The Euro at Ten: Europeanization, Power, and Convergence by Kenneth Dyson (Editor)

By Kenneth Dyson (Editor)

With monetary and financial Union (EMU) the ecu Union is launched into a big old political venture of bold technical complexity. In January 2009 the Euro region could be ten years outdated. What does the proof from the 1st decade let us know in regards to the importance of the euro for the european and its member states? This publication brings jointly various famous educational experts to envision the most political facets of this query. How, and in what methods, has the euro Europeanized states (members and non-members), their associations, rules and politics? What were its results at the position and use of strength? Has the euro generated convergence or divergence? What political styles could be pointed out? The ebook deals the 1st, in-depth and systematic political research of the 1st decade of the euro. It locations the euro in its international and ecu contexts; deals a suite of case stories of its results on a consultant pattern of european member states ('Anglo-Saxon', previous 'D-Mark Zone', east crucial eu and Baltic, Mediterranean, and Nordic); and appears at 3 key sectors (financial markets, wages and collective bargaining, and welfare reform). The ebook contributes to Europeanization experiences, comparative political financial system, and stories of monetary and fiscal Union (EMU). it will likely be of significant curiosity to scholars of the ecu Union and eu integration, comparative eu politics, and quarter and 'country' experiences.

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Additional resources for The Euro at Ten: Europeanization, Power, and Convergence

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It lacked the fundamental attributes of a polity: coherence between authority, 7 The First Decade function, and identity (Bartolini 2007). The EU’s ‘fuzzy’ character was exemplified in its simultaneous existence as an ‘actor’ with authority in monetary policy (in the Euro Area) and in competition policy and as an ‘arena’ for dialogue in tax policy, economic reform policies, and banking supervision. The Lisbon process of coordinating economic reforms illustrated the ‘fuzziness’: it talked the language of an actor but, outside single market measures, behaved as little more than an arena.

This ‘fuzziness’ was also apparent in the coexistence of ECOFIN, with all 27 EU member states, and the informal Euro Group of Euro Area finance ministers who coordinated, without legal authority, in areas like fiscal policy and economic reforms. Notably, financial market integration remained an EU-level rather than Euro Area–level matter. Neither the TARGET2 electronic wholesale payment system nor the Single Euro Payment Area (SEPA) remained solely Euro-Area matters. For purposes of payment systems, competition, fiscal policies, and single market matters, the Euro Area lacked independent authority and clear identity.

A similar broad consistency with European Commission, OECD and IMF estimates is to be found with respect to NAIRU. 3 per cent in 1995 to around 8 per cent in 2006 (ECB 2005b: 46–9). This decline is attributed to labour-market reforms and wage flexibility. The earlier increase in the NAIRU from the 1970s to the mid-1990s had reflected a combination of adverse shocks with rigid labour markets and resulting increases in structural unemployment. The two notable exceptions were Germany, where from the mid-1990s to 2004 the NAIRU increased, and the Netherlands, where the NAIRU had decreased between the early 1970s and the mid-1990s (also, the UK where it decreased from the mid-1980s).

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