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By A. Verdun

This ebook investigates the perceptions of political actors in the direction of the construction of financial and fiscal Union (EMU) in Europe. The learn is basically in keeping with own interviews performed with key informants in vital banks, finance ministries, employers' firms 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 various purposes. The publication contributes to the literature of eu integration and accommodates fiscal, political and historic facts.

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Extra resources for European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany

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It was not until the 1950s that it reached widespread usage in economic and political science literature and public policy-making (Machlup, 1977). The first time the term ‘integration’ was used to mean combining separate economies into larger economic regions is thought to have been in the 1930s. In the 1960s Balassa emphasized that integration referred to both the process as well as the state of affairs, and that the absence of discrimination was crucial (Balassa, 1961: 1). Tinbergen referred to integration as being an ‘optimum’ of international economic cooperation (Tinbergen, 1965: 3), 17 18 European Responses to Globalization as well as the creation of an ‘optimum policy’ for participating countries (Tinbergen, 1965: 57).

In the 1980s this view was further supported by the Eurosclerosis and Europessimism. Intergovernmentalists held that it was an illusion to think that the European nation states would dissolve in the larger European Community (Hoffmann, 1982; Taylor, 1983). In response to the renewed interest in European integration illustrated by the signing of the Single European Act and the Maastricht Treaty, Andrew Moravcsik has launched ‘a liberal intergovernmentalist approach’ which builds on these earlier ideas (Moravcsik, 1993b; see also 1991, 1994 and 1998b).

Costs Adjustment costs. Even when the nation as a whole might benefit from trade, the adjustment process might involve unemployment of labour or capital of either a temporary or structural nature, thus leaving income distribution distorted. The problem is aggravated when economic integration takes place on an inter-sectoral rather than intra-sectoral level. 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.

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