Chapter

How the Euro‐Zone Operates: ‘Hollowing Out’ Or Rescue of the European State?

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/10.1093/0199241651.003.0004
How the Euro‐Zone Operates: ‘Hollowing Out’ Or Rescue of the European State?

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This chapter assesses and compares the ‘governance’ and ‘state‐centric’ models of interaction between member states and the operation of the Euro‐zone. The ‘governance’ model overemphasizes the functions of the European Central Bank and underemphasizes its dependence on a consensual political culture. Conversely, the ‘state‐centric’ model overemphasizes the role of states as ‘principals’ in the Euro‐zone and underemphasizes its derogation from their sovereignty over monetary policy. The chapter challenges the notion that the Euro‐zone states are in decline, and rejects the argument that the Euro‐zone is dictating a common set of ideas and practices. States continue to matter, and some states play a more pivotal role than others in shaping the politics of the Euro‐zone— but that role is to be defined more in Kantian terms than in Hobbesian terms, however imperfectly Kantian the EU continues to be.

Keywords: ECB; EU; Euro‐zone; governance model; Hobbes; Kant; state‐centric model

Chapter.  11917 words.  Illustrated.

Subjects: European Union

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