Chapter

How the Euro‐Zone Operates: A ‘Two‐Level’ Game, a Child of the Franco–German ‘Couple’, or a New ‘Motor’ For Europe?

Kenneth Dyson

in The Politics of the Euro-Zone

Published in print September 2000 | ISBN: 9780199241651
Published online November 2003 | e-ISBN: 9780191599118 | DOI: http://dx.doi.org/10.1093/0199241651.003.0003
How the Euro‐Zone Operates: A ‘Two‐Level’ Game, a Child of the Franco–German ‘Couple’, or a New ‘Motor’ For Europe?

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This chapter analyses the political leadership dynamics that have underpinned both the creation of the Euro‐zone by the member states of the EU and their coming to terms with the extensiveness of the powers conferred on the ECB. The key characteristic is the ‘two‐level game’ structure imposed by the relationship between the EU and the national governments of its members, and the key arena in which that relationship is played out is the highly secretive Economic and Financial Committee. However, the Euro‐zone can also be described as the ‘child’ (if potentially a wayward one) of the Franco‐German relationship and its function as the ‘motor’ of European Monetary Union (EMU) policy.

Keywords: ECB; EMU; EU; Euro‐zone; Franco‐German relationship

Chapter.  10476 words. 

Subjects: European Union

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