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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).

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  • Kevin Featherstone, 2012. "Le choc de la nouvelle? Maastricht, déjà vu and EMU reform," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 2, London School of Economics / European Institute.
    • Handle: RePEc:erp:leqsxx:p0052
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    1. Susanne Lütz & Matthias Kranke, 2010. "The European Rescue of the Washington Consensus? EU and IMF Lending to Central and Eastern European Countries," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 2, London School of Economics / European Institute.
    2. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
    3. Michelle Everson, 2012. "A Technology of Expertise: EU Financial Services Agencies," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 9, London School of Economics / European Institute.
    4. Sacha Garben, 2012. "The Future of Higher Education in Europe: The Case for a Stronger Base in EU Law," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 0, London School of Economics / European Institute.
    5. Jonathan White, 2012. "Parallel Lives: Social Comparison Across National Boundaries," LEQS – LSE 'Europe in Question' Discussion Paper Series 47, European Institute, LSE.
    6. Jean Pisani-Ferry & André Sapir, 2009. "Weathering the storm- Fair weather versus stormy-weather governance in the euro area," Policy Contributions 274, Bruegel.
    7. Everson, Michelle, 2012. "A technology of expertise: EU financial services agencies," LSE Research Online Documents on Economics 53203, London School of Economics and Political Science, LSE Library.
    8. Dyson, Kenneth & Featherstone, Kevin, 1999. "The Road To Maastricht: Negotiating Economic and Monetary Union," OUP Catalogue, Oxford University Press, number 9780198296386.
    9. Michelle Everson, 2012. "A Technology of Expertise: EU Financial Services Agencies," LEQS – LSE 'Europe in Question' Discussion Paper Series 49, European Institute, LSE.
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    Cited by:

    1. Riccardo Crescenzi & Carlo Pietrobelli & Roberta Rabellotti, 2012. "Innovation Drivers, Value Chains and the Geography of Multinational Firms in European Regions," LEQS – LSE 'Europe in Question' Discussion Paper Series 53, European Institute, LSE.
    2. Zeilbeck, Severin, 2015. "An investment initiative for fiscally constrained EU member states: The role of synergetic financial instruments," IPE Working Papers 58/2015, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    3. 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.
    4. Featherstone, Kevin, 2016. "Conditionality, democracy and institutional weakness: the Euro-crisis trilemma," LSE Research Online Documents on Economics 66310, London School of Economics and Political Science, LSE Library.

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