European Responses to Globalization and Financial Market by A. Verdun

By A. Verdun

This ebook investigates the perceptions of political actors in the direction of the construction of monetary and fiscal Union (EMU) in Europe. The learn is basically in response to own interviews performed with key informants in important banks, finance ministries, employers' agencies and alternate unions in Britain, France and Germany. It examines why actors perceived EMU to serve or frustrate their pursuits. It concludes that actors favoured EMU for a number of purposes. The e-book contributes to the literature of ecu integration and contains financial, political and old evidence.

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Extra resources for European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany (International Political Economy Series)

Example text

Economists have generally distinguished four forms or stages of economic integration: (i) free trade areas, in which the associated countries agree to remove the barriers to trade between them but all may have different barriers to third countries; (ii) customs unions, in which a common external tariff is decided upon vis-à-vis non-associated countries; (iii) common markets, which embody a customs union and allow capital and people (labour) to move freely in the area; (iv) economic unions with centralized or harmonized decision-making concerning monetary, fiscal and other policy areas (cf.

Aiming for low inflation had become considered the best policy option. With respect to the benefits of trade, it was assumed that fixed exchange rates provided more security, hence, again a lower risk premium, and thus producing more economic growth. Economic and Political Theories of Integration 23 Benefits of EMU What are considered to be the benefits of EMU? Many benefits refer to the full exploitation of the benefits derived from a larger European Single Market – more internal competition and increasing economies of scale.

12 This reflected the official line set out by the EC Commission. The major work in the field, ‘One Market, One Money’,13 and the so-called ‘background studies’ were written by officials of the Directorate General for Economic and Financial Affairs (DG II) of the EC Commission and external experts selected by DG II to calculate the costs and benefits of EMU. Public debate at the time had not focused on EMU. In subsequent years the EMU plans did attract more criticism (see inter alia Feldstein, 1992).

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