Chapter

The Fluctuating Rationale of Monetary Union

James Forder and Peter Oppenheimer

in Elitism, Populism, and European Politics

Published in print March 1996 | ISBN: 9780198280354
Published online November 2003 | e-ISBN: 9780191599422 | DOI: http://dx.doi.org/10.1093/0198280351.003.0012
 The Fluctuating Rationale of Monetary Union

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The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and growth. This involved capitulation in the 1980s to German Bundesbank insistence. The resulting disinflationary impetus in the Maastricht convergence criteria was relayed by successive reports from the European Commission rejecting responsibility for output and employment levels.

Keywords: Bundesbank; convergence criteria; employment; European Commission; Maastricht Treaty; monetary union; price stability

Chapter.  7341 words. 

Subjects: Comparative Politics

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