European Union: Power and Policy-Making

By Jeremy Richardson | Go to book overview

Notes
1
This scenario might call into question the real irrevocability of the monetary union. It also involves a forfeit of some important advantages of a single currency.
2
This may jeopardise the very creation of the monetary union, since potential losers from the process would of course be reluctant to join in the first place.
3
For a fuller treatment of the theory of monetary union see, for example, Lintner and Church 2000; Lintner and Mazey 1991; Lintner 1997 and 1998; Edye and Lintner 1996; and DeGrauwe 1996.
4
For a full treatment of the issue of national sovereignty see Brouwer et al. 1994; Newman 1996; Strange 1996; and Milward et al. 1993.
5
The Conservative government had always refused to join the ERM until the ‘time is right’. The irony is, however, that they eventually joined at the time of German unification—it would be difficult to imagine a worse time to join, given that German unification led to higher interest rates than would otherwise have been appropriate, exacerbating or even partially causing the European recession of the early 1990s.
6
An area in which it is possible and beneficial to have fixed exchange rates, see Mundell 1961.
7
For a very readable account of the history and development of the UK’s relationship with the EEC/EC/EU, see Young 1998.
8
For a fuller treatment of EMU reform, see Lintner 2000.

References

a
Arthur W. (1988) Self-Reinforcing Mechanisms in Economics, in P. Anderson, K. Arrow and D. Pines (eds), The Economy as an Evolving Complex System, Redwood City: Addison-Wesley.

b
Brouwer, F., Lintner V. and Newman, M. (eds) (1994) Economic Policy and the European Union, London: Federal Trust.

c
Church, C. and Phinnemore, D. (1994) European Union and European Community, London: Harvester Wheatsheaf.
Commission of the European Communities (1977) Report of the Study Group on the Role of Public Finance in European Integration, Economic and Financial Series no. 13, vols 1 and 2 (The MacDougall Report).
Currie, D. (1997) The Pros and Cons of EMU, London: HM Treasury.

d
DeGrauwe, P. (1996) The Economics of Monetary Integration, 2nd edn, Oxford: Oxford University Press.
Dyson, K. (1994) Elusive Union, London: Longman.

e
Edye, D.M. and Lintner, V. (1996) Contemporary Europe: Economics, Politics and Society, London: Prentice-Hall.

h
Haas, E. (1958) The Uniting of Europe, Oxford: Oxford University Press.

l
Lintner, V. (1997) ‘Monetary Integration in the EU: Issues and Prospects, in V. Symes, C. Levy and J. Littlewood (eds), The Future of Europe: Problems and Issues for the Twenty-First Century, Basingstoke: Macmillan.
Lintner, V. (1998) Alternative Paths to Monetary Union, UNL European Dossier 45, London: University of North London.
Lintner, V. (2000) ‘Controlling EMU’, in C. Hoskins and M. Newman (eds), Democracy and the EU, Manchester: Manchester University Press.
Lintner, V. and Church, C. (2000) The European Union: Economic and Political Aspects, London: McGraw-Hill.
Lintner, V. and Mazey, S. (1991) The European Community: Economic and Political Aspects, London: McGraw-Hill.

m
Milward, A., Lynch, F., Romero, F., Ranieri, R. and Sorensen, V. (1993) The Frontier of National Sovereignty, London: Routledge.
Moravcsik, A. (1991) Negotiating the Single European Act, in R. Keohane and S. Hoffmann (eds), The New European Community, Oxford: Westview Press.
Mundell, R. (1961) ‘A Theory of Optimum Currency Areas’, American Economic Review 51:657-65.

-333-

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