Chapter

Creating Supranational Authority in Monetary and Exchange‐Rate Policy: The Sources and Effects of EMU

David R. Cameron

in European Integration and Supranational Governance

Published in print September 1998 | ISBN: 9780198294641
Published online April 2004 | e-ISBN: 9780191601071 | DOI: http://dx.doi.org/10.1093/0198294646.003.0007
 Creating Supranational Authority in Monetary and Exchange‐Rate Policy: The Sources and Effects of EMU

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Seeks to understand why some member‐states of the European Community attempted, with eventual success, to extend supranational authority in the domain of monetary and exchange‐rate policy and to anticipate some of the probable consequences of such extension. It begins by analysing the beliefs that originally underpinned the attempt, concerning the perceived need to resolve the community tensions inherent in independent economic policy‐making. It then considers the economic, political and institutional dilemmas, and uncertainties likely to confront member‐states as economic integration proceeds. Concentrating on the issues of low growth and high unemployment, it assesses how far European Monetary Union is likely to provide a remedy, and whether it will be necessary or desirable to create a counterweight to the authority of the European Central Bank, and to create new supranational organizations in the domain of European macroeconomic governance.

Keywords: European Central Bank; European Community; European Monetary Union; exchange‐rate policy; monetary policy

Chapter.  14844 words. 

Subjects: European Union

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