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The creation of an economic and monetary union (EMU) in Europe is among the most important_and controversial_developments of the 1990s. This clear and balanced book brings together economists and political scientists to explain why the creation of a European monetary union is so contentious; how the debate has affected the political determination to construct a monetary union; and how it will influence the functioning of EMU into the next century. Focusing on how economics and politics interact both in the prelude to unification and in its aftermath, the authors provide an innovative analysis of a spectrum of related issues: how EMU relates to Europe's unemployment crisis, how it will affect the process of economic adjustment, what convergence means for the performance of the member states separately, and how the member states will decide both whether to participate themselves and whom else to admit to the monetary club.
The author examines new development strategies in the context of globalisation and the crisis of the Washington Consensus. Critiquing both protectionism and the free market he points to the influence and evolution of Keynesian ideas for the management and stabilisation of development in an era marked by the unravelling of neoliberal prosperity.
This volume traces the course taken by Greece from a postwar developing state to its current participation in the Euro zone. It assesses the impact of monetary union on the Greek state & the implications of the new economic role of the state.
Why have the states of Europe agreed to create an Economic and Monetary Union (EMU) and a single European currency? What will decide the fate of this bold project? This book explains why monetary integration has deepened in Europe from the Bretton Woods era to the present day. McNamara argues that the development of a neoliberal economic policy consensus among European leaders in the years after the first oil crisis was crucial to stability in the European Monetary System and progress towards EMU. She identifies two factors, rising capital mobility and changing ideas about the government's proper role in monetary policymaking, as critical to the neoliberal consensus but warns that unresolved social tensions in this consensus may provoke a political backlash against EMU and its neoliberal reforms.McNamara's findings are relevant not only to European monetary integration, but to more general questions about the effects of international capital flows on states. Although this book delineates a range of constraints created by economic interdependence, McNamara rejects the notion that international market forces simply dictate government policy choice. She demonstrates that the process of neoliberal policy change is a historically dependent one, shaped by policymakers' shared beliefs and interpretations of their experiences in the global economy.
This book examines the politics of Banking Union and EMU reform in the EU, and draws lessons for what it means for international politics, both in Europe, and for international relations more broadly. It demonstrates that most of the reforms in Europe to break free of the Eurozone and banking crises in which Europe continues to find itself focus on building up the capacities of national authorities rather than European ones. The result is that national authorities remain largely in control of the decisions and funds that are to be deployed to prevent economic disaster if a single EU bank fails. The likely outcome is an accelerated balkanization of the European market for the foreseeable future. The book also contends that power politics, and realism in particular, is a defining feature of European politics with coercion and enforced national responsibility at the demand of Germany; the dominant form of institution-building that established the responsible sovereignty model, and shut down the possibility of alternatives. In making this case, the book demonstrates that the dominant view in international relations, that power politics best explains the behaviour of states, also apply to the EU. This text will be of key interest to scholars and students of the Eurozone crisis, EU politics, economic policy, and more broadly to political economy, public policy and international relations.
The aim of this book is to explore the preconditions of a European political economy. The establishment of the monetary union and the European Central Bank constitutes a major step towards greater economic, social and political integration between the Member States of the European Union, and is therefore a momentous event in European history. What do the historically given preconditions of a European political economy mean in practice and theory in terms of future possibilities? With a historical perspective on European monetary integration, from the strains in the dollar-based Bretton Woods order in the 1960s and earlier, the Werner Plan around 1970, and the internal market in the 1980s to the Maastricht Treaty in 1992, future prospects of EMU are discussed. The book is based on the reflections of a working group at the European University Institute in Florence in operation from 1999 to 2001. The fifteen chapters are organised in clusters on the historical and conceptual setting, on financial institutions and economic theory, on social practices and legal framework, and on future prospects. Historians, philosophers, economists, political scientists and sociologists contribute to this interdisciplinary attempt to come to terms with both the preconditions and the prospects of EMU. Contents: Lars Magnusson/Bo Strath: From the Werner Plan to the EMU: In Search of a European Political Economy. Historical Perspectives and Future Prospects--Hubert Zimmermann: The Fall of Bretton Woods and the Emergence of the Werner Plan--Amy Verdun: The Political Economy of the Werner and Delors Reports: Continuity amidst Change or Change amidst Continuity?--David Purdy: Economic Theory and Policy from theKeynesian Revolution to the Third Way--J. Peter Burgess/Bo Strath: Money and Political Economy: From the Werner Plan to the Delors Report and Beyond--Lars Magnusson/Jan Ottosson: The Political Transaction Costs of the Convergence Criteria--The EMU Compromise for the Delors Committee to Maastricht--Sheila C. Dow: The ECB, Banking, Monetary Policy and Unemployment--Roger Hammersland: - We are arrogant because we are good--A Critical Appraisal of Central Banking versus Fiscal Policy in Accomplishing the Community Wide Convergence of the 1980s and 1990s--Ole Bjorn Roste: Labour Markets and the EMU: The Cases of Norway and Sweden--Barbara MacLennan: Finance, Gender and Structural Change in the European Union--Ulrike Liebert: Constructing EMU: Euro-Scepticism and the Emerging European Public Space--Diamond Ashiagbor: EMU and the Shift from a - Social Policy Agenda to an - Employment Policy Agenda in European Labour Law--Ton Notermans: The Werner Plan as a Blueprint for EMU?--Jos de Beus: Are Third Way Social Democrats Friends or Enemies of European Integration? A Tocquevillian Tale on the Politics of Administration--David Purdy: Welfare Reform, Social Citizenship and European Integration--Robert Salais: Filling the Gap between Macroeconomic Policy and Situated Approaches to Employment. A Hidden Agenda for Europe?--Lars Magnusson/Bo Strath: Postscript."
The book integrates political and economic analysis of Europe's Economic and Monetary Union in a format accessible to advanced undergraduates and graduate students.
Weighing in on the euro-austerity debate, this book uses case studies from three countries to evaluate the distinctive politics of fiscal policy and welfare state reform during a key period in Europe.
The financial crisis – originated in 2008 in the United States – had a dramatic impact on the world economy. The European Union was immediately involved, but its reaction to the crisis was clearly inadequate. The misgovernment of the European economy not only put at risk the European Monetary Union, but it also caused further hindrances to the recovery of the global economy. The global financial turmoil shook deep-rooted beliefs. The doctrine of international neo-liberalism is more and more criticized. Nevertheless, the critics of neo-liberalism focus their attention on the relationship between the state and the market, as if the nation states, with their international organisations, have enough power for an effective global governance of the world economy. The model of European supranational integration, though seriously imperfect, can suggest some new way out from the crisis – even at the world level – based on a new relationship between the supranational government of the Union and the market. In this book, several academic disciplines are involved: international economics, international political economy, international law, international relations, political theory and democratic theory. Adopting such a multidisciplinary theoretical perspective, the volume tries to answer the following question: Is a more supranational Europe able to provide a better government of the EMU? Does this reform involve more European democracy?
The establishment of Banking Union represents a major development in European economic governance and European integration history more generally. Banking Union is also significant because not all European Union (EU) member states have joined, which has increased the trend towards differentiated integration in the EU, posing a major challenge to the EU as a whole and to the opt-out countries. This book is informed by two main empirical questions. Why was Banking Union - presented by proponents as a crucial move to 'complete' Economic and Monetary Union (EMU) - proposed only in 2012, over twenty years after the adoption of the Maastricht Treaty? Why has a certain design for Banking Union been agreed and some elements of this design prioritized over others? A two-step explanation is articulated in this study. First, it explains why euro area member state governments moved to consider Banking Union by building on the concept of the 'financial trilemma', and examining the implications of the single currency for euro area member state banking systems. Second, it explains the design of Banking Union by examining the preferences of member state governments on the core components of Banking Union and developing a comparative political economy analysis focused on the configuration of national banking systems and varying national concern for the moral hazard facing banks and sovereigns created by euro level support mechanisms.