Monetary Integration in the European Union

Overview

The European Union Series

Series Editors: Neill Nugent William E. Paterson

The euro has been a remarkable success. By its tenth anniversary in 2009 it had become one of the world's major currencies, rivaled only by the US dollar in usage and global influence. It is used by 320 million people in 16 counties, and these figures look set to rise as, with the exception of Britain and Denmark, all European Union ...

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Overview

The European Union Series

Series Editors: Neill Nugent William E. Paterson

The euro has been a remarkable success. By its tenth anniversary in 2009 it had become one of the world's major currencies, rivaled only by the US dollar in usage and global influence. It is used by 320 million people in 16 counties, and these figures look set to rise as, with the exception of Britain and Denmark, all European Union Member States are obliged to adopt the currency.

This major new text provides a theoretically-informed account of Economic and Monetary Union in the EU. It examines the history of European monetary integration, from its origins in the Bretton Woods Agreements through to the adoption of the euro by the accession states of Central and Eastern Europe. It provides a clear explanation of the key policies and institutions of economic integration and examines the role played by the euro in international markets. While it is informed throughout by the latest research in economics and political science, the book's technical discussion has been kept to a minimum to help make it an extremely readable introduction to European monetary integration.

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Product Details

  • ISBN-13: 9780230542846
  • Publisher: Palgrave Macmillan
  • Publication date: 4/14/2009
  • Series: The European Union Series
  • Pages: 272
  • Product dimensions: 5.70 (w) x 8.60 (h) x 1.10 (d)

Meet the Author

MICHELLE CHANG is Professor in European Political and Administrative Studies, College of Europe (Bruges).

NEILL NUGENT is Professor of Politics and Jean Monnet Professor of European Integration at Manchester Metropolitan University.

WILLIAM E. PATERSON is Director of the Institute for German Studies at the University of Birmingham, UK, and Chairman of the German-British Forum. A founding editor of German Politics he has published widely in the fields of German and European politics. His most recent major publication is Governance in Contemporary Germany which he co-edited with Simon Green.

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Table of Contents

List of figures, tables and boxes vii

Abbreviations ix

Preface xi

1 Introduction 1

Understanding monetary integration - ideas, interests and institutions 6

Plan of the book 10

2 The origins of economic and monetary union 15

Bretton Woods and the return to fixed exchange rates 15

The end of Bretton Woods and the beginning of European monetary cooperation 21

The European Monetary System and the road towards EMU 26

Theoretical considerations 37

Conclusion 43

3 The birth of the euro and the Eurozone 45

Negotiating and renegotiating monetary union 45

Launching monetary union 57

Theoretical considerations 63

Conclusion 69

4 The institutions and decision processes of monetary union 71

Architecture 71

EMU's major actors 77

Accountability and governance 86

Reforming the Eurozone's governance system 92

Theoretical considerations 94

Conclusion 101

5 Centralizing monetary policy cooperation: the European Central Bank 103

The road (back) to Frankfurt 103

Structure of the ECB 106

Operations of the ECB 112

The ECB and its critics 114

Theoretical considerations 117

Conclusion 122

6 Decentralizing economic policy cooperation: the Stability and Growth Pact and the Lisbon Strategy 123

The Stability and Growth Pact 124

Theoretical considerations 132

Economic policy coordination: soft law and the open method of coordination 139

Theoretical considerations 153

Conclusion 158

7 The European Union without EMU: the United Kingdom, Denmark, Sweden and the accession countries 160

How to become a member of the euro area 161

Opting-out - the United Kingdom and Denmark 162

States without opt-outs 171

Theoreticalconsiderations 179

Conclusion 190

8 The international role of the euro 192

Challenging the dollar? 192

External representation 200

Future prospects 213

Theoretical considerations 218

Conclusion 221

9 The Eurozone: an initial balance sheet 223

Economic consequences of the euro 223

Political consequences of the euro 239

Theoretical considerations 245

Conclusion 251

Conclusion: an efficient and legitimate EMU? 253

Glossary 262

Bibliography 274

Index 304

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