After the Euro: Shaping Institutions for Governance in the by Colin Crouch

By Colin Crouch

A bunch of prime ecu students examines the most probably effect of eu financial Union at the political associations of the quarter. This e-book strikes the talk in regards to the Euro ahead past the industrial and sovereignty questions that experience to this point ruled dialogue.

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Extra info for After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union

Sample text

It is assumed that a common currency makes easier price comparisons across national borders and therefore that the law of the single price will prevail all over Europe after the completion of EMU. But, for instance, price formation in the car industry clearly shows that the very same product may have quite different prices according to the system of retailing, taxation, the relative strength of the national producers, and of course, the tastes of domestic consumers (Monti 1996). Basically, markets are social constructions (Favereau 1989), not the outcome of any ‘natural’ economic process, and they may take contrasted configurations (White 1998).

For régulation theory this a priori surprising outcome is the result of the coherence of the institutional architecture built on the central role of the post-war capital–labour accord. The implementation of productivity sharing allowed the development of mass production and consumption, which stabilizes the growth pattern by approximately synchronizing the extension of production capacities and the generation of effective demand, within societies where wage earners are the vast majority of the population.

During this period, it was quite common to assume that markets are unable to deal with uncertainty, externalities, and even the simplest co-ordination problems. It is notable that this old framework is rarely used to assess the impact of EMU, whereas its impact on effective demand is frequently discussed. More precisely, the conventional arguments in favour of the euro run as follows (EC 1990; de Silguy 1998). The irrevocable fixing of exchange rates among the participant countries removes the basic uncertainty which was hindering the deepening of the single market.

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