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The Politics of the Euro-Zone: Stability or Breakdown?

Author

Listed:
  • Dyson, Kenneth

    (University of Bradford)

Abstract

The Euro-Zone represents the single most important step in European Integration since 1957 and one of the boldest economic, monetary, and political projects in modern history. In this first major study, the author examines the major political questions raised by the birth of the Euro-Zone on January 1 1999 and argues for a more politically informed analysis and assessment of its nature, operation, and prospects. How does the Euro-Zone operate? What does it mean for European States and for the political strategies of governments? How is its operation to be explained? What are its prospects for stability? What kinds of policies are needed to strengthen its capacity to withstand crisis? The book stresses the ECB-centric nature of the Euro-Zone and its implications both for policy and polices in Europe and for theories of integration. The ECB emerges as a powerful 'policy pusher' and 'ideational leader', with an authority and power exceeding that of the European Commission in the integration process. Dyson examines the elated problems of social justice, democratic consent, and identity. He also argues that the Euro-Zone represents a process of transition to the EU as a 'stabilization Staten An innovative aspect of the book is its application of a strength-strain model for the purpose of analyzing and assessing the stability of the Euro-Zone. It concludes that the stability of the Euro-Zone will be strongly conditioned by three factors: how Kantian rather than Hobbesian or Lockeian its political culture proves to be, with a key reproducibility failing here on the quality of political leadership; its possession of policy interments to tackle liquidity as well as debt traps; and the speed and efficiency of mechanisms of 'bench marking, policy transfer, and 'lesson-drawing'.

Suggested Citation

  • Dyson, Kenneth, 2000. "The Politics of the Euro-Zone: Stability or Breakdown?," OUP Catalogue, Oxford University Press, number 9780199241644.
    • Handle: RePEc:oxp:obooks:9780199241644
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    Cited by:

    1. repec:bla:jcmkts:v:48:y:2010:i::p:993-1013 is not listed on IDEAS
    2. Martin Heipertz & Amy Verdun, 2005. "The Stability and Growth Pact ‐ Theorizing a Case in European Integration," Journal of Common Market Studies, Wiley Blackwell, vol. 43(5), pages 985-1008, December.
    3. Anton Hemerijck, 2016. "New EMU governance: Not (yet) ready for social investment?," Working Papers of the Vienna Institute for European integration research (EIF) 1, Institute for European integration research (EIF).
    4. David Natali, 2009. "The Lisbon strategy a decade on: a critical review of a multi-disciplinary literature," Transfer: European Review of Labour and Research, , vol. 15(1), pages 111-137, February.
    5. Scharpf, Fritz W., 2001. "What have we learned? Problem-solving capacity of the multilevel European polity," MPIfG Working Paper 01/4, Max Planck Institute for the Study of Societies.
    6. repec:aia:aiaswp:wp10 is not listed on IDEAS
    7. Iain Begg & Waltraud Schelkle, 2004. "Can Fiscal Policy Co‐ordination be Made to Work Effectively?," Journal of Common Market Studies, Wiley Blackwell, vol. 42(5), pages 1047-1059, December.
    8. C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
    9. Holly Snaith, 2014. "Narratives of Optimum Currency Area Theory and Eurozone Governance," New Political Economy, Taylor & Francis Journals, vol. 19(2), pages 183-200, March.
    10. Trifon Kostopoulos, 2003. "The European Monetary Union and the Regional Inequalities (?)," ERSA conference papers ersa03p79, European Regional Science Association.
    11. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093, October.

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