The political economy of monetary union

Book abstract:

This book provides a systematic assessment of the inextricably linked politics and economics of monetary union. The authors explain what monetary union is and its history as both a concept and reality. They analyse the evolution of thinking and policy on the single currency in the European Union up to and from the Maastricht model, through the decisions on membership and establishment of the Central Bank, to the introduction of the Euro. They then proceed to assess the organisational and policy implications of European Monetary Union and its significance within the general processes of European integration.

The chapters include: What is monetary union?; Conceiving monetary union, 1957-88; Bargaining monetary union, 1988-91; Implementing monetary union, 1991-98; The economics of the Maastricht Treaty; The economics of the transition; Monetary policy; Fiscal policy; The Euro as a global currency; EMU and the single market for financial services; Executive power under monetary union 1: the European Central Bank; Executive power under monetary union 2: the European Council, Council of Ministers and Commission; Representation and Accountability under monetary union; The place of monetary union in European integration.

This book is part of the European Union Series. It represents a unique partnership between a practising city adviser, Malcolm Levitt, whose previous work from 1989 onwards influenced official thinking on the concept of a single currency, in combination with an academic expert on the political and institutional context and structures within which EMU has evolved, Christopher Lord. The result is a synthesis of economic and political analysis which provides a broad-ranging overview informed by telling detail based on direct observation.