Download After the Euro: Shaping Institutions for Governance in the by Colin Crouch PDF

By Colin Crouch

A gaggle of best eu students examines the most likely influence of ecu financial Union at the political associations of the sector. This e-book strikes the controversy in regards to the Euro ahead past the industrial and sovereignty questions that experience up to now ruled dialogue.

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Extra info for After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union

Example text

On the one hand, most theoretical models, such as real business cycle ones, postulate a complete neutrality of monetary creation in the medium and long term. If so, the management of any currency may only have transitory effects. Thus, the euro would not be important at all and one may wonder why governments have accepted abandoning a fraction of their sovereignty against such minimal and transitory gains. On the other hand, official statements (de Silguy 1998: 110–18) argue that job creation will result from the euro, as was previously mentioned.

To paraphrase a motto of the French historical school of the Annales, ‘any economy displays the uncertainty associated with its structure’. Thus it would be risky to infer that the euro will remove any such uncertainty, since quite on the contrary it will create new sources of political conflict and economic crises. A final, but fundamental, criticism may be addressed to the usual vision of economists about the significance and impact of EMU. The role of national governments would be to implement the reforms which are deemed necessary by European experts in order to adapt each economy to the requirements of the Maastricht and Amsterdam Treaties.

Capital therefore has a capacity to respond to any deterioration in the competitiveness of a given local labour supply far faster than labour could possibly respond to capital's movement by a similar mobility. This leads most commentators to argue that all adaptations must be made by reductions in unit labour costs—whether directly through reductions in labour costs, or indirectly by labour improving its productivity. This imposes an enormous burden on labour. Until now the process has been somewhat restrained, in that some countries have deregulated both 20 COLIN CROUCH labour and capital more slowly than others.

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