By A. Verdun

This e-book investigates the perceptions of political actors in the direction of the construction of financial and fiscal Union (EMU) in Europe. The learn is essentially in accordance with own interviews carried out with key informants in principal banks, finance ministries, employers' businesses and exchange unions in Britain, France and Germany. It examines why actors perceived EMU to serve or frustrate their pursuits. It concludes that actors favoured EMU for quite a few purposes. The publication contributes to the literature of ecu integration and comprises financial, political and ancient facts.

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Extra resources for European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany

Sample text

Legitimation is needed to ‘roll back the state’ on the one hand, and ‘accept the facts of life’ on the other. Examples of the former are the need to privatize, cut budget deficits, and increase labour flexibility. Examples of the latter are the fact that policy-making cannot be pursued effectively in isolation from the policies of neighbouring countries, such as monetary policy when capital can move freely, and when the Single Market has led to some policy harmonization and has increased economic interdependence.

Haas, The Uniting of Europe, and Beyond the Nation State (Haas, 1958, 1964). His neo-functionalist theory differed from functionalism in that his approach to integration was more politicized (see for a discussion of neo-functionalism see Harrison, 1974, 1990; Pentland, 1973; de Vree, 1972). First, in the neo-functionalist view, integration does not take place automatically, but evolves as a result of ‘learning’; it is a political process (Haas, 1964: 48, 456). However, once the integration process has taken place in certain sectors the process will spill over to other sectors.

Intergovernmentalism Hoffmann (1966) stressed that the nation state would remain the most logical unit in the international system for three reasons, which he Economic and Political Theories of Integration 35 labelled ‘national consciousness’, ‘national situation’ and ‘nationalism’, the latter term referring mainly to a national doctrine or ideology (Hoffmann, 1966: 867–8). He criticized neo-functionalism and stressed that integration was unlikely to take place in what he referred to as ‘high politics’.

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