By A. Verdun
Investigating the perceptions of political actors in the direction of the production of financial and fiscal Union (EMU) in Europe, this study is basically in line with own interviews carried out with key informants in significant banks, finance ministries, employers' agencies and alternate unions in Britain, France and Germany. It examines why actors perceived EMU to serve or frustrate their pursuits. It concludes that actors favoured EMU for quite a few purposes.
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Extra info for European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany (Macmillan International Political Economy)
The former incorporated the idea that integration of one sector would necessitate the integration of another. The latter suggested that political integration would eventually result from the gradual integration of the various sectors. 30 European Responses to Globalization In the 1950s and 1960s neo-functionalism flourished as an ‘explanatory theory’ of European integration (Haas, 1958, 1964; Lindberg, 1968; Lindberg and Scheingold, 1970, 1971). , 1967). When neo-functionalism failed to explain the developments of the late 1960s, the 1970s and the 1980s it was then put aside by many scholars.
Loss of the exchange rate instrument. Useful instrument for adjustment. The recent cases are Britain, Italy, Spain, Ireland, Portugal. The cases of Britain and Italy are interesting as they devalued, but managed successfully to keep inflation rates from rising accordingly. Costs related to restrictive use of budgetary and fiscal policies by individual governments. 3 Political theories of integration Why and how does integration of countries into a larger whole take place? This section tackles this question.
Intergovernmentalism Hoffmann (1966) stressed that the nation state would remain the most logical unit in the international system for three reasons, which he Economic and Political Theories of Integration 35 labelled ‘national consciousness’, ‘national situation’ and ‘nationalism’, the latter term referring mainly to a national doctrine or ideology (Hoffmann, 1966: 867–8). He criticized neo-functionalism and stressed that integration was unlikely to take place in what he referred to as ‘high politics’.