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Europe’s Economic and Monetary Union (EMU) is in urgent need of reform. The Euro crisis has exposed this need in a dramatic and unprecedented fashion. Yet, crisis reactions on behalf of Eurozone policy-makers have been piecemeal and hesitant, instead of constituting effective reforms capable of remedying the weaknesses of the EMU’s system of governance. This book, compiled by five scholars of the University of Hamburg, provides an in-depth analysis of the flaws of Eurozone governance by means of an innovative analytical framework based on fiscal federalism theory and game theory, further enriched by insights of theories of democratic legitimation. Its major focus is on understanding Eurozone governance as the provision of different types of public goods, each of which requires an adequate governmental structure. The study is enhanced by lessons from historical developments in currency unification in the US and in Canada which help to put the Eurozone’s woes into perspective. On the whole, this book may serve as a comprehensive guide for policy-makers, scholars and all others interested in finding a long-term solution to preserving and stabilizing the Eurozone.
This edited volume proposes an innovative approach to European Integration by combining economics and political theory in its study of public goods. The contributors review such elements as a neo-medieval governance, the merits of a new European Republic, and, alongside Europe, include South East Asia in its discussions. By addressing different issues within the overarching approach of public goods and the republican paradigm of governance, Collignon introduces an important new perspective.
In light of the handover from the European Central Bank President Mario Draghi to Christine Lagarde in November 2019, this book provides an in-depth analysis of the events which unfolded since the euro area sovereign debt crisis in 2010 up until today. The book focuses on the far-reaching implications of the last decade, shedding light on a wide spectrum of political, economic and financial aspects of the European poly-crises and how monetary policy reacted to these challenges. The book places particular emphasis on the tensions that the supranational central bank was subject to during this period, and on their outcomes in terms of the policies, their legitimacy, and their public reception. As such, this book will be relevant not only to understand the political implications of the past crisis but also, and foremost, in understanding "what is next".
Since the creation of the euro and a European Central Bank, the European Union has persistently pursued financial market integration throughout periods of economic growth, membership enlargements, financial breakdown, and political crisis. While traditionally analysed in terms of clashing ideological orientations and strategic political interests, this book presents a novel and empirically grounded perspective on the issues around financial market integration by approaching them in terms of the knowledge problems that actors face. Drawing on European legal texts, policy documents and interviews with regulators, central bankers, and financial market professionals, this book is rich in empiric...
A bold history of the rise of central banks, showing how institutions designed to steady the ship of global finance have instead become as destabilizing as they are dominant. While central banks have gained remarkable influence over the past fifty years, promising more stability, global finance has gone from crisis to crisis. How do we explain this development? Drawing on original sources ignored in previous research, The Rise of Central Banks offers a groundbreaking account of the origins and consequences of central banks’ increasing clout over economic policy. Many commentators argue that ideas drove change, indicating a shift in the 1970s from Keynesianism to monetarism, concerned with ...
In 2008, the European Commission relaunched the policy idea of active inclusion, with the aim of facilitating the integration of people into sustainable and quality employment. Over ten years later, and in the aftermath of one of the most trying periods in Europe’s recent economic history, this book provides a critical and timely reassessment. The Political Economy of Policy Ideas contributes to the growing scholarly literature on ideational political economy and labour market regulation by providing a systematic analysis of the idea of active inclusion and its three core principles: activation, conditionality and personalization. The research breaks new ground by detailing how divergent interpretations of these principles, by relevant social actors in different contexts, have shaped their implementation. The book is of interest to scholars and students across comparative political economy, economic sociology, welfare and industrial relations studies.
In Unexpected Revolutionaries, Manuela Moschella investigates the institutional transformation of central banks from the 1970s to the present. Central banks are typically regarded as conservative, politically neutral institutions that uphold conventional macroeconomic wisdom. Yet in the wake of the 2008 global financial crisis and the 2020 COVID-19 crisis, central banks have upended observer expectations by implementing largely unknown and unconventional monetary policies. Far from abiding by well-established policy playbooks, central banks now engage in practices such as providing liquidity support for a wide range of financial institutions and quantitative easing. They have even stretched ...
An authoritative reference work on the legal framework of European economic and monetary union, this book comprehensively analyses the legal foundations, institutions, and substantive legal issues in EU monetary integration.
The aim of this series is to publish important and original research on EU law. The focus is on scholarly monographs, with a particular emphasis on those which are interdisciplinary in nature. Edited collections of essays will also be included where they are appropriate. The series is wide in scope and aims to cover studies of particular areas of substantive and of institutional law, historical works, theoretical studies, and analyses of current debates, as well as questions of perennial interest such as the relationship between national and EU law and the novel forms of governance emerging in and beyond Europe. The fact that many of the works are interdisciplinary will make the series of interest to all those concerned with the governance and operation of the EU. Book jacket.