By Colin Crouch
A bunch of prime ecu students examines the most probably influence of eu financial Union at the political associations of the quarter. This e-book strikes the controversy concerning the Euro ahead past the commercial and sovereignty questions that experience up to now ruled dialogue.
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Additional resources for After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union
Usually, a new currency is backed by an emerging leadership over a territory, with few countervailing powers of private agents such as banks or ﬁnanciers. After all, US monetary uniﬁcation was made possible by the victory of the North over the South, the emergence of a uniﬁed political power solving previous conﬂicts of interests (Boyer and Coriat 1985). An opposite conﬁguration prevails at the end of the 1990s: the euro is the outcome of an intergovernmental treaty, without any clear hegemonic power.
But Exacerbating Domestic Social Conﬂicts? A fourth paradox derives from the previous one. On one side, the politicians and civil servants engaged in European integration, along with the most privileged groups in each nation state, tend to adopt a quite positive assessment of the consequences of the euro. e. beneﬁting everybody without hurting any single individual agent). For instance, in a recent published book, the European representative Yves-Thibault de Silguy presents a very appealing picture of the consequences of the euro: it will reinforce the single market, stimulate growth, alleviate public budget deﬁcit, enhance innovation and the proﬁtability of European ﬁrms; and last but not least, it will speed up job creation (de Silguy 1998: 74–118).
However, since neo-liberals believe more than others in the incapacity of any form of non-market intervention to achieve positive outcomes, they are left contemplating the full extent of adjustments needed by the labour market. For many, this leads to the conclusion that the possibility of national-level devaluation has to be retained to avoid major social dislocation from time to time in certain regions. If one moves outside the neo-liberal paradigm it becomes possible to ask some different questions.
After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union by Colin Crouch