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The Political Problems of the Euro-Zone

Published online by Cambridge University Press:  27 October 2017

Helen Thompson
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Extract

At the end of 1991, after the Maastricht summit, we could reasonably have predicted that there would be two kinds of political problem generated by the euro. First, that if the euro-zone were in 1997, the first date at which it could have been launched, or 1999, when it did indeed begin, to spread beyond Germany, France, Belgium, Netherlands, Luxembourg and Denmark, then there would be good reason to wonder whether all members of the zone could withstand a single monetary policy. Meeting the convergence criteria specified in the Maastricht Treaty would not necessarily mean that there was sufficient convergence in macro-economic cycles to warrant having the same interest rates over the whole of the euro area.

Type
Research Article
Information
Cambridge Yearbook of European Legal Studies , Volume 5 , 2003 , pp. 71 - 76
Copyright
Copyright © Centre for European Legal Studies, Faculty of Law, University of Cambridge 2003

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References

1 Eichengreen, B and Wyplosz, A ‘Instability pact?’ (1998) European Economic Perspectives 4.

2 Euro-land frays at the edges’ The Economist, 28 November 2002.

3 ’France refused to take steps to curb budget deficit’ Financial Times, 26 November 2003.

4 Ginsbourg, P, Italy and its discontents: family, civil society, and state 1980–2001 (Allen Lane 2002)Google Scholar.

5 Thompson, H, ‘The modern state, political choice and an open international economy’ (1999) Government and Opposition 34.