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The Institutional Implications of EMU

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  • Patrick M. Crowley

Abstract

The third stage of EMU was successfully launched at the beginning of 1999. There are likely to be institutional implications of EMU, particularly if the process is successfully completed. This article uses the optimal currency area literature to establish scenarios for EMU and then evaluates the possible institutional implications which stem from each scenario. Obviously there are ramifications which stem from the institutional development of EMU for Member States, in terms of regaining or losing autonomy over further policy instruments, or the requirement that certain policies be harmonized. In addition, there are clear implications for the development of EU institutions. EMU will also have implications for the development of EU institutions, and their counterparts in Member States......recognizing that EMU will give rise to a new round of institutional development does not require a great leap of imagination. Begg and Peterson (1999, p. 6)

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  • Patrick M. Crowley, 2001. "The Institutional Implications of EMU," Journal of Common Market Studies, Wiley Blackwell, vol. 39(3), pages 385-404, September.
    • Handle: RePEc:bla:jcmkts:v:39:y:2001:i:3:p:385-404
    DOI: 10.1111/1468-5965.00295
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    Cited by:

    1. Hasan Engin Duran & Pawe³ Gajewski, 2023. "State-level Taylor rule and monetary policy stress," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 18(1), pages 89-120, March.
    2. Layna Mosley, 2004. "Government–Financial Market Relations after EMU," European Union Politics, , vol. 5(2), pages 181-209, June.
    3. Pagoulatos, George & Pelagidis, Theodore, 2004. "EMU and the New "Stabilization State": Demand Disturbances and Asymmetric Responses," MPRA Paper 106960, University Library of Munich, Germany.

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