Amy Verdun
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198297574
- eISBN:
- 9780191598982
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198297572.003.0005
- Subject:
- Political Science, European Union
The Economic and Monetary Union (EMU) resulted from the convergence of ideas about the aim of monetary policy and the design of EMU. It will lead to a further revival of the EU if there remains a ...
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The Economic and Monetary Union (EMU) resulted from the convergence of ideas about the aim of monetary policy and the design of EMU. It will lead to a further revival of the EU if there remains a clear consensus and widespread support for common ideas on the objectives of economic and monetary policy. On the other hand, the EMU may pose a serious risk to the integration process if its costs and benefits are unevenly spread across EU member states, sectors, regions, and citizens.Less
The Economic and Monetary Union (EMU) resulted from the convergence of ideas about the aim of monetary policy and the design of EMU. It will lead to a further revival of the EU if there remains a clear consensus and widespread support for common ideas on the objectives of economic and monetary policy. On the other hand, the EMU may pose a serious risk to the integration process if its costs and benefits are unevenly spread across EU member states, sectors, regions, and citizens.
Erik Jones
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198297574
- eISBN:
- 9780191598982
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198297572.003.0007
- Subject:
- Political Science, European Union
This chapter examines how the creation of the Economic and Monetary Union (EMU) spawned a new political economy of adjustment in Europe. It is argued that the EMU is changing how Europeans adjust to ...
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This chapter examines how the creation of the Economic and Monetary Union (EMU) spawned a new political economy of adjustment in Europe. It is argued that the EMU is changing how Europeans adjust to other economic developments. These changes in European patterns of adjustment will affect the stability of the EMU.Less
This chapter examines how the creation of the Economic and Monetary Union (EMU) spawned a new political economy of adjustment in Europe. It is argued that the EMU is changing how Europeans adjust to other economic developments. These changes in European patterns of adjustment will affect the stability of the EMU.
David McKay
- Published in print:
- 1999
- Published Online:
- October 2011
- ISBN:
- 9780198296775
- eISBN:
- 9780191685279
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198296775.001.0001
- Subject:
- Political Science, European Union
This book examines the decision to adopt European Monetary Union (EMU) as a federal bargain by the European Union, designed to provide the countries of Europe with a bulwark against the volatility of ...
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This book examines the decision to adopt European Monetary Union (EMU) as a federal bargain by the European Union, designed to provide the countries of Europe with a bulwark against the volatility of the international economy. Although the precise motives of the participants varied from country to country, all were agreed that only federal-like political and economic arrangements would provide a guarantee of economic and political stability. The book provides a coherent theoretical framework for understanding the decisions taken at Maastricht and later. By making comparisons with other federations, the book also examines the political and economic conditions under which federations succeed or fail. It concludes that EMU will only be politically sustainable if novel ways are found to limit centrally imposed fiscal and spending policies.Less
This book examines the decision to adopt European Monetary Union (EMU) as a federal bargain by the European Union, designed to provide the countries of Europe with a bulwark against the volatility of the international economy. Although the precise motives of the participants varied from country to country, all were agreed that only federal-like political and economic arrangements would provide a guarantee of economic and political stability. The book provides a coherent theoretical framework for understanding the decisions taken at Maastricht and later. By making comparisons with other federations, the book also examines the political and economic conditions under which federations succeed or fail. It concludes that EMU will only be politically sustainable if novel ways are found to limit centrally imposed fiscal and spending policies.
Robert Boyer
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198296393
- eISBN:
- 9780191599002
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296398.003.0002
- Subject:
- Political Science, European Union
The institutional deficits surrounding the single European currency are formally analysed, and a number of possible future scenarios is outlined.
The institutional deficits surrounding the single European currency are formally analysed, and a number of possible future scenarios is outlined.
Loukas Tsoukalis
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780199279487
- eISBN:
- 9780191602979
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199279489.003.0006
- Subject:
- Political Science, European Union
This chapter presents a brief history of the economic and monetary union (EMU) in Europe, and examines its implications for the future of European integration. It argues that the EMU is a high-risk ...
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This chapter presents a brief history of the economic and monetary union (EMU) in Europe, and examines its implications for the future of European integration. It argues that the EMU is a high-risk strategy, given the combination of fixed exchange rates and ‘one-size-fits-all’ monetary policy with very weak adjustment mechanisms and economic divergence. If managed badly, the EMU would have a negative effect on output and employment for the EU as a whole. The success of the EMU rests on a stronger and more integrated EU in both political and economic terms, as well as major structural reforms.Less
This chapter presents a brief history of the economic and monetary union (EMU) in Europe, and examines its implications for the future of European integration. It argues that the EMU is a high-risk strategy, given the combination of fixed exchange rates and ‘one-size-fits-all’ monetary policy with very weak adjustment mechanisms and economic divergence. If managed badly, the EMU would have a negative effect on output and employment for the EU as a whole. The success of the EMU rests on a stronger and more integrated EU in both political and economic terms, as well as major structural reforms.
Loukas Tsoukalis
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780199250158
- eISBN:
- 9780191599439
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199250154.003.0019
- Subject:
- Political Science, European Union
This chapter first briefly traces the history of European monetary integration. It then examines: the politics and economics of the Maastricht Treaty and Economic and Monetary Union/European Monetary ...
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This chapter first briefly traces the history of European monetary integration. It then examines: the politics and economics of the Maastricht Treaty and Economic and Monetary Union/European Monetary Union (EMU); the convergence criteria and the transition to the final stage; and the institutional structure provided for in the treaty. It concludes with the main outstanding issues, drawing on the experience of the first two years of life with the euro, and the prospects for the future.Less
This chapter first briefly traces the history of European monetary integration. It then examines: the politics and economics of the Maastricht Treaty and Economic and Monetary Union/European Monetary Union (EMU); the convergence criteria and the transition to the final stage; and the institutional structure provided for in the treaty. It concludes with the main outstanding issues, drawing on the experience of the first two years of life with the euro, and the prospects for the future.
Tommaso Padoa-Schioppa
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780199241767
- eISBN:
- 9780191596742
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241767.001.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This is a guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty in 1992. The 2000 edition has only a few changes, but has been ...
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This is a guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty in 1992. The 2000 edition has only a few changes, but has been expanded six years after the original publication date to assess the economic, monetary, political, and institutional significance of the euro. It also reconsiders the rationale and underlying philosophy of European Monetary Union (EMU) in the light of the developments of the previous decade. A central theme is the proposition that a group of sovereign countries cannot for long sustain free trade, unrestricted capital movements, fixed exchange rates, and full autonomy of national macroeconomic policies, so they need to move towards monetary union and a single currency. Issues that are extensively discussed include the single currency, the tasks of a European Central Bank (ECB), the European Currency Unit (ECU), the role of budgetary rules, currency competition, and the relationship between the EMU and political union. Appendices contain extracts from official documents dealing with EMU and an extensive chronology. The book is directed at academic and business economists interested in the issues surrounding EMU, commentators, and policy‐makers.Less
This is a guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty in 1992. The 2000 edition has only a few changes, but has been expanded six years after the original publication date to assess the economic, monetary, political, and institutional significance of the euro. It also reconsiders the rationale and underlying philosophy of European Monetary Union (EMU) in the light of the developments of the previous decade. A central theme is the proposition that a group of sovereign countries cannot for long sustain free trade, unrestricted capital movements, fixed exchange rates, and full autonomy of national macroeconomic policies, so they need to move towards monetary union and a single currency. Issues that are extensively discussed include the single currency, the tasks of a European Central Bank (ECB), the European Currency Unit (ECU), the role of budgetary rules, currency competition, and the relationship between the EMU and political union. Appendices contain extracts from official documents dealing with EMU and an extensive chronology. The book is directed at academic and business economists interested in the issues surrounding EMU, commentators, and policy‐makers.
Kathleen R. McNamara
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780199257409
- eISBN:
- 9780191600951
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019925740X.003.0012
- Subject:
- Political Science, European Union
This is the first of three chapters on salient EU policy innovations and expansion between 2000 and 2002, and it looks at European monetary policy (monetary integration) in light of the introduction ...
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This is the first of three chapters on salient EU policy innovations and expansion between 2000 and 2002, and it looks at European monetary policy (monetary integration) in light of the introduction of the Euro on 1 January 2002. McNamara compares the introduction of the Euro with historical cases of currency unification, and demonstrates why patterns of legal, political, and social authority creation at the supranational level must be taken into account to understand recent developments. The first section of the chapter briefly outlines the history of the Euro and EMU (European Monetary Union), and the second examines the potential for currency to act as an engine of institutional innovation and expansion by reviewing the literature on comparative political development, and generating a template for understanding the specific mechanisms that might link currency creation to political development. The third section situates this theoretical discussion within a historical perspective on monetary and institutional change, and the final section turns to a discussion of the potential future trajectory of the EU, asking whether the similar origins of currency consolidation are likely to produce similar results in terms of broader state‐building effects as described in the comparative political development literature. It is argued that the American historical example suggests the potential paths towards a federal Europe that the introduction of the Euro may portend, most importantly in terms of fiscal capacity.Less
This is the first of three chapters on salient EU policy innovations and expansion between 2000 and 2002, and it looks at European monetary policy (monetary integration) in light of the introduction of the Euro on 1 January 2002. McNamara compares the introduction of the Euro with historical cases of currency unification, and demonstrates why patterns of legal, political, and social authority creation at the supranational level must be taken into account to understand recent developments. The first section of the chapter briefly outlines the history of the Euro and EMU (European Monetary Union), and the second examines the potential for currency to act as an engine of institutional innovation and expansion by reviewing the literature on comparative political development, and generating a template for understanding the specific mechanisms that might link currency creation to political development. The third section situates this theoretical discussion within a historical perspective on monetary and institutional change, and the final section turns to a discussion of the potential future trajectory of the EU, asking whether the similar origins of currency consolidation are likely to produce similar results in terms of broader state‐building effects as described in the comparative political development literature. It is argued that the American historical example suggests the potential paths towards a federal Europe that the introduction of the Euro may portend, most importantly in terms of fiscal capacity.
Jonathan Story
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199283958
- eISBN:
- 9780191603297
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199283958.003.0010
- Subject:
- Political Science, European Union
The battle of the systems within the EU is as lively as it ever was, if not livelier. Europe is not converging on a single capitalism, but the many national forms it takes are all subject to similar ...
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The battle of the systems within the EU is as lively as it ever was, if not livelier. Europe is not converging on a single capitalism, but the many national forms it takes are all subject to similar forces. There is convergence in the processes at work in the world and in Europe — the complex processes often summarized as ‘globalization’ — but there is continued divergence in national structures. Convergence with the USA is otherwise taking place for political reasons, since the euro is working as a neo-liberal engine.Less
The battle of the systems within the EU is as lively as it ever was, if not livelier. Europe is not converging on a single capitalism, but the many national forms it takes are all subject to similar forces. There is convergence in the processes at work in the world and in Europe — the complex processes often summarized as ‘globalization’ — but there is continued divergence in national structures. Convergence with the USA is otherwise taking place for political reasons, since the euro is working as a neo-liberal engine.
Tanja A. Börzel and Rachel A. Cichowski (eds)
- Published in print:
- 2003
- Published Online:
- April 2004
- ISBN:
- 9780199257409
- eISBN:
- 9780191600951
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019925740X.001.0001
- Subject:
- Political Science, European Union
This is the sixth volume in the biennial series State of the European Union, which was launched in 1991 and is produced under the auspices of the European Union Studies Association (EUSA). It takes ...
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This is the sixth volume in the biennial series State of the European Union, which was launched in 1991 and is produced under the auspices of the European Union Studies Association (EUSA). It takes the dynamic interaction between law, politics, and society as a starting point to think critically about recent developments and future innovations in European integration and EU studies. The book provides an overview of recent key events in the EU, while illuminating how these institutional (formal legal) developments impact on ordinary individuals and EU politics. For example, it examines the European Convention with the possibility of an EU constitution, and asks what impact the creation of judicially enforceable rights may have on Europeans and European integration, and how the opportunity for new rights claims alters the balance of power between individuals and EU organizations (such as the European Court of Justice vis‐á‐vis national governments in EU policy expansion). The book also seeks to provide a unique and interdisciplinary approach to studying the EU by bringing together legal scholars and political scientists. Chapter contributors offer readers sophisticated theoretical and empirical accounts of new developments. Issues such as enlargement, immigration reform, and monetary union require a precise understanding of an increasingly complex set of formal legal rules (the domain of legal scholars), and, equally important, of the effects on ordinary citizens and political participation (the power struggles that concern political scientists). The volume seeks to integrate these two approaches and bridge the divide between them. It is arranged in eight parts: I, EU Law and Politics: The State of the Discipline (3 chapters concerned with broad changes, both theoretical and substantive, in the area of EU politics and law); II, Structures of Governance (3 chapters providing in‐depth analyses of new structures of governance and modes of decision making in the EU); III, EU Citizen Rights and Civil Society (2 chapters) and IV, EU Law in Action (3 chapters), which engage the many processes and recent developments characterizing the interactions between law, politics, and society in the EU; V, Innovation and Expansion (3 chapters analysing the salient policy innovations and expansion since 2000, from monetary to immigration policy); VI, Researching and Teaching the EU (2 chapters discussing cutting‐edge techniques, methodology, and resources for research and teaching in the area of EU studies); VII, References; and VIII, List of Contributors.Less
This is the sixth volume in the biennial series State of the European Union, which was launched in 1991 and is produced under the auspices of the European Union Studies Association (EUSA). It takes the dynamic interaction between law, politics, and society as a starting point to think critically about recent developments and future innovations in European integration and EU studies. The book provides an overview of recent key events in the EU, while illuminating how these institutional (formal legal) developments impact on ordinary individuals and EU politics. For example, it examines the European Convention with the possibility of an EU constitution, and asks what impact the creation of judicially enforceable rights may have on Europeans and European integration, and how the opportunity for new rights claims alters the balance of power between individuals and EU organizations (such as the European Court of Justice vis‐á‐vis national governments in EU policy expansion). The book also seeks to provide a unique and interdisciplinary approach to studying the EU by bringing together legal scholars and political scientists. Chapter contributors offer readers sophisticated theoretical and empirical accounts of new developments. Issues such as enlargement, immigration reform, and monetary union require a precise understanding of an increasingly complex set of formal legal rules (the domain of legal scholars), and, equally important, of the effects on ordinary citizens and political participation (the power struggles that concern political scientists). The volume seeks to integrate these two approaches and bridge the divide between them. It is arranged in eight parts: I, EU Law and Politics: The State of the Discipline (3 chapters concerned with broad changes, both theoretical and substantive, in the area of EU politics and law); II, Structures of Governance (3 chapters providing in‐depth analyses of new structures of governance and modes of decision making in the EU); III, EU Citizen Rights and Civil Society (2 chapters) and IV, EU Law in Action (3 chapters), which engage the many processes and recent developments characterizing the interactions between law, politics, and society in the EU; V, Innovation and Expansion (3 chapters analysing the salient policy innovations and expansion since 2000, from monetary to immigration policy); VI, Researching and Teaching the EU (2 chapters discussing cutting‐edge techniques, methodology, and resources for research and teaching in the area of EU studies); VII, References; and VIII, List of Contributors.
Peter Leslie
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198296409
- eISBN:
- 9780191599989
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296401.003.0011
- Subject:
- Political Science, European Union
Differentiated integration, e.g. arising out of the flexibility provisions of the Amsterdam Treaty, is a special instance of functional asymmetry within compound political systems such as federal ...
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Differentiated integration, e.g. arising out of the flexibility provisions of the Amsterdam Treaty, is a special instance of functional asymmetry within compound political systems such as federal states or the EU. Functional asymmetry exists when central decision‐making applies unevenly across the system; the system is asymmetrical in that some of the participants (provinces, member states) exercise greater powers than others. This chapter explores when and why such an arrangement may be acceptable to participants or may even be imposed (as with admission rules for EMU). It argues that states’ attitudes towards asymmetry may be shaped (1) by economic calculation (cost/benefit), (2) by possible tendency to link economic issues with non‐economic ones (democracy, human rights), or (3) by institutional design, which may permit matching of functional asymmetries with political ones (uneven participation in central decision‐making). In all three respects, the question arises, what is fair, or reasonable? Judgements on such matters are inherently subjective, but still may be the focus of reasoned discussion identifying two possible abuses of asymmetry: privilege and exclusion.Less
Differentiated integration, e.g. arising out of the flexibility provisions of the Amsterdam Treaty, is a special instance of functional asymmetry within compound political systems such as federal states or the EU. Functional asymmetry exists when central decision‐making applies unevenly across the system; the system is asymmetrical in that some of the participants (provinces, member states) exercise greater powers than others. This chapter explores when and why such an arrangement may be acceptable to participants or may even be imposed (as with admission rules for EMU). It argues that states’ attitudes towards asymmetry may be shaped (1) by economic calculation (cost/benefit), (2) by possible tendency to link economic issues with non‐economic ones (democracy, human rights), or (3) by institutional design, which may permit matching of functional asymmetries with political ones (uneven participation in central decision‐making). In all three respects, the question arises, what is fair, or reasonable? Judgements on such matters are inherently subjective, but still may be the focus of reasoned discussion identifying two possible abuses of asymmetry: privilege and exclusion.
David R. Cameron
- Published in print:
- 1998
- Published Online:
- April 2004
- ISBN:
- 9780198294641
- eISBN:
- 9780191601071
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198294646.003.0007
- Subject:
- Political Science, European Union
Seeks to understand why some member‐states of the European Community attempted, with eventual success, to extend supranational authority in the domain of monetary and exchange‐rate policy and to ...
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Seeks to understand why some member‐states of the European Community attempted, with eventual success, to extend supranational authority in the domain of monetary and exchange‐rate policy and to anticipate some of the probable consequences of such extension. It begins by analysing the beliefs that originally underpinned the attempt, concerning the perceived need to resolve the community tensions inherent in independent economic policy‐making. It then considers the economic, political and institutional dilemmas, and uncertainties likely to confront member‐states as economic integration proceeds. Concentrating on the issues of low growth and high unemployment, it assesses how far European Monetary Union is likely to provide a remedy, and whether it will be necessary or desirable to create a counterweight to the authority of the European Central Bank, and to create new supranational organizations in the domain of European macroeconomic governance.Less
Seeks to understand why some member‐states of the European Community attempted, with eventual success, to extend supranational authority in the domain of monetary and exchange‐rate policy and to anticipate some of the probable consequences of such extension. It begins by analysing the beliefs that originally underpinned the attempt, concerning the perceived need to resolve the community tensions inherent in independent economic policy‐making. It then considers the economic, political and institutional dilemmas, and uncertainties likely to confront member‐states as economic integration proceeds. Concentrating on the issues of low growth and high unemployment, it assesses how far European Monetary Union is likely to provide a remedy, and whether it will be necessary or desirable to create a counterweight to the authority of the European Central Bank, and to create new supranational organizations in the domain of European macroeconomic governance.
James Forder and Peter Oppenheimer
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198280354
- eISBN:
- 9780191599422
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198280351.003.0012
- Subject:
- Political Science, Comparative Politics
The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and ...
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The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and growth. This involved capitulation in the 1980s to German Bundesbank insistence. The resulting disinflationary impetus in the Maastricht convergence criteria was relayed by successive reports from the European Commission rejecting responsibility for output and employment levels.Less
The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and growth. This involved capitulation in the 1980s to German Bundesbank insistence. The resulting disinflationary impetus in the Maastricht convergence criteria was relayed by successive reports from the European Commission rejecting responsibility for output and employment levels.
Volbert Alexander, George M. von Furstenberg, and Jacques Mélitz (eds)
- Published in print:
- 2004
- Published Online:
- August 2004
- ISBN:
- 9780199271405
- eISBN:
- 9780191601200
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199271402.001.0001
- Subject:
- Economics and Finance, Economic Systems
Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly ...
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Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly critical for the choice of currency denomination. Conversely, the exchange value and prospective usefulness of small currencies becomes less certain, and transaction costs for them may rise. Economic instability is invited as currency and portfolio substitution with the dominant international currency denomination increase the likelihood of currency mismatches and financial crises. In view of these failings of many of the financially small currencies, the number of currencies worldwide well may shrink greatly in the decades ahead.Drawing lessons mostly from contemporary developments, this book analyzes current approaches to overcoming excessive monetary division within integrating regions. It focuses on the effects of monetary or currency unions on trade among members and on their financial development and stability. In the process, contributors analyze the promise and subversion of hard pegs such as that attempted by the currency board of Argentina. They also examine unilateral dollarization -- adopted in a few countries formally, and in many more informally without giving up the local currency -- and multilateral monetary union in Europe. There the euro functions as an innovative, non-hegemonic form of internationally shared and co-managed fiat money that will also be adopted by the 2004 class of European-Union accession countries in coming years.Less
Financial services with global reach are a highly information-intensive business. In it, the ability to deliver reliable price formation, global liquidity, and network benefits is increasingly critical for the choice of currency denomination. Conversely, the exchange value and prospective usefulness of small currencies becomes less certain, and transaction costs for them may rise. Economic instability is invited as currency and portfolio substitution with the dominant international currency denomination increase the likelihood of currency mismatches and financial crises. In view of these failings of many of the financially small currencies, the number of currencies worldwide well may shrink greatly in the decades ahead.
Drawing lessons mostly from contemporary developments, this book analyzes current approaches to overcoming excessive monetary division within integrating regions. It focuses on the effects of monetary or currency unions on trade among members and on their financial development and stability. In the process, contributors analyze the promise and subversion of hard pegs such as that attempted by the currency board of Argentina. They also examine unilateral dollarization -- adopted in a few countries formally, and in many more informally without giving up the local currency -- and multilateral monetary union in Europe. There the euro functions as an innovative, non-hegemonic form of internationally shared and co-managed fiat money that will also be adopted by the 2004 class of European-Union accession countries in coming years.
Stephen Clarkson
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198296393
- eISBN:
- 9780191599002
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296398.003.0005
- Subject:
- Political Science, European Union
NAFTA has not followed the EU in developing a single currency. The author analyses the case for and against a potential US dollar union from a Canadian perspective, explaining a preference for ...
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NAFTA has not followed the EU in developing a single currency. The author analyses the case for and against a potential US dollar union from a Canadian perspective, explaining a preference for avoiding monetary union.Less
NAFTA has not followed the EU in developing a single currency. The author analyses the case for and against a potential US dollar union from a Canadian perspective, explaining a preference for avoiding monetary union.
Amy Verdun and Thomas Christiansen
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198296393
- eISBN:
- 9780191599002
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296398.003.0006
- Subject:
- Political Science, European Union
Whereas in democratic national systems institutions are legitimated by a political community, at the European level institutions are constructed in order to produce such a community. As a result, ...
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Whereas in democratic national systems institutions are legitimated by a political community, at the European level institutions are constructed in order to produce such a community. As a result, institutions like monetary union run a risk of having low popular legitimacy. The authors use this issue to consider the general problem of EU legitimacy.Less
Whereas in democratic national systems institutions are legitimated by a political community, at the European level institutions are constructed in order to produce such a community. As a result, institutions like monetary union run a risk of having low popular legitimacy. The authors use this issue to consider the general problem of EU legitimacy.
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.
Colin Crouch
- Published in print:
- 2000
- Published Online:
- November 2003
- ISBN:
- 9780198296393
- eISBN:
- 9780191599002
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198296398.003.0008
- Subject:
- Political Science, European Union
As nation states lose a number of monetary and fiscal policy powers through the introduction of European monetary union, national industrial relations systems may acquire a new importance. Within ...
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As nation states lose a number of monetary and fiscal policy powers through the introduction of European monetary union, national industrial relations systems may acquire a new importance. Within those countries where neo‐corporatist collective bargaining survives, it becomes a means whereby wages can adapt to different levels of productivity and competitiveness when devaluation and variable interest rates are no longer an option.Less
As nation states lose a number of monetary and fiscal policy powers through the introduction of European monetary union, national industrial relations systems may acquire a new importance. Within those countries where neo‐corporatist collective bargaining survives, it becomes a means whereby wages can adapt to different levels of productivity and competitiveness when devaluation and variable interest rates are no longer an option.
Loukas Tsoukalis
- Published in print:
- 2005
- Published Online:
- October 2005
- ISBN:
- 9780199279487
- eISBN:
- 9780191602979
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199279489.003.0003
- Subject:
- Political Science, European Union
This chapter analyses the winners and losers in European integration. Integration has been perceived as a positive-sum game, involving the joint management of economic interdependence for increasing ...
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This chapter analyses the winners and losers in European integration. Integration has been perceived as a positive-sum game, involving the joint management of economic interdependence for increasing open economies, the intermeshing and interlocking of sovereign political entities as a means of consolidating peace and security on a continent with a long history of national rivalries and bloody conflict, and the strengthening of democratic institutions. However, these have gradually disappeared with the worsening economic environment, deepening integration, and increasing inability of the nation-state to redistribute internally. The division between winners and losers has become a more important issue within countries rather than between countries.Less
This chapter analyses the winners and losers in European integration. Integration has been perceived as a positive-sum game, involving the joint management of economic interdependence for increasing open economies, the intermeshing and interlocking of sovereign political entities as a means of consolidating peace and security on a continent with a long history of national rivalries and bloody conflict, and the strengthening of democratic institutions. However, these have gradually disappeared with the worsening economic environment, deepening integration, and increasing inability of the nation-state to redistribute internally. The division between winners and losers has become a more important issue within countries rather than between countries.
Herbert G. Grubel
- Published in print:
- 2003
- Published Online:
- November 2003
- ISBN:
- 9780195155358
- eISBN:
- 9780199832989
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0195155351.003.0019
- Subject:
- Economics and Finance, International
This chapter examines the benefits and costs of a common currency for Canada, the United States, and Mexico. It is argued that the experience of the European Monetary Union and countries such as ...
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This chapter examines the benefits and costs of a common currency for Canada, the United States, and Mexico. It is argued that the experience of the European Monetary Union and countries such as Argentina show that labour market flexibility will increase as exchange rate adjustments are no longer available to absorb the consequences of rigidities. Canada and Mexico should take the lead in demanding the creation of a North American monetary union.Less
This chapter examines the benefits and costs of a common currency for Canada, the United States, and Mexico. It is argued that the experience of the European Monetary Union and countries such as Argentina show that labour market flexibility will increase as exchange rate adjustments are no longer available to absorb the consequences of rigidities. Canada and Mexico should take the lead in demanding the creation of a North American monetary union.
