European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany (Macmillan International Political Economy)

Investigating the perceptions of political actors towards the creation of Economic and Monetary Union (EMU) in Europe, this research is largely based on personal interviews conducted with key informants in central banks, finance ministries, employers' organizations and trade unions in Britain, France and Germany. It examines why actors perceived EMU to serve or frustrate their interests. It concludes that actors favoured EMU for a variety of reasons. Cover......Page 1 Contents......Page 8 List of Tables......Page 11 Preface......Page 12 Acknowledgements......Page 14 List of Abbreviations......Page 17 1 Introduction......Page 20 1.1 Theoretical framework......Page 22 1.2 A short historical background to EMU......Page 23 1.3 Selection of actors......Page 27 1.4 Aim of the study......Page 29 1.5 Assumptions and levels of analysis......Page 30 1.6 The research question......Page 33 1.7 The research method......Page 34 2.1 Economic rationale behind integration......Page 36 2.2 Theories of economic integration......Page 40 2.3 Political theories of integration......Page 46 2.4 Explanations of EMU – a literature survey......Page 57 2.5 An eclectic theory of integration......Page 63 3 A History of European Monetary Integration......Page 67 3.1 Three communities......Page 68 3.2 Between the Rome Treaty and the Hague Summit (1958–69)......Page 71 3.3 The Werner Report and its aftermath (1970–4)......Page 75 3.4 European monetary disillusion (1974–7)......Page 89 4.1 The EMS (1978–88)......Page 95 4.2 The relaunching of EMU – the Delors Report......Page 99 4.3 The intergovernmental conferences leading to the Maastricht Treaty......Page 107 4.4 Post Maastricht: a post-mortem?......Page 111 4.5 Conclusions......Page 115 5.1 Qualitative and quantitative research......Page 122 5.2 Interviews: a way to answer certain questions......Page 123 5.3 The method used for this research......Page 125 5.4 The questionnaire......Page 129 5.5 Conclusion......Page 135 6 Perceptions of Economic and Monetary Integration......Page 136 6.1 Question 1: History of EMU: why Werner/EMS were (not) desirable – the interests of the organization at that time......Page 137 6.2 Question 2: Under which conditions is EMU desirable? Attitudes towards the Delors Report, ‘One Market, One Money’ and the Maastricht Treaty......Page 149 6.3 Question 4: The future EMU and its effects......Page 165 6.4 Short summary of the main findings......Page 177 7.1 The central banks......Page 180 7.2 Finance Ministries......Page 183 7.3 Employers’ organizations......Page 186 7.4 Trade unions......Page 188 7.5 Conclusions – the horizontal comparison......Page 190 7.6 The vertical comparison – comparing the actors within each country......Page 191 7.7 Britain......Page 192 7.8 France......Page 196 7.9 Germany......Page 198 7.10 Conclusions......Page 200 8 Conclusions......Page 203 8.1 Economic theories not persuasive......Page 205 8.2 Limits of neo-functionalism and intergovernmentalism for understanding EMU......Page 206 8.3 Lessons from history......Page 210 8.4 A critique of integration theory: the development of an eclectic theory......Page 214 8.5 Actors’ perceptions of EMU......Page 218 8.6 Analysing the results......Page 223 8.7 Applying the eclectic theory......Page 225 8.8 In conclusion......Page 229 8.9 Recommendations for further research......Page 232 Notes......Page 233 References......Page 247 B......Page 270 C......Page 271 E......Page 272 H......Page 274 M......Page 275 S......Page 276 W......Page 277 P......Page 278 W......Page 279 Cover 1 Contents 8 List of Tables 11 Preface 12 Acknowledgements 14 List of Abbreviations 17 1 Introduction 20 1.1 Theoretical framework 22 1.2 A short historical background to EMU 23 1.3 Selection of actors 27 1.4 Aim of the study 29 1.5 Assumptions and levels of analysis 30 1.6 The research question 33 1.7 The research method 34 2 Economic and Political Theories of Integration 36 2.1 Economic rationale behind integration 36 2.2 Theories of economic integration 40 2.3 Political theories of integration 46 2.4 Explanations of EMU – a literature survey 57 2.5 An eclectic theory of integration 63 3 A History of European Monetary Integration 67 3.1 Three communities 68 3.2 Between the Rome Treaty and the Hague Summit (1958–69) 71 3.3 The Werner Report and its aftermath (1970–4) 75 3.4 European monetary disillusion (1974–7) 89 4 From the EMS to EMU 95 4.1 The EMS (1978–88) 95 4.2 The relaunching of EMU – the Delors Report 99 4.3 The intergovernmental conferences leading to the Maastricht Treaty 107 4.4 Post Maastricht: a post-mortem? 111 4.5 Conclusions 115 5 Methodology 122 5.1 Qualitative and quantitative research 122 5.2 Interviews: a way to answer certain questions 123 5.3 The method used for this research 125 5.4 The questionnaire 129 5.5 Conclusion 135 6 Perceptions of Economic and Monetary Integration 136 6.1 Question 1: History of EMU: why Werner/EMS were (not) desirable – the interests of the organization at that time 137 6.2 Question 2: Under which conditions is EMU desirable? Attitudes towards the Delors Report, ‘One Market, One Money’ and the Maastricht Treaty 149 6.3 Question 4: The future EMU and its effects 165 6.4 Short summary of the main findings 177 7 Comparing Actors’ Perceptions 180 7.1 The central banks 180 7.2 Finance Ministries 183 7.3 Employers’ organizations 186 7.4 Trade unions 188 7.5 Conclusions – the horizontal comparison 190 7.6 The vertical comparison – comparing the actors within each country 191 7.7 Britain 192 7.8 France 196 7.9 Germany 198 7.10 Conclusions 200 8 Conclusions 203 8.1 Economic theories not persuasive 205 8.2 Limits of neo-functionalism and intergovernmentalism for understanding EMU 206 8.3 Lessons from history 210 8.4 A critique of integration theory: the development of an eclectic theory 214 8.5 Actors’ perceptions of EMU 218 8.6 Analysing the results 223 8.7 Applying the eclectic theory 225 8.8 In conclusion 229 8.9 Recommendations for further research 232 Notes 233 References 247 Subject Index 270 A 270 B 270 C 271 D 272 E 272 F 274 G 274 H 274 I 275 K 275 L 275 M 275 N 276 O 276 P 276 Q 276 R 276 S 276 T 277 U 277 W 277 Author Index 278 A 278 B 278 C 278 D 278 E 278 F 278 G 278 H 278 I 278 J 278 K 278 L 278 M 278 N 278 P 278 R 279 S 279 T 279 V 279 W 279 "This book investigates the perceptions of political actors towards the creation of Economic and Monetary Union (EMU) in Europe. The research is largely based on personal interviews conducted with key informants in central banks, finance ministries, employers' organizations and trade unions in Britain, France and Germany during the intergovernmental conference leading to the Maastricht Treaty, and its immediate aftermath. It examines why actors perceived EMU to serve or frustrate their interests. The book compares these perceptions and draws conclusions about why EMU was perceived desirable. It concludes that many influential figures thought that the 1980s had shown that there was reduced room for manoeuvre in monetary policy-making, and that de facto German policies were being followed."--BOOK JACKET. This book investigates the perceptions of political actors towards the creation of Economic and Monetary Union (EMU) in Europe. The research is largely based on personal interviews conducted with key informants in central banks, finance ministries, employers' organizations and trade unions in Britain, France and Germany. It examines why actors perceived EMU to serve or frustrate their interests. It concludes that actors favoured EMU for a variety of reasons. The book contributes to the literature of European integration and incorporates economic, political and historical facts.