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Le choc de la nouvelle? Maastricht, déjà vu and EMU reform

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  • Kevin Featherstone

Abstract

This paper explores the extent to which current reforms of the euro-zone’s governance remain encased in the constraints of the Maastricht Treaty - the narrowness of its underlying paradigm; the gaps and imbalances of its design – and the implications for the future of the euro. With a model of ‘sound money, sound finances’, based on the precepts of German ordo-liberalism, a vulnerability was exposed: it lacked the instruments, not only to aid, but also to police. This was exacerbated by the shallowness of public legitimation, ignored from the outset. The uncertainty, delays and division displayed by the euro-zone’s response to the crisis owed much to the ‘lock-in’ of Maastricht. The paper includes a critical reassessment of Dyson and Featherstone (1999).

Suggested Citation

  • Kevin Featherstone, 2012. "Le choc de la nouvelle? Maastricht, déjà vu and EMU reform," LEQS – LSE 'Europe in Question' Discussion Paper Series 52, European Institute, LSE.
  • Handle: RePEc:eiq:eileqs:52
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    File URL: http://www.lse.ac.uk/europeanInstitute/LEQS/LEQSPaper52.pdf
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    References listed on IDEAS

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    1. Liebowitz, S J & Margolis, Stephen E, 1995. "Path Dependence, Lock-in, and History," Journal of Law, Economics, and Organization, Oxford University Press, vol. 11(1), pages 205-226, April.
    2. repec:cup:apsrev:v:94:y:2000:i:02:p:251-267_22 is not listed on IDEAS
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    Cited by:

    1. Crescenzi, Riccardo & Pietrobelli, Carlo & Rabellotti, Roberta, 2012. "Innovation drivers, value chains and the geography of multinational firms in European regions," LSE Research Online Documents on Economics 53193, London School of Economics and Political Science, LSE Library.
    2. Kevin Featherstone, 2016. "Conditionality, Democracy and Institutional Weakness: the Euro-crisis Trilemma," Journal of Common Market Studies, Wiley Blackwell, vol. 54, pages 48-64, September.

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