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A Theoretical Approach of Economic and Monetary Union

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Abstract

The literature strongly suggests that the creation of Economic and Monetary Union (EMU) was largely influenced by the power of ideas, an accommodation to international markets challenges. The outcome was EMU’s political-economy inspired by the monetarist school, a considerable disempowerment of national governments. Put in the perspective of European integration theories, EMU seemed to reject liberal intergovernmentalism claims that member states’ interests are the major input to European integration developments. However, since the monetary union was launched several events showed that national governments re-captured the influence they theoretically lost with EMU. Notably the persistent breach of the Stability and Growth Pact might be the evidence that EU institutions (especially the Commission) and other societal actors lost ground to national governments. The paper asks whether the operation of EMU reflects a paradigm change in terms of European integration theories: how liberal intergovernmentalism emerged as the theory with greater explanatory potential of EMU in motion.

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  • Paulo Vila Maior, 2007. "A Theoretical Approach of Economic and Monetary Union," Working Papers 1416, Universidade Fernando Pessoa.
  • Handle: RePEc:ufp:wpaper:1416
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    Keywords

    European integration theories; Economic and Monetary Union; Liberal intergovernmentalism; Neofunctionalism; Supranational governance; Institutionalism;

    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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