European Responses to Globalization and Financial Market Integration : Perceptions of Economic and Monetary Union in Britain, France and Germany

by Verdun, Amy

• ISBN13: 9781403900593
• ISBN10: 1403900590
• Format: Paperback
• Copyright: 2002-10-11
• Publisher: Palgrave Macmillan

Summary

Contributing to the literature on European integration, this book investigates the perceptions of political actors towards the creation of Economic and Monetary Union (EMU) in Europe. The research is largely based on personal interviews conducted with key informants in central banks, finance ministries, employers' organizations, and trade unions in Britain, France, and Germany. It examines why actors perceived EMU to serve or frustrate their interests, concluding that actors favored the EMU for a variety of reasons.

Author Biography

Amy Verdun is Assistant Professor of Political Science at the University of Victoria.

Table of Contents

List of Tables	x
Preface	xi
Acknowledgements	xiii
List of Abbreviations	xvi
Introduction	1	(16)
Theoretical framework	3	(1)
A short historical background to EMU	4	(4)
Selection of actors	8	(2)
Aim of the study	10	(1)
Assumptions and levels of analysis	11	(3)
The research question	14	(1)
The research method	15	(2)
Economic and Political Theories of Integration	17	(31)
Economic rationale behind integration	17	(4)
Theories of economic integration	21	(6)
Political theories of integration	27	(11)
Explanations of EMU -- a literature survey	38	(6)
An eclectic theory of integration	44	(4)
A History of European Monetary Integration	48	(28)
Three communities	49	(3)
Between the Rome Treaty and the Hague Summit (1958--69)	52	(4)
The Werner Report and its aftermath (1970--4)	56	(14)
European monetary disillusion (1974--7)	70	(6)
From the EMS to EMU	76	(27)
The EMS (1978--88)	76	(4)
The relaunching of EMU -- the Delors Report	80	(8)
The intergovernmental conferences leading to the Maastricht Treaty	88	(4)
Post Maastricht: a post-mortem?	92	(4)
Conclusions	96	(7)
Methodology	103	(14)
Qualitative and quantitative research	103	(1)
Interviews: a way to answer certain questions	104	(2)
The method used for this research	106	(4)
The questionnaire	110	(6)
Conclusion	116	(1)
Perceptions of Economic and Monetary Integration	117	(44)
Question 1: History of EMU: why Werner/EMS were (not) desirable -- the interests of the organization at that time	118	(12)
Question 2: Under which conditions is EMU desirable? Attitudes towards the Delors Report, `One Market, One Money' and the Maastricht Treaty	130	(16)
Question 4: the future EMU and its effects	146	(12)
Short summary of the main findings	158	(3)
Comparing Actors' Perceptions	161	(23)
The central banks	161	(3)
Finance Ministries	164	(3)
Employers' organizations	167	(2)
Trade unions	169	(2)
Conclusions -- the horizontal comparison	171	(1)
The vertical comparison -- comparing the actors within each country	172	(1)
Britain	173	(4)
France	177	(2)
Germany	179	(2)
Conclusions	181	(3)
Conclusions	184	(30)
Economic theories not persuasive	186	(1)
Limits of neo-functionalism and intergovernmentalism for understanding EMU	187	(4)
Lessons from history	191	(4)
A critique of integration theory: the development of an eclectic theory	195	(4)
Actors' perceptions of EMU	199	(5)
Analysing the results	204	(2)
Applying the eclectic theory	206	(4)
In conclusion	210	(3)
Recommendations for further research	213	(1)
Notes	214	(14)
References	228	(23)
Subject Index	251	(8)
Author Index	259