| Author (Person) | McKay, David |
|---|---|
| Publisher | Oxford University Press |
| Publication Date | 1999 |
| ISBN | 0-19-829677-0 |
| Content Type | Textbook | Monograph |
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Book abstract: Federalism and European Union identifies the decision to adopt Economic and Monetary Union as a federal bargain between the member states and the European Union designed to provide vulnerable economies with a bulwark against inflation and a volatile international economy. Although the precise motives of the participants varied from country to country, all were agreed that only federal-like political and economic arrangements would provide a guarantee of economic and political stability. The decision to cede control of one of the most important of all government functions - macroeconomic policy - to a central authority marks Maastricht out as quite different from all the previous and subsequent moves towards European integration. The author provides a coherent theoretical framework for understanding both the origins and the political implications of the decisions taken at Maastricht. He argues that Maastricht represented a sea change in the history of European integration, because in effect the negotiating parties were in the business of creating a new federal state. By making comparisons with other federations, the book also examines the political and economic conditions under which federations succeed or fail. It concludes that EMU will only be politically sustainable if novel ways are found to limit centrally imposed fiscal and spending policies. The book is divided into two parts. The first part, On the origins of European Union, contains chapters on: The puzzle of the European Union; Federal theory and European Union; Understanding European Union I: 1945-1982; Understanding European Union II: 1983-1992; and Aftermath, 1992 and 1993. The second part, On the viability of political unions, has chapters on Theory; Applications; and Prospects for the European Federal Bargain. A previous version of the book, under the title Rush to Union: understanding the European Federal Bargain, was published in May of 1996. |
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| Subject Categories | Politics and International Relations |
