Silvia Fabiani, Claire Suzanne Loupias, Fernando Manuel Monteiro Martins, and Roberto Sabbatini (eds)
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780195309287
- eISBN:
- 9780199783939
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195309287.001.0001
- Subject:
- Economics and Finance, Econometrics
Theoretical research undertaken over the last decades showed that the nature of nominal rigidities plays a key role in determining the effects of different shocks on the economy. This research has ...
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Theoretical research undertaken over the last decades showed that the nature of nominal rigidities plays a key role in determining the effects of different shocks on the economy. This research has made clear that a thorough understanding of the extent and causes of the sluggish adjustment of nominal prices is crucial to the design and conduct of monetary policy. This book presents the main results of a research program undertaken by the Eurosystem central banks on price setting decisions by firms in the euro area. Its objective is to deepen our understanding of the behavioral mechanisms driving agents' pricing decisions, adopting a methodological approach—asking firms directly about how they set the price of their output (their pricing strategies) and why (the rationale of these strategies)—that is particularly well suited for the purpose at hand. The book also compares results for the euro area to similar analyses for other countries and summarizes the main findings of studies based on individual quantitative micro data on consumer and producer prices carried out for most euro area countries. Finally, the book explores the monetary policy implications of the main findings.Less
Theoretical research undertaken over the last decades showed that the nature of nominal rigidities plays a key role in determining the effects of different shocks on the economy. This research has made clear that a thorough understanding of the extent and causes of the sluggish adjustment of nominal prices is crucial to the design and conduct of monetary policy. This book presents the main results of a research program undertaken by the Eurosystem central banks on price setting decisions by firms in the euro area. Its objective is to deepen our understanding of the behavioral mechanisms driving agents' pricing decisions, adopting a methodological approach—asking firms directly about how they set the price of their output (their pricing strategies) and why (the rationale of these strategies)—that is particularly well suited for the purpose at hand. The book also compares results for the euro area to similar analyses for other countries and summarizes the main findings of studies based on individual quantitative micro data on consumer and producer prices carried out for most euro area countries. Finally, the book explores the monetary policy implications of the main findings.
Dermot Hodson
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199572502
- eISBN:
- 9780191728860
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199572502.001.0001
- Subject:
- Political Science, Political Economy, European Union
Can the euro area survive without a centralized economic policy? What lessons can be drawn from Economic and Monetary Union (EMU) about new modes of policymaking in the European Union? Have euro area ...
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Can the euro area survive without a centralized economic policy? What lessons can be drawn from Economic and Monetary Union (EMU) about new modes of policymaking in the European Union? Have euro area members spoken with one voice on the international stage and what does this mean for the European Union's ambitions to be a global actor? This book explores these key questions through an in-depth study of euro area governance from the launch of the single currency in 1999 to the sovereign debt crisis of 2010. Drawing insights from the study of European Union politics, comparative political economy, and international political economy, it examines: Economic and Monetary Union's break from the European Union's traditional modus operandi, the Community method; the European Central Bank's ambivalence about ever closer union; the Eurogroup's rise and fall as a forum for coordination; the interplay between national institutions and the stability and growth pact; the Broad Economic Policy Guidelines' failure to apply peer pressure; the European Union's influence within the G20 and the International Monetary Fund at the height of the global financial crisis; euro diplomacy towards China and other rising powers; and debates about the fate of EMU and the reform of euro area governance in the aftermath of the global financial crisis. The book's conclusions challenge claims that the euro area is in crisis because of its decentralized approach to decision-making alone and the corollary that the euro can be saved only through a further transfer of sovereignty to the supranational level.Less
Can the euro area survive without a centralized economic policy? What lessons can be drawn from Economic and Monetary Union (EMU) about new modes of policymaking in the European Union? Have euro area members spoken with one voice on the international stage and what does this mean for the European Union's ambitions to be a global actor? This book explores these key questions through an in-depth study of euro area governance from the launch of the single currency in 1999 to the sovereign debt crisis of 2010. Drawing insights from the study of European Union politics, comparative political economy, and international political economy, it examines: Economic and Monetary Union's break from the European Union's traditional modus operandi, the Community method; the European Central Bank's ambivalence about ever closer union; the Eurogroup's rise and fall as a forum for coordination; the interplay between national institutions and the stability and growth pact; the Broad Economic Policy Guidelines' failure to apply peer pressure; the European Union's influence within the G20 and the International Monetary Fund at the height of the global financial crisis; euro diplomacy towards China and other rising powers; and debates about the fate of EMU and the reform of euro area governance in the aftermath of the global financial crisis. The book's conclusions challenge claims that the euro area is in crisis because of its decentralized approach to decision-making alone and the corollary that the euro can be saved only through a further transfer of sovereignty to the supranational level.
Timothy Matovina
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691139791
- eISBN:
- 9781400839735
- Item type:
- book
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691139791.001.0001
- Subject:
- Religion, Early Christian Studies
Most histories of Catholicism in the United States focus on the experience of Euro-American Catholics, whose views on social issues have dominated public debates. This book provides a comprehensive ...
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Most histories of Catholicism in the United States focus on the experience of Euro-American Catholics, whose views on social issues have dominated public debates. This book provides a comprehensive overview of the Latino Catholic experience in America from the sixteenth century to today, and offers the most in-depth examination to date of the important ways the U.S. Catholic Church, its evolving Latino majority, and American culture are mutually transforming one another. This book highlights the vital contributions of Latinos to American religious and social life, demonstrating in particular how their engagement with the U.S. cultural milieu is the most significant factor behind their ecclesial and societal impact.Less
Most histories of Catholicism in the United States focus on the experience of Euro-American Catholics, whose views on social issues have dominated public debates. This book provides a comprehensive overview of the Latino Catholic experience in America from the sixteenth century to today, and offers the most in-depth examination to date of the important ways the U.S. Catholic Church, its evolving Latino majority, and American culture are mutually transforming one another. This book highlights the vital contributions of Latinos to American religious and social life, demonstrating in particular how their engagement with the U.S. cultural milieu is the most significant factor behind their ecclesial and societal impact.
Bonnie Mann
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780195187458
- eISBN:
- 9780199786565
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195187458.003.0002
- Subject:
- Philosophy, Feminist Philosophy
The turn of the century was marked by a preoccupation with relationships of Otherness, both internal and external to Europe. In establishing his difference from these Others, the Euro-masculine ...
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The turn of the century was marked by a preoccupation with relationships of Otherness, both internal and external to Europe. In establishing his difference from these Others, the Euro-masculine subject also established himself. The very possibility of erecting a convincing edifice of freedom, autonomy, and sovereignty rested on what he did with these Others. Kant wrote his Observations and, more than two decades later, his “Analytic of the Sublime” in the midst of these debates. He attempted to sort through the confusions that characterized the Euro-masculine relation to Others, both as a philosopher and as one of the founders of the new field of anthropology. This chapter discusses these confusions based on two general sets of paradoxes: the paradox of space and the paradox of time. The first paradox considers these sorts of questions: where are the Others of the Euro-masculine subject in relation to him — inside or outside? What kind of space or place does this subject inhabit? Is a woman a part of a man? If so then how is it that a man is not partly a woman? How is this subject's spatial self-constitution built around a man's spatial relations to nature and women? The second paradox considers questions of time and sequence: what kind of time does this subject inhabit? What kind of time inhabits him? Where are others in this subject's time? Are racialized others that I encounter encountered in my time? How is temporal self-constitution built around temporal relations to racialized others?Less
The turn of the century was marked by a preoccupation with relationships of Otherness, both internal and external to Europe. In establishing his difference from these Others, the Euro-masculine subject also established himself. The very possibility of erecting a convincing edifice of freedom, autonomy, and sovereignty rested on what he did with these Others. Kant wrote his Observations and, more than two decades later, his “Analytic of the Sublime” in the midst of these debates. He attempted to sort through the confusions that characterized the Euro-masculine relation to Others, both as a philosopher and as one of the founders of the new field of anthropology. This chapter discusses these confusions based on two general sets of paradoxes: the paradox of space and the paradox of time. The first paradox considers these sorts of questions: where are the Others of the Euro-masculine subject in relation to him — inside or outside? What kind of space or place does this subject inhabit? Is a woman a part of a man? If so then how is it that a man is not partly a woman? How is this subject's spatial self-constitution built around a man's spatial relations to nature and women? The second paradox considers questions of time and sequence: what kind of time does this subject inhabit? What kind of time inhabits him? Where are others in this subject's time? Are racialized others that I encounter encountered in my time? How is temporal self-constitution built around temporal relations to racialized others?
Jerome L. Stein
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199280575
- eISBN:
- 9780191603501
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199280576.003.0005
- Subject:
- Economics and Finance, Financial Economics
Based on the NATREX model in chapter 4, this chapter answers the question: How can one explain the medium to longer run movements in the Synthetic-Euro, which is a basket of currencies of the member ...
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Based on the NATREX model in chapter 4, this chapter answers the question: How can one explain the medium to longer run movements in the Synthetic-Euro, which is a basket of currencies of the member countries, from 1973-2000? Based upon the answer to this question, the expected value of the Euro/$US exchange rate in the future is analyzed, conditional upon policies followed in the two areas. The NATREX model, whose fundamentals are relative productivity and thrift, is consistent with the evidence. Both the PPP and Balassa-Samuelson hypotheses are rejected.Less
Based on the NATREX model in chapter 4, this chapter answers the question: How can one explain the medium to longer run movements in the Synthetic-Euro, which is a basket of currencies of the member countries, from 1973-2000? Based upon the answer to this question, the expected value of the Euro/$US exchange rate in the future is analyzed, conditional upon policies followed in the two areas. The NATREX model, whose fundamentals are relative productivity and thrift, is consistent with the evidence. Both the PPP and Balassa-Samuelson hypotheses are rejected.
Lavinia Stan and Lucian Turcescu
- Published in print:
- 2007
- Published Online:
- September 2007
- ISBN:
- 9780195308532
- eISBN:
- 9780199785728
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195308532.003.0009
- Subject:
- Religion, Religion and Society
The concluding chapter examines the divisions within the leadership of the Romanian Orthodox Church, and the recent victory of the conservatives over the more reformist leaders, and discusses the ...
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The concluding chapter examines the divisions within the leadership of the Romanian Orthodox Church, and the recent victory of the conservatives over the more reformist leaders, and discusses the importance of religion and politics during Romania's process of integration into the European Union, which it joined in January 2007.Less
The concluding chapter examines the divisions within the leadership of the Romanian Orthodox Church, and the recent victory of the conservatives over the more reformist leaders, and discusses the importance of religion and politics during Romania's process of integration into the European Union, which it joined in January 2007.
Colin Crouch (ed.)
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198296393
- eISBN:
- 9780191599002
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296398.001.0001
- Subject:
- Political Science, European Union
The introduction of the single European currency, the euro, draws attention to the institutional deficit of the European Union: the organizational structures and forms of governance within which ...
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The introduction of the single European currency, the euro, draws attention to the institutional deficit of the European Union: the organizational structures and forms of governance within which central banks and other monetary authorities are embedded within individual states, are lacking at the European level. This gives unusual prominence to financial structures. While the contributors to this collection do not agree in their evaluation of this phenomenon, they agree on its importance, and analyse different aspects of it in depth.Less
The introduction of the single European currency, the euro, draws attention to the institutional deficit of the European Union: the organizational structures and forms of governance within which central banks and other monetary authorities are embedded within individual states, are lacking at the European level. This gives unusual prominence to financial structures. While the contributors to this collection do not agree in their evaluation of this phenomenon, they agree on its importance, and analyse different aspects of it in depth.
Richard Youngs
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199249794
- eISBN:
- 9780191600357
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199249792.001.0001
- Subject:
- Political Science, Democratization
This book assesses European Union (EU) policies aimed at encouraging democratization in East Asia and the North African and Middle Eastern states within the Euro–Mediterranean partnership—these two ...
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This book assesses European Union (EU) policies aimed at encouraging democratization in East Asia and the North African and Middle Eastern states within the Euro–Mediterranean partnership—these two regions being the source of some of the strongest conceptual challenges to ‘Western’ liberal democracy since the end of the cold war. The book addresses theoretical debates over the international dimensions of democratization and the EU's characteristics as an international actor, including in relation to the development of a Common Foreign and Security Policy (CFSP). The factors both driving and inhibiting European democracy promotion policies are explored. The book outlines the EU's distinctive bottom‐up philosophy, aimed at constructing the socio–economic and ideational foundations for political liberalization, but argues that the EU has, in practice, failed to develop a fully comprehensive and coherent democracy promotion strategy.Less
This book assesses European Union (EU) policies aimed at encouraging democratization in East Asia and the North African and Middle Eastern states within the Euro–Mediterranean partnership—these two regions being the source of some of the strongest conceptual challenges to ‘Western’ liberal democracy since the end of the cold war. The book addresses theoretical debates over the international dimensions of democratization and the EU's characteristics as an international actor, including in relation to the development of a Common Foreign and Security Policy (CFSP). The factors both driving and inhibiting European democracy promotion policies are explored. The book outlines the EU's distinctive bottom‐up philosophy, aimed at constructing the socio–economic and ideational foundations for political liberalization, but argues that the EU has, in practice, failed to develop a fully comprehensive and coherent democracy promotion strategy.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.001.0001
- Subject:
- Political Science, European Union
The Euro‐zone represents the single most important step in European integration since 1957 and one of the boldest economic, monetary, and political projects in modern history. This book examines the ...
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The Euro‐zone represents the single most important step in European integration since 1957 and one of the boldest economic, monetary, and political projects in modern history. This book examines the main political questions raised by the birth of the Euro‐zone on 1 January 1999, and argues for a more informed analysis and assessment of its nature, operation, and prospects. How does it operate? What does it mean for European states and the strategies of their governments? What are its prospects for stability? What kinds of measures are needed to strengthen its capacity to withstand crises? The book stresses the central role of the European Central Bank (ECB) in the Euro‐zone, and explains the extent of the ECB's authority and power as an engine of European integration. An innovative aspect of the book is its application of a strength–strain model for assessing the Euro‐zone's stability. It concludes that such stability will be a function of three factors: first, how far its political culture proves to be influenced by the principles of Kant, rather than of Locke or Hobbes; second, the quality of its policy instruments for tackling liquidity as well as debt traps; third, the speed and efficiency of its mechanisms for bench‐marking, policy‐transfer, and lesson‐drawing.Less
The Euro‐zone represents the single most important step in European integration since 1957 and one of the boldest economic, monetary, and political projects in modern history. This book examines the main political questions raised by the birth of the Euro‐zone on 1 January 1999, and argues for a more informed analysis and assessment of its nature, operation, and prospects. How does it operate? What does it mean for European states and the strategies of their governments? What are its prospects for stability? What kinds of measures are needed to strengthen its capacity to withstand crises? The book stresses the central role of the European Central Bank (ECB) in the Euro‐zone, and explains the extent of the ECB's authority and power as an engine of European integration. An innovative aspect of the book is its application of a strength–strain model for assessing the Euro‐zone's stability. It concludes that such stability will be a function of three factors: first, how far its political culture proves to be influenced by the principles of Kant, rather than of Locke or Hobbes; second, the quality of its policy instruments for tackling liquidity as well as debt traps; third, the speed and efficiency of its mechanisms for bench‐marking, policy‐transfer, and lesson‐drawing.
Youssef Cassis and Eric Bussière (eds)
- Published in print:
- 2005
- Published Online:
- September 2007
- ISBN:
- 9780199269495
- eISBN:
- 9780191710162
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199269495.001.0001
- Subject:
- Business and Management, Finance, Accounting, and Banking
London and Paris, the world's two leading financial centres in the 19th century, experienced differing fortunes during the 20th century. While London remained an international financial centre, ...
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London and Paris, the world's two leading financial centres in the 19th century, experienced differing fortunes during the 20th century. While London remained an international financial centre, Paris' influence declined. Yet over the last twenty years, deregulation, internationalization, and the advent of the single currency have reactivated their competition in ways reminiscent of their old rivalry before the First World War. This book provides a long-term perspective on the development of each centre, with special attention devoted to the pre-1914 years and to the last decades of the 20th century, and contrasts these two eras of globalization. The chapters include both archive-based and synthetic surveys. This comparison between Europe's two leading capital cities provides insights into two important subjects: the political economy of Britain and France in the 20th century and the history of two major international financial centres. As much as a comparison between London and Paris as international financial centres, this book is an Anglo-French comparison; in other words, it considers, through the prism of finance, several aspects of the two countries' economic, business, social, and political histories.Less
London and Paris, the world's two leading financial centres in the 19th century, experienced differing fortunes during the 20th century. While London remained an international financial centre, Paris' influence declined. Yet over the last twenty years, deregulation, internationalization, and the advent of the single currency have reactivated their competition in ways reminiscent of their old rivalry before the First World War. This book provides a long-term perspective on the development of each centre, with special attention devoted to the pre-1914 years and to the last decades of the 20th century, and contrasts these two eras of globalization. The chapters include both archive-based and synthetic surveys. This comparison between Europe's two leading capital cities provides insights into two important subjects: the political economy of Britain and France in the 20th century and the history of two major international financial centres. As much as a comparison between London and Paris as international financial centres, this book is an Anglo-French comparison; in other words, it considers, through the prism of finance, several aspects of the two countries' economic, business, social, and political histories.
Michelle Cini
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780199535026
- eISBN:
- 9780191715860
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199535026.003.0007
- Subject:
- Political Science, Comparative Politics, European Union
Expectations of the Commission's ability to provide leadership derived from its treaty functions, the cultivated spillover from them, and the Hallstein and Delors presidencies. Its functions of ...
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Expectations of the Commission's ability to provide leadership derived from its treaty functions, the cultivated spillover from them, and the Hallstein and Delors presidencies. Its functions of agenda-setting and policy initiation have given it political influence. President Santer sought to do less in this area and concentrate on the Commission's neglected administrative role. This low-profile, introverted focus on managerial reform left the preparation of enlargement and the Euro to others. Santer's enforced resignation was followed by President Prodi's completion of major East European enlargement and the changeover to the Euro. He was ineffective in enforcing the Stability and Growth Pact, and in his forlorn attempt at federalist treaty reform when the EU was moving increasingly towards intergovernmentalism. Increased intervention by the Council of Ministers and Parliament has confined the Commission to the management of policy networks rather than political leadership.Less
Expectations of the Commission's ability to provide leadership derived from its treaty functions, the cultivated spillover from them, and the Hallstein and Delors presidencies. Its functions of agenda-setting and policy initiation have given it political influence. President Santer sought to do less in this area and concentrate on the Commission's neglected administrative role. This low-profile, introverted focus on managerial reform left the preparation of enlargement and the Euro to others. Santer's enforced resignation was followed by President Prodi's completion of major East European enlargement and the changeover to the Euro. He was ineffective in enforcing the Stability and Growth Pact, and in his forlorn attempt at federalist treaty reform when the EU was moving increasingly towards intergovernmentalism. Increased intervention by the Council of Ministers and Parliament has confined the Commission to the management of policy networks rather than political leadership.
Richard Youngs
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199249794
- eISBN:
- 9780191600357
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199249792.003.0003
- Subject:
- Political Science, Democratization
In charting European Union democracy promotion policy in the Euro–Mediterranean Partnership as it evolved during the 1990s, this chapter finds evidence of a genuinely new approach towards political ...
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In charting European Union democracy promotion policy in the Euro–Mediterranean Partnership as it evolved during the 1990s, this chapter finds evidence of a genuinely new approach towards political change in the Mediterranean. The chapter analyses European approaches towards political Islam and security in the Middle East and North Africa (MENA) region. The analysis uncovers important ways in which EU measures were less than fully developed and argues that the EU failed fully to follow through the logic of its own change of approach.Less
In charting European Union democracy promotion policy in the Euro–Mediterranean Partnership as it evolved during the 1990s, this chapter finds evidence of a genuinely new approach towards political change in the Mediterranean. The chapter analyses European approaches towards political Islam and security in the Middle East and North Africa (MENA) region. The analysis uncovers important ways in which EU measures were less than fully developed and argues that the EU failed fully to follow through the logic of its own change of approach.
Richard Youngs
- Published in print:
- 2002
- Published Online:
- November 2003
- ISBN:
- 9780199249794
- eISBN:
- 9780191600357
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199249792.003.0004
- Subject:
- Political Science, Democratization
Catalogues EU policies towards Algeria during the 1990s. It suggests that initial support for the military regime as a bulwark against the Frente Islamique du Salut (FIS) did weaken as the 1990s ...
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Catalogues EU policies towards Algeria during the 1990s. It suggests that initial support for the military regime as a bulwark against the Frente Islamique du Salut (FIS) did weaken as the 1990s progressed. The relevance of the Euro–Mediterranean Partnership to political change in Algeria is examined, with particular attention paid to French–Algerian relations.Less
Catalogues EU policies towards Algeria during the 1990s. It suggests that initial support for the military regime as a bulwark against the Frente Islamique du Salut (FIS) did weaken as the 1990s progressed. The relevance of the Euro–Mediterranean Partnership to political change in Algeria is examined, with particular attention paid to French–Algerian relations.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.003.0002
- Subject:
- Political Science, European Union
This chapter argues that the Euro‐zone was designed to provide a central role for the European Central Bank (ECB), with integrative powers in excess of those available to the European Commission. It ...
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This chapter argues that the Euro‐zone was designed to provide a central role for the European Central Bank (ECB), with integrative powers in excess of those available to the European Commission. It examines the main dimensions and contextual parameters of the interactions that form the Euro‐zone, the wider complexity of inter‐institutional relations, and the extensive powers of the ECB as an actor in the European integration process.Less
This chapter argues that the Euro‐zone was designed to provide a central role for the European Central Bank (ECB), with integrative powers in excess of those available to the European Commission. It examines the main dimensions and contextual parameters of the interactions that form the Euro‐zone, the wider complexity of inter‐institutional relations, and the extensive powers of the ECB as an actor in the European integration process.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.003.0003
- Subject:
- Political Science, European Union
This chapter analyses the political leadership dynamics that have underpinned both the creation of the Euro‐zone by the member states of the EU and their coming to terms with the extensiveness of the ...
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This chapter analyses the political leadership dynamics that have underpinned both the creation of the Euro‐zone by the member states of the EU and their coming to terms with the extensiveness of the powers conferred on the ECB. The key characteristic is the ‘two‐level game’ structure imposed by the relationship between the EU and the national governments of its members, and the key arena in which that relationship is played out is the highly secretive Economic and Financial Committee. However, the Euro‐zone can also be described as the ‘child’ (if potentially a wayward one) of the Franco‐German relationship and its function as the ‘motor’ of European Monetary Union (EMU) policy.Less
This chapter analyses the political leadership dynamics that have underpinned both the creation of the Euro‐zone by the member states of the EU and their coming to terms with the extensiveness of the powers conferred on the ECB. The key characteristic is the ‘two‐level game’ structure imposed by the relationship between the EU and the national governments of its members, and the key arena in which that relationship is played out is the highly secretive Economic and Financial Committee. However, the Euro‐zone can also be described as the ‘child’ (if potentially a wayward one) of the Franco‐German relationship and its function as the ‘motor’ of European Monetary Union (EMU) policy.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.003.0004
- Subject:
- Political Science, European Union
This chapter assesses and compares the ‘governance’ and ‘state‐centric’ models of interaction between member states and the operation of the Euro‐zone. The ‘governance’ model overemphasizes the ...
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This chapter assesses and compares the ‘governance’ and ‘state‐centric’ models of interaction between member states and the operation of the Euro‐zone. The ‘governance’ model overemphasizes the functions of the European Central Bank and underemphasizes its dependence on a consensual political culture. Conversely, the ‘state‐centric’ model overemphasizes the role of states as ‘principals’ in the Euro‐zone and underemphasizes its derogation from their sovereignty over monetary policy. The chapter challenges the notion that the Euro‐zone states are in decline, and rejects the argument that the Euro‐zone is dictating a common set of ideas and practices. States continue to matter, and some states play a more pivotal role than others in shaping the politics of the Euro‐zone— but that role is to be defined more in Kantian terms than in Hobbesian terms, however imperfectly Kantian the EU continues to be.Less
This chapter assesses and compares the ‘governance’ and ‘state‐centric’ models of interaction between member states and the operation of the Euro‐zone. The ‘governance’ model overemphasizes the functions of the European Central Bank and underemphasizes its dependence on a consensual political culture. Conversely, the ‘state‐centric’ model overemphasizes the role of states as ‘principals’ in the Euro‐zone and underemphasizes its derogation from their sovereignty over monetary policy. The chapter challenges the notion that the Euro‐zone states are in decline, and rejects the argument that the Euro‐zone is dictating a common set of ideas and practices. States continue to matter, and some states play a more pivotal role than others in shaping the politics of the Euro‐zone— but that role is to be defined more in Kantian terms than in Hobbesian terms, however imperfectly Kantian the EU continues to be.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.003.0005
- Subject:
- Political Science, European Union
This chapter offers a comparative assessment of three types of institutional approach (historical, sociological, rational‐choice) to how the Euro‐zone operates, outlining the strengths and ...
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This chapter offers a comparative assessment of three types of institutional approach (historical, sociological, rational‐choice) to how the Euro‐zone operates, outlining the strengths and limitations of each. It examines the differences between macro‐political (top‐down) and micro‐political (bottom‐up) perspectives, and discusses their varying predictions in respect of the Euro‐zone's long‐term stability. The analysis again supports the view that the Euro‐zone will require a Kantian political culture of multilateral action and collective interest and identity, if it is to flourish.Less
This chapter offers a comparative assessment of three types of institutional approach (historical, sociological, rational‐choice) to how the Euro‐zone operates, outlining the strengths and limitations of each. It examines the differences between macro‐political (top‐down) and micro‐political (bottom‐up) perspectives, and discusses their varying predictions in respect of the Euro‐zone's long‐term stability. The analysis again supports the view that the Euro‐zone will require a Kantian political culture of multilateral action and collective interest and identity, if it is to flourish.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.003.0006
- Subject:
- Political Science, European Union
This chapter seeks to analyse prospects for the Euro‐zone's stability in terms of comparative history and economic theory. It begins by comparing the Euro‐zone with earlier examples of national ...
More
This chapter seeks to analyse prospects for the Euro‐zone's stability in terms of comparative history and economic theory. It begins by comparing the Euro‐zone with earlier examples of national currency unification, and with the Bretton Woods system, focusing, in particular, on the formative experiences of the 20‐year period of the European Monetary System (EMS). The chapter goes on to discuss the meaning and sources of stability in economic theory, especially optimum currency area theory, neo‐liberal theory about labour markets, credibility theory, and ‘regulation’ theory. Particular attention is paid to the weaknesses of these theories in dealing with the crucial political dimension of Euro‐zone stability. It will be important for Euro‐zone stability that ECB and monetary policy planners do more than recognize that ‘politics matters’ for stability, and pay adequate attention to factoring political realities into their theories and models.Less
This chapter seeks to analyse prospects for the Euro‐zone's stability in terms of comparative history and economic theory. It begins by comparing the Euro‐zone with earlier examples of national currency unification, and with the Bretton Woods system, focusing, in particular, on the formative experiences of the 20‐year period of the European Monetary System (EMS). The chapter goes on to discuss the meaning and sources of stability in economic theory, especially optimum currency area theory, neo‐liberal theory about labour markets, credibility theory, and ‘regulation’ theory. Particular attention is paid to the weaknesses of these theories in dealing with the crucial political dimension of Euro‐zone stability. It will be important for Euro‐zone stability that ECB and monetary policy planners do more than recognize that ‘politics matters’ for stability, and pay adequate attention to factoring political realities into their theories and models.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.003.0007
- Subject:
- Political Science, European Union
This chapter aims to identify the critical variables conditioning the vulnerability of the Euro‐zone to systemic breakdown. It outlines a strength–strain model of stability, which points to an ...
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This chapter aims to identify the critical variables conditioning the vulnerability of the Euro‐zone to systemic breakdown. It outlines a strength–strain model of stability, which points to an apparent paradox in the Euro‐zone. Underlying the model is a conception of the operation of the Euro‐zone as being neither wholly deterministic nor wholly chaotic, but as exhibiting a fundamental order subject to random influences. The subtlety and complexity of causes and the potential for instability is far more difficult than many analysts, whether pro‐ or anti‐EMU, are prepared to allow. It is this element of randomness that calls for resort to a strength–strain model, which explicitly sets out to classify the variables conducive to stability and instability—in particular, those relating to historical memories, the professional ideologies of central bankers, and the culture of capitalism.Less
This chapter aims to identify the critical variables conditioning the vulnerability of the Euro‐zone to systemic breakdown. It outlines a strength–strain model of stability, which points to an apparent paradox in the Euro‐zone. Underlying the model is a conception of the operation of the Euro‐zone as being neither wholly deterministic nor wholly chaotic, but as exhibiting a fundamental order subject to random influences. The subtlety and complexity of causes and the potential for instability is far more difficult than many analysts, whether pro‐ or anti‐EMU, are prepared to allow. It is this element of randomness that calls for resort to a strength–strain model, which explicitly sets out to classify the variables conducive to stability and instability—in particular, those relating to historical memories, the professional ideologies of central bankers, and the culture of capitalism.
Kenneth Dyson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241651
- eISBN:
- 9780191599118
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241651.003.0008
- Subject:
- Political Science, European Union
From the viewpoint of stability, the Eurozone needs to be established and maintained within a normative political consensus that provides strong moral grounds for compliance with its directives. This ...
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From the viewpoint of stability, the Eurozone needs to be established and maintained within a normative political consensus that provides strong moral grounds for compliance with its directives. This makes it less dependent on specific non‐normative mechanisms, such as the Growth and Stability Pact, and minimizes the ‘Hobbesian’ threat to its stability arising from the political or economic disaffection that attends a ‘democratic deficit’. The consensus also serves to maximize the Lockean and Kantian pro‐integrative pressures based on political trust and morality.Less
From the viewpoint of stability, the Eurozone needs to be established and maintained within a normative political consensus that provides strong moral grounds for compliance with its directives. This makes it less dependent on specific non‐normative mechanisms, such as the Growth and Stability Pact, and minimizes the ‘Hobbesian’ threat to its stability arising from the political or economic disaffection that attends a ‘democratic deficit’. The consensus also serves to maximize the Lockean and Kantian pro‐integrative pressures based on political trust and morality.
