Skip to main content Accessibility help

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
×
Hostname: page-component-745bb68f8f-5r2nc Total loading time: 0 Render date: 2025-01-12T18:46:16.334Z Has data issue: false hasContentIssue false

2 - Theorizing Economic and Monetary Union

Between Concepts and Pragmatism

from Part I - The Economic and Monetary Union

Published online by Cambridge University Press:  28 September 2023

By
Amy Verdun
Edited by
Dariusz Adamski ,
Fabian Amtenbrink  and
Jakob de Haan
Dariusz Adamski
Affiliation:
University of Wroclaw
Fabian Amtenbrink
Affiliation:
Erasmus Universiteit Rotterdam
Jakob de Haan
Affiliation:
University of Groningen
Get access

Summary

This chapter offers an inquiry into how EMU has been conceptualized in the European Union by analysing the path taken over the past five decades. The definition of what is on the agenda, and considered part of the scope of EMU, has had a major impact on what EMU actually covers. In the early years, the focus was on exchange rates, policy coordination, and central banking. In the second part, macroeconomic policy coordination with limits on budgetary deficits and public debt took centre stage. The third period added the importance of banking regulation. The most recent period is branching out into the early steps of fiscal federalism. These topics had been considered when conceptualizing early plans, but had not been developed, as there was insufficient consensus for actionable points, leading to asymmetries. Revisions to EMU followed the various crises, for example the financial crisis and sovereign debt crisis, and most recently the COVID-19 crisis. Theories of European economic and political integration impacted the creation of EMU at the time of its design, but the pragmatic understanding of what was feasible was at least as important for determining what became part of the institutional design of EMU.

Type
Chapter
Information
The Cambridge Handbook of European Monetary, Economic and Financial Integration , pp. 33 - 50
Publisher: Cambridge University Press
Print publication year: 2023

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Amtenbrink, F., de Haan, J., and Sleijpen, O. (1997). Stability and Growth Pact: Placebo or panacea? (I). European Business Law Review 8(9), 202–210.Google Scholar
Ardagna, S., and Caselli, F. (2014) The political economy of the Greek debt crisis: A tale of two bailouts. American Economic Journal: Macroeconomics 6(4), 291–323.Google Scholar
Artis, M. J. (2003). Reflections on the optimal currency area (OCA) criteria in the light of EMU. International Journal of Finance and Economics 8(4), 297–307.Google Scholar
Artis, M. J. and Winkler, B. (1997). The Stability Pact: Safeguarding the credibility of the European Central Bank. CEPR Discussion Paper No. 1688.Google Scholar
Balassa, B. (1961). The Theory of Economic Integration, 1st ed. London: Allen and Unwin.Google Scholar
Balassa, B. (ed.) (1975). European Economic Integration. Amsterdam; Oxford: North-Holland; American Elsevier.Google Scholar
Baldassarri, M. (2017). What would have happened in Europe if Mario Draghi had not been there? In Baldassarri, M. (ed.), The European Roots of the Eurozone Crisis. Cham: Palgrave Macmillan, pp. 425–442.Google Scholar
Baldwin, R. (2006). The euro’s trade effects. ECB Working Paper No. 594.Google Scholar
Barkin, J. S. (1996). Hegemony without motivation: Domestic policy priorities and German monetary policy. German Politics and Society 14(3), 54–72.Google Scholar
Basevi, G., et al. (1978). The All Saints’ Day manifesto for European monetary union. In Fratianni, M., and Peeters, T. (eds.), One Money for Europe. London: Palgrave Macmillan, pp. 37–43. https://doi.org/10.1007/978-1-349-04308-8_2.CrossRefGoogle Scholar
Beyer, A., Gaspar, V., Gerberding, C., and Issing, O. (2009). Opting out of the great inflation: German monetary policy after the break down of Bretton Woods. ECB Working Paper No. 1010.Google Scholar
Bolukbasi, H. T. (2021). Euro-Austerity and Welfare States: Comparative Political Economy Reforms during the Maastricht Decade. Toronto: University of Toronto Press.Google Scholar
Bun, M., and Klaassen, F. (2002). Has the euro increased trade? University of Amsterdam, Tinbergen Institute Discussion 2002-108/2.Google Scholar
Burrell, A. (2009). The CAP: Looking back, looking ahead. Journal of European Integration 31(3), 271–289.Google Scholar
Buti, M., and Fabbrini, S. (2023) Next Generation EU and the future of economic governance: Towards a paradigm change or just a big one-off? Journal of European Public Policy 30(4), 676–695.Google Scholar
Caporaso, J. A. (2018). Europe’s triple crisis and the uneven role of institutions: The euro, refugees and Brexit. Journal of Common Market Studies 56(60), 1345–1361.Google Scholar
Cecchini, P. (1988). The European Challenge 1992: The Benefits of a Single Market. Gower: Aldershot.Google Scholar
Chang, M. (2016) Economic and Monetary Union. Basingstoke: Palgrave.Google Scholar
Chibber, K. (2011). The domino effect in Europe’s debt crisis. BBC News, 20 September. www.bbc.com/news/business-14985256Google Scholar
Chintrakarn, P. (2008). Estimating the euro effects on trade with propensity score matching. Review of International Economics 16(1), 186–198.Google Scholar
Cini, M., and Verdun, A. (2018). The implications of Brexit for the future of Europe. In Martill, B. and Staiger, U. (eds.), Brexit and Beyond: Rethinking the Futures of Europe. London: CL Press, pp. 63–71.Google Scholar
Claeys, G. (2020). The European Union’s SURE plan to safeguard employment: A small step forward. Bruegel Blog Post, 20 May. At www.bruegel.org/2020/05/the-european-unions-sure-plan-to-safeguard-employment-a-small-step-forward/Google Scholar
Commission of the European Communities (1977). Report of the Study Group on the Role of Public Finance in European Integration (MacDougall Report), vols. 1–2. 1977-04.Google Scholar
Corden, W. M. (1972a). Economics of scale and customs union theory. Journal of Political Economy 80, 465–475.Google Scholar
Corden, W. M. (1972b). Monetary integration. Essays in International Finance No. 93, Princeton University.Google Scholar
Council of the EU (2022). EU response to Russia’s invasion of Ukraine. www.consilium.europa.eu/en/policies/eu-response-ukraine-invasionGoogle Scholar
Curzon Price, V. (1974). The Essentials of Economic Integration. Basingstoke: Macmillan.Google Scholar
Danescu, E. R. (2012). Economists v. monetarists: Agreements and clashes in the drafting of the Werner Report. In A Rereading of the Werner Report of 8 October 1970 in the Light of the Pierre Werner Family Archives. Sanem: CVCE.Google Scholar
De Grauwe, P. (2006). What have we learnt about monetary integration since the Maastricht Treaty? Journal of Common Market Studies 44(4), 711–730.Google Scholar
De Haan, J. (ed.) (2000). The History of the Bundesbank: Lessons for the European Central Bank. London: Routledge.Google Scholar
De Haan, J., Ambtenbrink, F., and Waller, S. (2004). The transparency and credibility of the European Central Bank. Journal of Common Market Studies 42(4), 775–794.Google Scholar
Delors Report (1989). Report on Economic and Monetary Union in the European Community (Committee for the Study of Economic and Monetary Union). Luxembourg: Office for Official Publications of the EC 1989-04.Google Scholar
D’Erman, V., and Verdun, A. (2022). Introduction to the Special Issue: Macroeconomic policy coordination and domestic politics: Policy coordination in the EU from the European Semester to the Covid-19 crisis. Journal of Common Market Studies 60(1), 3–20.Google Scholar
De Rynck, S. (2016). Banking on a union: The politics of changing Eurozone banking supervision. Journal of European Public Policy 23(1), 119–135.Google Scholar
Draghi, Mario (2012). Verbatim of the remarks made by Mario Draghi. Speech at the Global Investment Conference, London, 26 July. www.ecb.europa.eu/press/key/date/2012/html/sp120726.en.htmlGoogle Scholar
Drudi, F., Durré, A., and Mongelli, F. P. (2012). The interplay of economic reforms and monetary policy: The case of the eurozone. JCMS: Journal of Common Market Studies 50(6), 881–898.Google Scholar
Dyson, K. (1994). Elusive Union: The Process of Economic and Monetary Union in Europe. London: Longman.Google Scholar
Dyson, K., and Featherstone, K. (1999). The Road to Maastricht: Negotiating Economic and Monetary Union. Oxford: Oxford University Press.Google Scholar
ECB (2020). ECB announces €750 billion Pandemic Emergency Purchase Programme (PEPP). 18 March. www.ecb.europa.eu/press/pr/date/2020/html/ecb.pr200318_1~3949d6f266.en.htmlGoogle Scholar
Eichengreen, B. (1993). Is Europe an optimum currency area. In Borner, S. and Grubel, H. (eds.), The European Community after 1992: Perspectives from the Outside. London: Macmillan, pp. 138–161.Google Scholar
Enderlein, H., and Verdun, A. (2009). EMU’s teenage challenge: What have we learned and can we predict from political science? Journal of European Public Policy 16(4), 490–507.Google Scholar
Epstein, R., and Rhodes, M. (2018). From governance to government: Banking union, capital markets union and the new EU. Competition & Change 22(2), 205–224.Google Scholar
Euronews (2021). The EU scheme making ‘SURE’ unemployment stays low. 13 January. www.euronews.com/next/2021/01/13/the-eu-scheme-making-sure-unemployment-stays-lowGoogle Scholar
European Commission (2008). EMU@10: Successes and challenges after ten years of Economic and Monetary Union. European Economy, No. 2, 2008. 2008-06.Google Scholar
European Commission (2021). Report from the Commission to the European Parliament, the Council, the Economic and Financial Committee and the Employment Committee. COM (2021) 596 final, Brussels. 2021-09-22.Google Scholar
European Commission (2022). SURE. The European instrument for temporary Support to mitigate Unemployment Risks in an Emergency (SURE). https://ec.europa.eu/info/business-economy-euro/economic-and-fiscal-policy-coordination/financial-assistance-eu/funding-mechanisms-and-facilities/sure_enGoogle Scholar
European Stability Mechanism (2022). Greece. Programme timeline for Greece. www.esm.europa.eu/assistance/greeceGoogle Scholar
Fabbrini, F. (2022). The legal architecture of the economic responses to COVID-19: EMU beyond the pandemic. Journal of Common Market Studies 60(1), 186–203.Google Scholar
Featherstone, K. (2011). The Greek sovereign debt crisis and EMU: A failing state in a skewed regime. Journal of Common Market Studies 49(2), 193–217.Google Scholar
Feldstein, M. (1992). Europe’s monetary union: The case against EMU. The Economist, 13 June, pp. 19–22.Google Scholar
Feldstein, M. (1997). EMU and international conflict. Foreign Affairs 76(6), 45–60.Google Scholar
Flam, H., and Nordstrom, H. (2003). Trade Volume Effects of the Euro: Aggregate and Sector Estimates. Stockholm: IIES.Google Scholar
Frankel, J. A., and Rose, A. K. (1998). The endogeneity of the optimum currency area criteria. Economic Journal 108(449), 1009–1025.Google Scholar
Frankel, J. A., and Rose, A. (2002). An estimate of the effect of currency unions on trade and income. Quarterly Journal of Economics 117(2), 437–466.Google Scholar
Gocaj, L., and Meunier, S. (2013). Time will tell: The EFSF, the ESM, and the euro crisis. Journal of European Integration 35(3), 239–253.Google Scholar
Goodhart, C. A. E. (1998). Two concepts of money: Implications for the analysis of optimal currency areas. European Journal of Political Economy 14(3), 402–432.Google Scholar
Gormley, L., and de Haan, J. (1996). The democratic deficit of the European Central Bank. European Law Review 21(2), 95–112.Google Scholar
Hall, P. A. (1985). Socialism in one country: Mitterrand and the struggle to define a new economic policy for France. In Cerny, P. and Schain, M. (eds.), Socialism, the State and Public Policy in France. London: Frances Pinter, pp. 81–107.Google Scholar
Heipertz, M., and Verdun, A. (2004). The dog that would never bite? On the origins of the Stability and Growth Pact. Journal of European Public Policy 11(5), 773–788.Google Scholar
Heipertz, M., and Verdun, A. (2010). Ruling Europe: Theory and Politics of the Stability and Growth Pact. Cambridge: Cambridge University Press.CrossRefGoogle Scholar
Heisenberg, D. (1999). The Mark of the Bundesbank: Germany’s Role in European Monetary Cooperation. Boulder, CO: Lynne Rienner.Google Scholar
Henning, C. R. (2017). Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis. Oxford: Oxford University Press.Google Scholar
Henning, C. R. (2019). US Policy in the euro crisis and the institutional deepening of the monetary union. Journal of Economic Policy Reform 23(3), 325–341.Google Scholar
Herz, B., and Roger, W. (1992). The EMS is a greater Deutschmark area. European Economic Review 36(7), 1413–1425.Google Scholar
Hinarejos, A. (2013). Fiscal federalism in the European Union: Evolution and future choices for EMU. Common Market Law Review 50(6), 1621–1642.Google Scholar
Hodson, D. (2013). The eurozone in 2012: ‘Whatever it takes to preserve the euro’? JCMS: Journal of Common Market Studies 51(S1), 183–200.Google Scholar
Howarth, D. J. (2001). The French Road to European Monetary Union. Basingstoke: Palgrave.Google Scholar
Howarth, D. J., and Loedel, P. H. (2005). The European Central Bank: The New European Leviathan, 2nd ed. Basingstoke: Palgrave.Google Scholar
Howarth, D., and Quaglia, L. (2013). Banking union as holy grail: Rebuilding the single market in financial services, stabilizing Europe’s banks and ‘completing’ Economic and Monetary Union. Journal of Common Market Studies 51(S1), 103–123.Google Scholar
Howarth, D. and Verdun, A. (2020). Economic and Monetary Union at twenty: A stocktaking of a tumultuous second decade: introduction. Journal of European Integration 42(3), 287–293.Google Scholar
Ioannou, D., Leblond, D., and Niemann, A. (2015). European integration and the crisis: Practice and theory. Journal of European Public Policy 22(2), 155–176.Google Scholar
Jones, E. (2015a). The forgotten financial union. In Matthijs, M. and Blyth, M. (eds.), The Future of the Euro. Oxford: Oxford University Press, pp. 44–69.Google Scholar
Jones, E. (2015b). Getting the story right: How you should choose between different interpretations of the European crisis (and why you should care). Journal of European Integration 37(7), 817–832.Google Scholar
Jones, E. (2020) COVID-19 and the EU economy: Try again, fail better. Survival 62(4), 81–100.Google Scholar
Jones, E. (2021). Next Generation EU: Solidarity, opportunity, and confidence. European Policy Analysis, Sieps, 2021-06-11.Google Scholar
Kaelberer, M. (1997). Hegemony, dominance or leadership? Explaining Germany’s role in European monetary cooperation. European Journal of International Relations 3(1), 35–60.Google Scholar
Kaelberer, M. (2001). Money and Power in Europe: The Political Economy of European Monetary Cooperation. Albany: State University of New York Press.Google Scholar
Kaltenthaler, K. (2002). German interests in European monetary integration. Journal of Common Market Studies 40(1), 69–87.Google Scholar
Kenen, P. B. (1995). Economic and Monetary Union in Europe: Moving beyond Maastricht. Cambridge: Cambridge University Press.Google Scholar
Kornelius, S. (2013). Angela Merkel: The Chancellor and Her World. Richmond: Alma Books.Google Scholar
Knudsen, A.-C. L. (2011). Farmers on Welfare: The Making of Europe’s Common Agricultural Policy. Ithaca, NY: Cornell University Press.Google Scholar
Kruse, D. C. (1980). Monetary Integration in Western Europe: EMU, EMS and Beyond. London: Butterworth.Google Scholar
Lagarde, C. (2020). Our response to the coronavirus emergency. The ECB Blog. 19 March. www.ecb.europa.eu/press/blog/date/2020/html/ecb.blog200319~11f421e25e.en.htmlGoogle Scholar
Laursen, F. (2019). Budgetary treaties and European Union politics. Oxford Research Encyclopedias, 26 April, https://doi.org/10.1093/acrefore/9780190228637.013.1095Google Scholar
Law, J. (2009). Green currencies. In Law, J. (ed.), A Dictionary of Business and Management, 5th ed. Oxford: Oxford University Press.Google Scholar
Loedel, P. H. (1999). Deutsche Mark Politics: Germany in the European Monetary System. London: Lynne Rienner.Google Scholar
Ludlow, P. (1982). The Making of the European Monetary System: A Case Study of the Politics of the European Community. London: Butterworth Scientific.Google Scholar
Ludlow, P. (2005). The making of the CAP: Towards a historical analysis of the EU’s first major policy. Contemporary European History 14(3), 347–371.Google Scholar
Machlup, F. (1977). A History of Thought on Economic Integration. Basingstoke: Macmillan.Google Scholar
Maes, I., and Verdun, A. (2005). The role of medium-sized countries in the creation of EMU: The cases of Belgium and the Netherlands. Journal of Common Market Studies 43(2), 327–48.Google Scholar
Magnifico, G. (1973). European Monetary Unification. London: Macmillan.CrossRefGoogle Scholar
Marcussen, M. (1997). The role of ‘ideas’ in Dutch, Danish and Swedish economic policy in the 1980s and the beginning of the 1990s. In Minkkinen, P. and Heikki, P. (eds.), The Politics of Economic and Monetary Union. Kluwer: Dordrecht, pp. 75–103.Google Scholar
Marcussen, M. (2000). Ideas and Elites: The Social Construction of Economic and Monetary Union. Vilborg: Aalborg University Press.Google Scholar
McKinnon, R. (1963). Optimum currency areas. American Economic Review 53(4), 717–725.Google Scholar
McNamara, K. R. (1998). The Currency of Ideas: Monetary Politics in the European Union. Ithaca, NY: Cornell University Press.Google Scholar
Marjolin, R., Bobba, F., Bosman, H. W. J., et al. (1975). Report of the Study Group Economic and Monetary Union 1980 (Marjolin Report), Commission of the European Communities, Brussels, Doc II/675/3/74, 1975-03-08.Google Scholar
Micco, A., Stein, E., Ordonez, G., Midelfart, K. H., and Viaene, J.-M. (2003). The currency union effect on trade: Early evidence from EMU. Economic Policy 18(37), 316–356.Google Scholar
Mourlon-Druol, E. (2012). A Europe Made of Money: The Emergence of the European Monetary System. Ithaca, NY: Cornell University Press.Google Scholar
Mundell, R. (1961). A theory of optimum currency areas. American Economic Review 51(4), 657–675.Google Scholar
Padoa-Schioppa, T. (1987). Efficiency, Stability, and Equity: A Strategy for the Evolution of the Economic System of the European Community. New York: Oxford University Press.Google Scholar
Padoa-Schioppa, T. (2000) The Road to Monetary Union in Europe: The Emperor, the Kings, and the Genies, 2nd ed. Oxford: Oxford University Press.Google Scholar
Pagoulatos, G. (2020). EMU and the Greek crisis: Testing the extreme limits of an asymmetric union. Journal of European Integration 42(3), 363–379.Google Scholar
Quaglia, L. (2004). Italy’s policy towards European monetary integration: Bringing ideas back in? Journal of European Public Policy 11(6), 1096–1111.Google Scholar
Quaglia, L., and Maes, I. (2004). France and Italy’s policies on European monetary integration: A comparison of ‘strong’ and ‘weak’ states. Comparative European Politics 2(1), 51–72.Google Scholar
Quaglia, L., and Verdun, A. (2023a). Explaining the response of the ECB to the Covid-19 related economic crisis: Inter-crisis and intra-crisis learning. Journal of European Public Policy 30(4), 635–654.Google Scholar
Quaglia, L., and Verdun, A. (2023b). Weaponisation of finance: The role of European central banks and financial sanctions against Russia. West European Politics. DOI: 10.1080/01402382.2022.2155906.Google Scholar
Risse, T., Engelmann-Martin, D., Knopf, H.-J., and Roscher, K. (1999). To euro or not to euro? The EMU and identity politics in the European Union. European Journal of International Relations 5(2), 147–187.Google Scholar
Rhodes, M. (2021). ‘Failing forward’: A critique in light of COVID-19. Journal of European Public Policy 28(10), 1537–1554.Google Scholar
Rosenthal, G. G. (1975). The Men behind the Decisions: Cases in European Policy-Making. Lexington, MA: Lexington Books, D. C Heath.Google Scholar
Schelkle, W. (2006). The theory and practice of economic governance in EMU revisited: What have we learnt about commitment and credibility? Journal of Common Market Studies 44(4), 669–686.Google Scholar
Schlosser, P. (2018). Europe’s New Fiscal Union. Basingstoke: Palgrave Macmillan.Google Scholar
Schoeller, M. G. (2018). Leadership by default: The ECB and the announcement of outright monetary transactions. Credit and Capital Markets 51(1), 73–91.Google Scholar
Schoeller, M. G. (2020). Germany, the problem of leadership, and institution-building in EMU reform. Journal of Economic Policy Reform 23(3), 309–324.CrossRefGoogle Scholar
Schulz, D. F., and Verdun, A. (2022). Differentiation and the European Central Bank: A bulwark against (differentiated) disintegration? In Leruth, B., Gänzle, S., and Trondal, J. (eds.), The Routledge Handbook of Differentiation in the European Union. London: Routledge, pp. 200–214.Google Scholar
Schure, P. (2013). European financial market integration. In Verdun, A. and Tovias, A. (eds.), Mapping Economic Integration. Basingstoke: Palgrave Macmillan, pp. 105–124.Google Scholar
Segers, M. L. L., and Van Esch, F. A. W. J. (2007). Behind the veil of budgetary discipline: The political logic of the budgetary rules in EMU and SGP. Journal of Common Market Studies 45(5), 1089–1109.Google Scholar
Smeets, H.-D. (1990). Does Germany dominate the EMS? Journal of Common Market Studies 29(1), 37–52.Google Scholar
Steinherr, A. (ed.) (1994). Thirty Years of European Monetary Integration from the Werner Plan to EMU. London: Longman.Google Scholar
Story, J. (1988). The launching of the EMS: An analysis of change in foreign economic policy. Political Studies 36(3), 397–412.Google Scholar
Tavlas, G. S. (1993). The ‘new’ theory of optimum currency areas. The World Economy 16(6), 663–685.CrossRefGoogle Scholar
Tinbergen, J. (1954). International Economic Integration. Amsterdam: Elsevier.Google Scholar
Tsoukalis, L. (1977). The Politics and Economics of European Monetary Integration. London: Allen and Unwin.Google Scholar
Ungerer, H. (1997). A Concise History of European Monetary Integration: From EPU to EMU. London: Quorum Books.Google Scholar
Vanhercke, B., and Verdun, A. (2022). The European Semester as goldilocks: Macroeconomic policy coordination and the Recovery and Resilience Facility. Journal of Common Market Studies 60(1), 204–223.CrossRefGoogle Scholar
Vanthoor, W. F. V. (1996). European Monetary Union since 1848: A Political and Historical Analysis. Cheltenham: Edward Elgar.Google Scholar
Verdun, A. (1996). An ‘asymmetrical’ Economic and Monetary Union in the EU: Perceptions of monetary authorities and social partners. Journal of European Integration 20(1), 59–81.CrossRefGoogle Scholar
Verdun, A. (1998a). The increased influence of the EU Monetary Institutional Framework in determining monetary policies: A transnational monetary elite at work. In Reinalda, B. and Verbeek, B. (eds.), Autonomous Policy Making by International Organizations. London: Routledge, pp. 178–194.Google Scholar
Verdun, A. (1998b). Monetary integration in Europe: Ideas and evolution. In Cowles, M. G. and Smith, M. (eds.), The State of the European Union Vol. 5: Risks, Reform, Resistance and Revival. Oxford: Oxford University Press, pp. 91–109.Google Scholar
Verdun, A. (1999). The role of the Delors Committee in the creation of EMU: An epistemic community? Journal of European Public Policy 6(2), 308–328.Google Scholar
Verdun, A. (2000). European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany. Basingstoke: Palgrave.Google Scholar
Verdun, A. (2002). Why EMU happened: A survey of theoretical explanations. In Crowley, P. M. (ed.), Before and Beyond EMU: Historical Lessons and Future Prospects. London: Routledge, pp. 71–98.Google Scholar
Verdun, A. (2010). Ten years EMU: An assessment of ten critical claims. International Journal of Economics and Business Research 2(1/2), 144–163.Google Scholar
Verdun, A. (2015). A historical institutionalist explanation of the EU’s responses to the euro area financial crisis. Journal of European Public Policy 22(2), 219–237.Google Scholar
Verdun, A. (2017). Political leadership of the European Central Bank. Journal of European Integration 39(2), 207–221.Google Scholar
Verdun, A. (2018). Theories of European integration and governance. In Brunet-Jailly, E., Hurrelmann, A., and Verdun, A. (eds.), European Union Governance and Policy Making: A Canadian Perspective. Toronto: University of Toronto Press, pp. 105–124.Google Scholar
Verney, S., and Bosco, A. (2013). Living parallel lives: Italy and Greece in an age of austerity. South European Society and Politics 18(4), 397–426.Google Scholar
Wanke, S. (2017). Five years of ‘whatever it takes’: Three words that saved the euro. KfW Research, Economics in Brief, No. 139.Google Scholar
Werner Report (1970). Report to the Council and the Commission on the Realization by Stages of Economic and Monetary Union in the Community. Council and Commission of the EC, Bulletin of the EC, Supplement 11, Doc 16.956/11/70, 2011-10-08.Google Scholar
Zagermann, D. (2024). Remaking European Political Economies: Financial Assistance in the Euro Crisis. Toronto: University of Toronto Press.Google Scholar
Zeitlin, J., and Vanhercke, B. (2018). Socializing the European Semester: EU social and economic policy co-ordination in crisis and beyond. Journal of European Public Policy 25(2), 149–174.Google Scholar

Save book to Kindle

To save this book to your Kindle, first ensure [email protected] is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×