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Explaining EMU Reform

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  • SHAWN DONNELLY

Abstract

This article develops a model to explain the roles of national governments in the reform process of rules for economic and monetary union (EMU) in Europe. A study of Germany, France and Spain underlines the importance of electoral politics and institutional arrangements in producing distinctive policy triangles on domestic economic and budget policy, and subsequent demands for specific EMU rules. It employs budget policy analysis to illustrate the collapse of stabilization state politics in France and Germany, leading to the reform of the Stability Pact in March 2005.

Suggested Citation

  • Shawn Donnelly, 2005. "Explaining EMU Reform," Journal of Common Market Studies, Wiley Blackwell, vol. 43(5), pages 947-968, December.
    • Handle: RePEc:bla:jcmkts:v:43:y:2005:i:5:p:947-968
    DOI: 10.1111/j.1468-5965.2005.00603.x
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    References listed on IDEAS

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