Theory of intergovernmentalism best explains not only the creation of the EU (as the EEC), but also the realization of EMU. Discuss.
The concept of intergovernmentalism, gives the most suitable explanation about the formation of the European Union and the realization of the European Monetary Union based in the reality that it were the European Nation States the ones that move Europe towards an integration that was first economic, and that was then moved towards a concrete union based in political, social and economic interdependency that can be beneficial to all member states. Based on this reality, the theories of multilevel-governance, neo-functionalism, and institutionalism do not appropriately suit the formation of the European Union, as well as the realization of the European Monetary Union. .
The European Union has its bases back in 1951, when the founding members first pooled their coal and steel industries, and established the European Coal and Steel Community (ECSC). Being this the first step towards a better economic Europe, in 1957, the first six member states, Belgium, France, Germany, Italy, Luxemburg and the Netherlands, signed the Treaties of Rome, establishing the European Economic Community (EEC). Continuing with the integration, many other nation states decided to join the EEC mainly for economic reasons giving birth to the final European Union in 1992, with the Maastricht Treaty, which strengthened the integration, helping to later form a single market, in which goods, services, capital and people would flow as one nation state. Having formed a concrete union, and market, the last goal was now to achieve a single European Monetary Union (EMU), talked back in 1988, that can move the economic, political, and social markets as a whole. After going through different stages, the European Monetary Union was finally achieved in 1999, with the third stage in which the Euro came into operation (Nugent 536-545).