European Monetary Integration and Domestic Politics: Britain, France, and Italy

This book explains why three countries--Britain, France, and Italy--that have faced similar problems of high inflation and currency depreciation since the 1970s--Britain, France, and Italy--have pursued very different international monetary strategies. Walsh argues that international monetary policies produce predictable sets of winners and losers, and that policy choice is a function of how industrial firms, banks, and labor unions organize and deploy their political resources. He draws on a wealth of primary data and interviews to reconstruct the domestic politics and international bargaining behind European single currency. Three nations in similar economic situations since the 1970s have pursued different monetary strategies. Walsh argues that monetary policies produce predictable winners and losers, and that policy choice is a function of how industrial firms, banks and unions use their political resources. Walsh explains why three countries that have faced similar problems of high inflation and currency depreciation since the 1970s—Britain, France, and Italy—have pursued very different international monetary strategies.