EMU's diverting micro foundations : a study of governments' preferences and the sustainability of EMU
By: SADEH, Tal
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ArticlePublisher: Oxfordshire : Routledge, June 2009Journal of European Public Policy 16, 4, p. 545-563Abstract: The political economic literature on EMU suggests that its sustainability depends on the consolidation of the member states into a political community, based on shred beliefs in neo-liberal values, as well as the development of strong EU institutions and a well-integrated and liberalized common market. Have national government in the EU become less favourable to policies that accordingly contribute to the sustainability of EMU? A dataset including 15 pre-2004 member states during 1990-2006 shows that, while the member states of the euro have in recent years converged in support of macroeconomic policies that are important for a sustainable EMU, they have also become more divergent about imperative microeconomic policies, and their scepticism with regard to the authority of EU institutions has become more consensual. This may challenge the sustainability of EMU. This study is innovative in ite original government orientation analysis and large dataset.
The political economic literature on EMU suggests that its sustainability depends on the consolidation of the member states into a political community, based on shred beliefs in neo-liberal values, as well as the development of strong EU institutions and a well-integrated and liberalized common market. Have national government in the EU become less favourable to policies that accordingly contribute to the sustainability of EMU? A dataset including 15 pre-2004 member states during 1990-2006 shows that, while the member states of the euro have in recent years converged in support of macroeconomic policies that are important for a sustainable EMU, they have also become more divergent about imperative microeconomic policies, and their scepticism with regard to the authority of EU institutions has become more consensual. This may challenge the sustainability of EMU. This study is innovative in ite original government orientation analysis and large dataset.
EMU; EU; governments; Partisanship; Sustainability.
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