Barry Eichengreen - The Political Economy of European Monetary Unification

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The Political Economy of European Monetary Unification

The Political Economy of Global Interdependence

Thomas D. Willett, Series Editor

The Political Economy of European Monetary Unification, second edition, edited by Jeffry A. Frieden and Barry Eichengreen

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The Political Economy of European Monetary Unification

SECOND EDITION

Edited by
Barry Eichengreen
University of California at Berkeley
and
Jeffry A. Frieden
Harvard University

The Political Economy of Global Interdependence

First published 2001 by Westview Press

Published 2018 by Routledge
711 Third Avenue, New York, NY 10017, USA
2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

Routledge is an imprint of the Taylor & Francis Group, an informa business

Copyright 2001 Taylor & Francis

All rights reserved. No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers.

Notice:
Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

Library of Congress Cataloging-in-Publication Data
The political economy of European monetary unification / edited by Barry Eichengreen and Jeffry A. Frieden2nd ed.
p. cm.(The political economy of global interdependence)
Rev. ed. of: The political economy of European monetary unification. c1994.
Includes bibliographical references and index.
ISBN 0-8133-9761-8
1. European Monetary System (Organization). 2. Monetary policyEuropean Economic Community countries. 3. European Economic Community countries Economic conditions. 4. Monetary policyEuropean Union countries. 5. European Union countriesEconomic conditions. I. Frieden, Jeffry A. II. Eichengreen, Barry J. III. Political economy of European monetary unification. IV. Series.
HG930.5 .P65 2000
332.4'94dc21

00-043702

ISBN 13: 978-0-8133-9761-0 (pbk)

Contents

, Barry Eichengreen and Jeffry A. Frieden

, Jeffry A. Frieden

, Matthew Gabel

, Charles Engel

, Geoffrey Garrett

, Lisa L. Martin

, Paul De Grauwe, Hans Dewachter, and Yunus Aksoy

, Benjamin J. Cohen

1. ii

Guide

This book is the outgrowth of a research group on the Political Economy of European Integration convened jointly by the Institute for European Studies at the University of California, Berkeley, and the Weatherhead Center for International Affairs at Harvard University. The group met, typically twice a year, from 1991 until 1999.

The first edition of this book was published in 1994, when the future of monetary unification in Europe was very much in doubt. With Economic and Monetary Union in place, it is appropriate to bring the scholarship in the volume up to date. To this effect, four of the original chapters have been revised substantially to reflect new conditions, and the editors have completely rewritten their introductory essay Three of the original chapters have been replaced with new chapters (by Gabel, Engel, and De Grauwe et al.) that deal with issues of great relevance to the current European situation. The result is a volume that is almost entirely different from the first edition in content, although its purpose:to bring the latest in scholarship in economics and political science to bear on the topicremains the same.

Our first debt is to the German government and the Center for Excellence Grant it provided the University of California, which allowed for the initial formation of the research group. At Berkeley, we owe debts of thanks to Gerry Feldman (director of the Institute for European Studies), Mindy Euzicka, ira Reoutt, and Gia White. At Harvard, those to whom we are indebted include Jorge Domnguez (director of the Weatherhead Center for International Affairs), Ros deButts, and Matthew Johnson. Above all, we thank the dozens of dedicated research group members from universities throughout the United States and around the world.

Barry Eichengreen
Jeffry A. Frieden

1
The Political Economy of European Monetary Unification

An Analytical Introduction

BARRY EICHENGREEN AND JEFFRY A. FRIEDEN

European monetary unification (EMU)the process that led to the creation of a single European currency (the euro) and a European Central Bank (the ECB)is both an economic and a political phenomenon. It is economic in that monetary unification has far-reaching consequences for economic policy and performance Europe-wide. Transactions costs have been reduced by the advent of the single currency, stimulating intra-Europan trade and capital flows. Interest-rate differentials have narrowed now that the separate monetary policies of the founding member states have been replaced by the single policy of the ECB. European finance is being transformed by the explosive growth of euro denominated bond issues, strategic alliances among national stock exchanges, and a continent-wide wave of bank mergers as the advent of the euro creates for the first time a truly continental financial market.

But European monetary unification is also a political phenomenon. The decision to create the monetary union, the decision of whom to admit, and the decision of whom to appoint to run the ECB are political decisions, taken by political leaders, subject to political constraints, not the social-welfare-maximizing decisions of some mythical social planner. They result from a political process of treaty negotiation, parliamentary ratification, and popular referendum. Individuals and interest groups support or oppose monetary unification-not just in European Union (EU) member states that have not yet joined the euro area, but even now in the founding memberson the basis of how they perceive it as affect

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