This paper analyses the birth of the Euro as a phenomenon in which the decision-makers, who are not necessarily the electors of the countries involved, reach the decision to create a new monetary regime – new inasmuch as it incorporates new rules of behavior between nations, inducing changes in the weight attributable to different goals of economic and monetary policy. The paper is based on the assumption that decision-making processes on the matter of monetary policy are influenced both by the hegemonic lines of thinking in a given historical period and by the political role played by the major powers. The process of European economic integration is thus retraced and reinterpreted in terms of the conflict between multi-objective preference functions, thereby enabling the emphasis to be placed on the nature of the fundamental steps in said process of integration.