Eleven Years of the Euro System: an Attempt to Verify Some Selected Theoretical Concepts Regarding the European Integration

Abstract

The aim of this article is an attempt to verify selected theoretical concepts
of the European integration based on the results of the eleven years
(1999–2010) of the common monetary system that has been in operation
in the European Union. The following theories are examined: neo-functionalism,
institutionalism, constructivism, realism and liberal intergovernmentalism.
The aim of this paper is also to find hierarchy of the discussed
theories, which are at least partly applicable to the common currency system
in Europe. At the end of the article some predictions of future developments
of the system are presented.