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The political economy of EMU: rethinking the effects of monetary integration on Europe

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  • Soskice, David
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    Abstract

    How will EMU influence the European political economy? This paper argues that most of the likely alternatives are unsustainable for at least some of the EMU member-states. As a result, the Stability Pact imposed by the Kohl government and the Bundesbank is likely to be rejected by other member-states. Additionally, EMU will most likely also have an effect on the relations within the German political economy, by unsettling the basic compromise between employers and labour unions that was at the basis of German export successes in recent decades. -- Wie wird die europäische Währungsunion die europäische politische Ökonomie beeinflussen? Aus Sicht der vorliegenden Arbeit sind die meisten der sich abzeichnenden Alternativen zumindest für einige der potentiellen Mitgliedsstaaten der EWU politisch nicht tragbar. Die Wahrscheinlichkeit ist groß, daß solche Vereinbarungen, darunter auch der vom ehemaligen Finanzminister Waigel eingebrachte Stabilitätspakt, von den Mitgliedern der EWU abgelehnt wird. Andererseits wird eine neu ausgehandelte Währungsunion wahrscheinlich ernsthafte Folgen für das Kräftegleichgewicht innerhalb der deutschen politischen Ökonomie haben und könnte die grundsätzlichen Verständigungen von Arbeit und Kapital, die die Exporterfolge der deutschen Wirtschaft in den letzten Jahren ermöglichten, zu Fall bringen.

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    Bibliographic Info

    Paper provided by Social Science Research Center Berlin (WZB) in its series Discussion Papers, Research Unit: Economic Change and Employment with number FS I 99-302.

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    Date of creation: 1999
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    Handle: RePEc:zbw:wzbece:fsi99302

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    Cited by:
    1. Hein, Eckhard, 2001. "Institutions and macroeconomic performance: Central bank independence, labour market institutions and the perspectives for inflation and employment in the European Monetary Union," WSI Discussion Papers 95, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
    2. Michael Bolle & José Caétano & Jaakko Kiander & Vladimir Lavrac & Renzo Orsi & Tiiu Paas & Katarzyna Zukrowska, 2002. "The Eastward Enlargement of the Eurozone - State of the Art Report," Eastward Enlargement of the Euro-zone Working Papers wp02, Free University Berlin, Jean Monnet Centre of Excellence, revised 01 Jan 2002.

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