Banking on Sterling: Britain's Independence from the Euro Zone

Banking on Sterling: Britain's Independence from the Euro Zone

by Ophelia Eglene

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Product Details

ISBN-13: 9780739144107
Publisher: Lexington Books
Publication date: 12/16/2010
Pages: 167
Product dimensions: 6.20(w) x 9.00(h) x 0.80(d)

About the Author

Ophelia Eglene is a visiting assistant professor in the political science department at Middlebury College.

Table of Contents

Figures ix

Tables xi

Abbreviations xiii

Acknowledgments xv

Chapter 1 Britain and the Euro: The Policy of Non-Decision 1

Chapter 2 Economic Actors and Monetary Policy 17

Chapter 3 The Structure of the British Economy 31

Chapter 4 The Conservative Party and EMU 49

Chapter 5 The Blair Years and the Euro 69

Chapter 6 Business and the Euro 87

Chapter 7 The City and the Euro 115

Chapter 8 Conclusion 135

Appendix 147

Bibliography 149

Index 163

What People are Saying About This

David Leblang

Even before the financial crisis that began in 2007, scholars and pundits alike mused about Britain's "strange" relationship with the European Union, asking why the UK has failed to join its neighbors and adopt the euro. Existing answers do more to muddle than provide clarity or guidance as to the answer. Ophelia Eglene provides a much needed contribution to this discussion. Using a vast array of quantitative and qualitative evidence she demonstrates how economic self interest as much as history and cultural ties to the pound explain Britain's reluctance to join the eurozone. Her book will be of great interest to economists, political scientists and historians who are interested in understanding individual and social factors that drive international economic policy.

Jeffry Frieden

In Banking on Sterling, Ophelia Eglene analyzes the political economy of British government policy toward the European Monetary System and the euro zone. She traces the trajectory of British policy from 1990 through 2007, demonstrating the impact of industrial and financial interests, as well as public opinion. Eglene grounds her analysis carefully in existing theoretical approaches, and brings to bear important evidence drawn both from the historical record and from original interviews with many of the principals. Banking on Sterling is particularly effective in demonstrating how the political economy of British policy changed over time as circumstances evolved. This book is a very valuable contribution to our understanding of the politics and economics of the euro, and of the European Union more broadly. It will also be read with great profit by anyone interested in the political economy of currency policy, and of foreign economic policy in general.

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