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The logic behind European monetary cooperation and integration can only be understood through an examination of French efforts to maximise their monetary power in relation to Germany and America. This book provides a detailed and historically-informed study of the motives and economic and political attitudes that shaped French policy on European developments over a thirty year period, from the collapse of the International Monetary System in the late 1960s and early 1970s through to the start of EMU on 1 January 1999.
Economic and monetary union in the European Union represents a massive change for Europe and for the world. The Road to Maastricht identifies why the agreement was possible and how the agreement was made. The book examines the motives that inspired European political leaders, the strategies that they pursued, and the institutions that were used to achieve monetary union. Drawing on a wide range of sources and unprecedented research and interviews, the book combines careful political analysis with new information about the way in which European Monetary Union was negotiated. It delves into the complex forces at work in Europe, including the cross-national political interactions, to produce an authoritative account of the boldest and riskiest venture in the history of European integration.
This book explains the political background and describes the decision-making leading to European Monetary Union, as seen by a former central banker who participated in the process during more than two decades. Political rather than economic considerations were decisive in establishing EMU. French-German relations in particular form a thread that runs through the book, notably French efforts to replace German monetary domination by a form of decision-making France can influence. Thus, the issues involved are issues of power, though often presented in technical terms of economics.
With Economic and Monetary Union, the European Union has embarked on one of the biggest projects in its history. Previous literature has focused on how EMU came into being and on the policy issues that it raises. European States and the Euro seeks to move the discussion forwards by offering the first systematic evaluation of how it is affecting EU states, both members and non-members of the Euro-Zone. It is the first book to explicitly situate EMU in the growing literature on Europeanization. It examines the effects on public policies, political structures, discourses, and identities. The book seeks to identify the scope of EMU's effects, the direction that it imparts to political and policy changes, the mechanisms by which it produces its effects, and the role of domestic institutions, political leadership and specific forms of discourse in shaping responses. In addition, the book assesses how, and with what effects, EMU is affecting key policy sectors labour markets and wages, welfare states, and financial market governance. What conditions the degree of convergence discernible in these sectors? Finally, the book seeks to 'contextualize' EMU by assessing its effects both in comparison with other variables like globalization and in a historical perspective of the European Monetary System as a 'training ground'. The book combines sectoral and country case studies with a thematic treatment by recognized experts in their fields. It moves from globalization, through EU-level changes, to member states and finally to specific sectors. The main conclusions are that EMU is most important in affecting the timing, tempo and rhythm of domestic change that these changes are experienced pre-eminently at the level of policy; that it strengthens pressures for convergence; but that different domestic institutional arrangements and discourses lead to variations in policy processes and effects and in the way change is 'framed'. In particular, whilst EMU contains a neo-liberalizing tendency exhibited most clearly in financial market effects, it is not to be characterized as a neo-liberal project by means of which the EU is becoming an economic and social space simply converging around Anglo-American market capitalism.
However, given the asymmetry of European exchange rate mechanisms and the 'sound money' bias of the EMU project, the willingness and ability of French governments to participate in these arrangements depended on their pursuit of low inflationary economic policies."--BOOK JACKET.
The first systematic analysis of why Britain and France parted company on the issue of European monetary integration. Ikemoto reveals that Britain was much keener to participate in the early stages of monetary integration than previously thought; Britain and France pursued broadly similar policies on the issue until the end of the 1970s.
This book analyses the fraught history and politics of the Stability and Growth Pact from its origins to the present economic crisis.
French Politics and Society is the ideal companion for all students of France and French politics with a strong reputation for its lucidity and lively exposition of the French polity. This third edition remains a highly readable text and offers a broad, critical and comprehensive understanding of French politics. The book provides an excellent description of French institutions and ensures readers access to background information through discussing historical developments, political forces, public policy, and the evolution of important aspects of French society. Key updates for the third edition include: extensive updates including the Chirac, Sarkozy and Hollande presidencies; inclusion of constitutional and state reform coverage since 2008; the French party system and evolution of the French left and right; more on France’s positioning with regards to Brussels and the impact of the European economic crisis. French Politics and Society is essential reading for all undergraduates studying French politics, French studies, European studies or comparative politics.
The dollar has been the dominant currency of the world economy for almost a century; since 2002, the euro has gained widespread international acceptance resulting in important institutional, economic and financial changes both for the euro zone, the United States and the world economies, affecting foreign exchange and financial markets as well as economic activities around the world. In years to come, the international role of the euro will hinge on the validity of the fundamental idea underlying its creation, namely that important components of sovereignty can be pooled and shared among nations in the pursuit of common economic and political objectives. This key book assesses the international role of the euro, discusses its impact on global financial markets, shifting global exchange rate relationships and their implications. With input from various disciplines (economics, business and political science), it foments discussions intended to facilitate an exchange of ideas among academics, practitioners and the local business community.
European integration has long defied previous notions of state sovereignty and has since the days of the Coal and Steel Community been conferred with original supranational instruments. Yet the Treaty of Rome did not raise the same popular reactions as the Maastricht Treaty about the infringement of national sovereignty. This book suggests that the end of the Cold War has modified the functions of European integration so that the original ideals of integration have lost part of their appeal; hence the birth of the European Union can be regarded as an attempt to seek a new legitimacy. How far did the EU Treaty meet this unprecedented challenge? This book argues that the Maastricht Treaty established a constitutional framework for a new kind of polity without resolving the issue of its purpose and scope. The volume seeks thus to explain some of the reasons for the defeat of the Constitutional Treaty in 2005 dating them back to the Maastricht Treaty. In so doing, the book links the actual state of European integration with the decisions taken at Maastricht in five different realms of supranational policy-making. The first is the constitutional setting of the EU Treaty and its effect on national constitutional law; the second is the concept of governance and the changes introduced by the Economic and Monetary Union; the third is the historical background of the Maastricht agreement; the fourth the political economy of the Economic and Monetary Union; the fifth is the impact of European citizenship in the recent case-law of the European Court of Justice and the prospects of a EU politicisation. The book puts in perspective the solutions to the recent stalemate of the European integration process offered by the Lisbon Treaty.