European States and the Euro: Europeanization, Variation, and Convergence

European States and the Euro: Europeanization, Variation, and Convergence

European States and the Euro: Europeanization, Variation, and Convergence

European States and the Euro: Europeanization, Variation, and Convergence

Synopsis

With Economic and Monetary Union, the European Union has embarked on one of the biggest projects in its history. Previous literature has focused on how EMU came into being and on the policy issues that it raises. European States and the Euro seeks to move the discussion forwards by offeringthe first systematic evaluation of how it is affecting EU states, both members and non-members of the Euro-Zone. It is the first book to explicitly situate EMU in the growing literature on Europeanization. It examines the effects on public policies, political structures, discourses, and identities. The book seeks to identify the scope of EMU's effects, the direction that it imparts to political and policy changes, the mechanisms by which it produces its effects, and the role of domestic institutions,political leadership and specific forms of discourse in shaping responses. In addition, the book assesses how, and with what effects, EMU is affecting key policy sectors labour markets and wages, welfare states, and financial market governance. What conditions the degree of convergence discerniblein these sectors? Finally, the book seeks to 'contextualize' EMU by assessing its effects both in comparison with other variables like globalization and in a historical perspective of the European Monetary System as a 'training ground'. The book combines sectoral and country case studies with athematic treatment by recognized experts in their fields. It moves from globalization, through EU-level changes, to member states and finally to specific sectors. The main conclusions are that EMU is most important in affecting the timing, tempo and rhythm of domestic change that these changes are experienced pre-eminently at the level of policy; that it strengthens pressures for convergence; but that different domestic institutional arrangements anddiscourses lead to variations in policy processes and effects and in the way change is 'framed'. In particular, whilst EMU contains a neo-liberalizing tendency exhibited most clearly in financial market effects, it is not to be characterized as a neo-liberal project by means of which the EU isbecoming an economic and social space simply converging around Anglo-American market capitalism.

Excerpt

Kenneth Dyson

Recent years have seen a growing output of publications dealing with Economic and Monetary Union (EMU) in Europe. Within this output certain themes stand out: how an emu agreement was possible (for example, Cameron 1995 ; Dyson and Featherstone 1999 ; Marcussen 2000a ; McNamara 1998 ; Moravcsik 1998 ; Verdun 2000a); the relationship between globalization and emu (for example, Gill 1995 ; Rosamond 1999 ; Young 2000); what kind of institutional arrangements are emerging at the European level (for example, Begg et al. 1998 ; Dyson 2000a); the basic institutional deficits and lack of 'embeddedness' of emu (Crouch 2000); broad effects on the European political economy, for instance on fiscal deficits and unemployment (for example, Frieden, Gros, and Jones 1998); and general implications for sovereignty (for example, Cohen 1998). in the media and public debates there have been regular vague allusions to the impact of emu on European states. This impact has also been treated in some books (for example, Cobham and Zis 1999 ; Giordano and Persaud 1998 ; Jones, Frieden, and Torres 1998 ; Moss and Michie 1998). But what is lacking is a systematic evaluation of the ways in which EMU—as a policy paradigm and an institutional framework of rules, procedures, and styles—is affecting European states. These effects are profound and cover public policies, political structures, discourse, and identities. By seeking to offer a balanced, in-depth assessment of EMU's impact on eu member states this book tries to fill an important gap in the literature.

Unlike other books treating the topic of the impact of emu on member states, this volume is explicitly situated in the new theoretical literature on the process of Europeanization (for example, Börzel 1999 ; Featherstone 2001 ; Goetz 2000 ; Green-Cowles, Caporaso, and Risse 2001 ; Hay and Rosamond 2000 ; Morlino 2000 ; Radaelli 2000). This literature draws attention to the interpenetration and complex interaction of European and domestic policies

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