By Kenneth Dyson
With the advent of euro notes and cash in 2002 and the possibility of a united kingdom referendum at the unmarried foreign money, questions on how monetary and financial Union is affecting eu states will come ever toward the centre of political debate correct throughout Europe. This ground-breaking publication brings jointly top specialists within the box to check the character of the results of the euro on european member states.
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Extra resources for European States and the Euro: Europeanization, Variation, and Convergence
But how important EMU is for first-order paradigm change to objectives varies cross-nationally. Thus it was not important in the British and German cases but was very important for France and Italy. Political effects include the role conception of political parties. EMU can be seen as bound up with the long-term shift from 26 KENNETH DYSON parties as mobilizers of a core electorate to efficient managers of the capitalist economy. Its effects might also be evident in electoral campaigning and behaviour, notably the rise of national populism.
UNDERHILL exchange-rate relationships will be determined by trade and capital flows and influenced by official policies. What sort of relationships will these be? Will the euro be 'strong' or 'weak'? In historical terms, the question for Europeans has often been: will the introduction of a single currency enhance or reduce the capacity of Europeans to manage their own monetary environment and, by implication, their freedom to choose their model of economic development? Will the euro reduce dependency on the dollar and allow Europeans more latitude in determining the rules of the monetary and financial game?
The primary way in which the EU accelerated global financial integration was through the single European market programme. As Story and Walter (1998) put it, it was a 'battle of the systems'. The EU legislation developed a single financial area oriented towards capital markets, with the City of London at the heart of the financial system, thereby constraining the pursuit of individual national macroeconomic policy objectives. Since the implementation of the single market legislation, domestic reforms from Germany to Greece have been oriented to developing securities markets, the better to compete with London, and there may yet be a single European equity market in the future.