Chapter

Global Integration, EMU, and Monetary Governance in the European Union: The Political Economy of the ‘Stability Culture’

Geoffrey R. D. Underhill

in European States and the Euro

Published in print March 2002 | ISBN: 9780199250257
Published online November 2003 | e-ISBN: 9780191599101 | DOI: http://dx.doi.org/10.1093/0199250251.003.0002
 Global Integration, EMU, and Monetary Governance in the European Union: The Political Economy of the ‘Stability Culture’

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Aims to set the context for this volume, examining the relationship between the EU as a monetary space and the global monetary and financial system, and the implications of this relationship for the Euro‐zone member states and corporate governance. It elaborates four arguments: first, that there exist strong incentives for policy‐makers at national and EU levels to show a ‘benign neglect’ in their management of the euro's exchange rate; second, that these incentives are reinforced by a lack of clear institutional responsibility for such management; third, that there are considerable pressures for convergence defined less in terms of post‐war forms of socio‐democratic consensus, and more in terms of Anglo‐American, market‐led adjustment processes; and fourth, that these processes are themselves being reinforced by developments in corporate restructuring and models of corporate governance. These arguments combine to place the ‘stability culture’ on a narrow monetary basis—if it is not good enough, for enough of the people, enough of the time, then it will be in jeopardy.

Keywords: EU; monetary policy; stability culture

Chapter.  9878 words. 

Subjects: European Union

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