The New Political Economy of EMU [Paperback]

The creation of an economic and monetary union (EMU) in Europe is among the most important_and controversial_developments of the 1990s. This clear and balanced book brings together economists and political scientists to explain why the creation of a European monetary union is so contentious; how the debate has affected the political determination to construct a monetary union; and how it will influence the functioning of EMU into the next century. Focusing on how economics and politics interact both in the prelude to unification and in its aftermath, the authors provide an innovative analysis of a spectrum of related issues: how EMU relates to Europe's unemployment crisis, how it will affect the process of economic adjustment, what convergence means for the performance of the member states separately, and how the member states will decide both whether to participate themselves and whom else to admit to the monetary club.

Jeffry Friedenis professor of government at Harvard University.

Daniel Grosis deputy director of the Centre for European Policy Studies in Brussels, Belgium.

Erik Jonesis lecturer in politics at the University of Nottingham, U.K.

This is a serious book, and the lay reader will have to brace himself for outbursts of economists' algebra here and there. So the question of whether monetary union will indeed lead to political union, and, if so, in what form, will in due course receive its final answer. Mr. Frieden's and Mr. Jones's analysis help illuminate the likely outcome.... The Economist

This is a serious book, and the lay reader will have to brace himself for outbursts of economists' algebra here and there.

So the question of whether monetary union will indeed lead to political union, and, if so, in what form, will in due course receive its final answer. Mr. Frieden's and Mr. Jones's analysis help illuminate the likely outcome. The Economist

Chapter 1 EMU: EconlãC