Monetary Integration in the European Union

The European Union Series

MICHELLE CHANG is Professor in European Political and Administrative Studies, College of Europe (Bruges). NEILL NUGENT is Professor of Politics and Jean Monnet Professor of European Integration at Manchester Metropolitan University. WILLIAM E. PATERSON is Director of the Institute for German Studies at the University of Birmingham, UK, and Chairman of the German-British Forum. A founding editor of German Politics he has published widely in the fields of German and European politics. His most recent major publication is Governance in Contemporary Germany which he co-edited with Simon Green.

List of figures, tables and boxes	p. vii
Abbreviations	p. ix
Preface	p. xi
Introduction	p. 1
Understanding monetary integration - ideas, interests and institutions	p. 6
Plan of the book	p. 10
The origins of economic and monetary union	p. 15
Bretton Woods and the return to fixed exchange rates	p. 15
The end of Bretton Woods and the beginning of European monetary cooperation	p. 21
The European Monetary System and the road towards EMU	p. 26
Theoretical considerations	p. 37
Conclusion	p. 43
The birth of the euro and the Eurozone	p. 45
Negotiating and renegotiating monetary union	p. 45
Launching monetary union	p. 57
Theoretical considerations	p. 63
Conclusion	p. 69
The institutions and decision processes of monetary union	p. 71
Architecture	p. 71
EMU's major actors	p. 77
Accountability and governance	p. 86
Reforming the Eurozone's governance system	p. 92
Theoretical considerations	p. 94
Conclusion	p. 101
Centralizing monetary policy cooperation: the European Central Bank	p. 103
The road (back) to Frankfurt	p. 103
Structure of the ECB	p. 106
Operations of the ECB	p. 112
The ECB and its critics	p. 114
Theoretical considerations	p. 117
Conclusion	p. 122
Decentralizing economic policy cooperation: the Stability and Growth Pact and the Lisbon Strategy	p. 123
The Stability and Growth Pact	p. 124
Theoretical considerations	p. 132
Economic policy coordination: soft law and the open method of coordination	p. 139
Theoretical considerations	p. 153
Conclusion	p. 158
The European Union without EMU: the United Kingdom, Denmark, Sweden and the accession countries	p. 160
How to become a member of the euro area	p. 161
Opting-out - the United Kingdom and Denmark	p. 162
States without opt-outs	p. 171
Theoretical considerations	p. 179
Conclusion	p. 190
The international role of the euro	p. 192
Challenging the dollar?	p. 192
External representation	p. 200
Future prospects	p. 213
Theoretical considerations	p. 218
Conclusion	p. 221
The Eurozone: an initial balance sheet	p. 223
Economic consequences of the euro	p. 223
Political consequences of the euro	p. 239
Theoretical considerations	p. 245
Conclusion	p. 251
Conclusion: an efficient and legitimate EMU?	p. 253
Glossary	p. 262
Bibliography	p. 274
Index	p. 304
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Monetary Integration in the European Union

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