2233-9.

Anyone in a position of responsibility in an enterprise can no longer be unfamiliar with rules for the transition to the euro. In the eleven countries that have entered into stage three of economic and monetary union, introduction of the euro has an impact on payments, borrowing, contracts, the opening of bank accounts and so on. In charge of legal issues at the Euro Institute, François-Olivier Manson reviews all these consequences in this volume. After a useful review of arrangements for the introduction of the single currency, he explores the impact of the euro on private law contracts -whether they come under civil, commercial, labour or company law- and highlights the continuity of contracts and the precedence of Community rules over those adopted under national law (subject, however, to freedom of choice as to the law which is to govern the contract). He also examines the question of international contracts subject to the law of a non-EU State, before going on to study -in the light of French law at the outset- certain aspects of company law (conversion of equity capital into euros, conversion of bonds, etc.). Manson also discusses the repercussions the euro could have on social relations (relations with employees and social bodies), making a distinction between what is legal and advisable and what is not. He then devotes a final chapter to the impact of the single currency on public procurement. Basic legal texts complete this work, adding to its usefulness as a reference.

(LD)

*** MARIO DEAGLIO, GIUSEPPE RUSSO, Ed.: Il risparmiatore affronta l'euro. XVI rapporto sul risparmio e sui risparmiatori in Italia. BNL Edizioni (67 via Barberini, I-00187 Roma, Tel: [phone], fax: [phone]). Ed. Guerini e Associati (28 viale Filippetti, I-20122 Milano, [e-mail]). "Quardeni di ricerca" series. 1998, 220 pages, ITL 38,000. ISBN 8878029584.

The 16th edition of this annual collective report on savings in Italy examines the savings strategies of Italian households and describes the new institutional, legislative and economic frameworks in which savers manage their portfolios, making use of all the financial instruments now available on an open banking and securities market revolutionised by implementation of the euro.

(ED)

*** STEFAN WEBER: Kapitalmarktrecht. Eine Untersuchung des österrreichischen Rechts und des Europäischen Gemeinschaftsrechts. Springer-verlag (Sachsenplatz 4-6, P.O.Box 89, A- 1201 Wien. Tel: [phone], fax: [phone], [e-mail], http: //www. Springer.at). "Forschugen aus Staat und Recht" series, No 127. 1999, 485 pages. ATS 870, DEM 124,CHF 113. ISBN 3-211-83366-8.

The upsurge in activity on capital markets has been matched in recent years with a reorganisation of securities and capital market law. This important monograph examines in detail the securities and capital market law of the European Union and Austria. European directives on securities exchange licences, securities issues and bids and on transposition rules in Austria are analysed in detail. The author takes account of existing works on Community and Austrian law and the contributions of German, Swiss and American law. This study draws a number of new legal conclusions, offering a legal interpretation tool that can facilitate not only the implementation of Community law in Austria, but can also be extrapolated to other legal systems.

(CB)

*** SANOUSSI BILAL, PHEDON NICOLAIDES: Understanding State Aid Policy in the European Community. Perspectives on Rules and Practices. European Institute of Public Administration (22 O.L. Vrouwenplein, P.O. Box 1229, NL-6201 BE Maastricht, Tel: [phone], fax: [phone], http: //http://www.eipa.nl , [e-mail]). Kluwer Law International. EIPA 95/03. 1999, 260 pages. NLG 70, EUR 31.76. ISBN 90-6779-128-8.

Resulting from an international seminar sponsored in June 1998 by the European Institute of Public Administration, with the financial support of the Fundación Banco Bilbao Vizcaya, this volume reproduces the papers presented by a dozen academics, legal practitioners and European and national senior officials who examined the problem of state aid in Community law. Combining theory, its practical application and related case law, the contributors highlight the principles and procedures governing the grant of public subsidies to economic operators in the internal market. Part One examines the economic efficacy of state aid, the attitude of the Commission and the different waiver systems enabling Member States to correct, if need be, certain economic imbalances. The contributors also examine protection systems and legal redress available to economic operators wronged by inringements capable of distorting free competition in the Community. Part Two reviews exemption and implementing mechanisms for sectoral state aid, particularly in the framework of assistance for regional and employment policy, research and development, maritime transport and energy policy. The work concludes with a future-oriented analysis of state aid procedures, describing the reforms proposed by the Santer Commission, pointing out the imperfections of the present legal system. This rich and detailed work is meant primarily for specialists and economic and political decision-makers, confronted with complex practices.

(ED)

*** CHRISTOPH DEMMKE, BIRGIT SCHRÖDER: European Environmental Policy. A Handbook for Civil Servants. European Institute of Public Administration (22 O. L. Vrouweplein, P.O. Box 1229, NL-6201 BE Maastricht. Tel: [phone], fax: [phone], [e-mail], http: //http://www.eipa.nl ). 1999, 385 pages, NLG 50. ISBN 90-6779-127-X.

Meant to facilitate the work of civil servants, this volume -which begins with a description of the general principles of EU law and the specific principles of European environmental law- offers a very functional outline of the working of the European institutions -Council of Ministers, Committee of Permanent Representatives, European Commission, EP, Court of Justice, Economic and Social Committee and Committee of the Regions- and explains how they have come to integrate the environmental dimension into their concerns. The authors analyse the instruments at their disposal under Article 249 (regulations, directives, recommendations), explain decision-making procedures (consultation, cooperation and codecision) and describe in detail the committee procedures used. Comparative tables clarify the application of legislation at national level and in the regions, making this work a useful tool for its target audience. Practical information and useful addresses add to its interest.

(LD)

*** EUROPEAN COMMISSION: European Economy. Distributed by the Official Publications Office (L-2985 Luxembourg). Annual subscription: EUR 190 (2 issues and 3 reports a year).

No 68 of this collection, "The Broad Guidelines for Economic Policies for 1999", includes the Commission's recommendation of 30 March 1999, the resolution adopted by the European Parliament on the recommendation on 4 May 1999 and the Council recommendation of 12 July 1999. It also publishes other texts on the European employment pact and the statement by the European social partners at the Cologne European Council. In the "Reports and Studies" series, No 2 focuses on insurance income in European agriculture and No 3 discusses state aid and the single market.

*** EUROPEAN COMMISSION: 28th Report on Competition Policy, 1998. Distributed by the Official Publications Office (L-2985 Luxembourg). 1999, 445 pages, EUR 22. ISBN 92-828-7199-1. Disponible dans toutes les langues officielles de la CE.

Published in connection with the General Report on the Activity of the European Union in 1998, this report describes developments in European competition policy as seen in all the cases handled during the year. Welcoming the advent of the euro, it particularly highlights the Commission's effort to support and consolidate the single market through strict control over anti-competitive practices. It also emphasises the Commission's commitment to the modernisation of Community law, and competition and the reorientation and modernisation of the monitoring of state aid schemes.

*** COMMISSION EUROPEENNE: La situation de l'agriculture dans l'Union européenne. Rapport 1998. Distributed by the Official Publications Office (L-2985 Luxembourg). 1999, 532 pages, EUR 22. ISBN 92-828-5732-8.

Also published in connection with the General Report on the Activity of the EU in 1998, this report gives a general and detailed view of the common agricultural policy in 1998. It analyses the economy and agricultural earnings, political developments and legislative initiatives, the situation of agricultural markets, the agrimonetary system, rual development, CAP financing (Agenda 2000 and rural development) and preparation of enlargement.

*** The EUROPEAN PARLIAMENT (L-2929 Luxembourg) has published the following studies:

- Consequences of the Deregulation of Agricultural Markets on International and European Agricultural Economies. "Agriculture, Forestry and Rural Development" series. 1999, 175 pages. This study of developments in Community agriculture includes five chapters: trade liberalisation and the "agricultural waiver", agriculture in the WEO, liberalisation and prospects for world trade, outlook for the next round, and the strategy of the European Union.

- Glossary of the Common Agricultural Policy and the Agenda 2000 Reform. "Agriculture, Forestry and Rural Development" series (AGRI118 EN). 1999, 74 pages. This specialised technical publication discusses the changes made to the common agricultural policy by Agenda 2000 and presents an alphabetical glossary of terms and expressions used in Community agricultural jargon.

*** Le marché de l'art à l'épreuve de la mondialisation. Rapport d'information No 1965. Assemblée nationale française, Délégation pour l'UE (distributed by: le Kiosque de l'Assemblée nationale, 4 rue Aristide-Briand, F-75007 Paris. http://www.assemblee-nationale.fr ). 1999, 120 pages, FRF 40.

Observing Europe's fragility in the face of globalisation of the art market and the inadequacy of the tax context and related European and French regulations, this report proposes a number of measures to be taken at Community level and in France.

*** Le Traité d'Amsterdam: ce qui a changé en Europe. In European Library No 398 (24 & 25 January 2000), the correct address for securing this publication -the European Commission office in Belgium- should read: 73 rue Archimède, B-1000 Bruxelles. Tel: [phone], fax: [phone], [e-mail].