Synopses & Reviews
Economic and Monetary Union (EMU) is one of the most important developments in modern European politics. Building on two decades of monetary integration it transfers monetary policy, a core function of the modern state, to an independent European Central Bank (ECB) and limits member states' fiscal policy discretion. The ECB insists that growth and employment depend on 'flexibilizing' Europe's labor markets through deep reforms of the social policies and employment relations which comprise the 'European social model'. Member states retain authority over these areas at the heart of national politics, but how will EMU affect the domestic politics of institutional change? Will EMU reinforce de-regulation and retrenchment or will it facilitate reforms that maintain the protections against economic insecurity, inequality, and unilateral employer power the European model has provided? To address these questions, a transatlantic team of leading experts analyzes the evolving tensions between monetary integration and national social policies.
Synopsis
Economic and Monetary Union (EMU) is a leap forward in European integration. Authority over monetary policy, a core function of the modern state, has moved from member states to the European Central Bank, an independent, supranational institution. Although states retain control over fiscal policy, their ability to use it is constrained by the Growth and Stability Pact. While monetary policy has been 'Europeanized', authority over the welfare state, industrial relations and social policy remains with the member states. This volume examines the ways in which the 'European model of society' established since the Second World War (characterised by bargaining between 'social partners', and relatively high taxes and transfers) has been affected by EMU. The book discusses the nature of the European model, contrasts it with the 'Anglo-Saxon' model of the US, and explores change across Europe, showing how national governments have been constrained, even in their social and industrial policies.
Synopsis
Examines how European national governments have been affected by EMU in their social and industrial policies.
Synopsis
The creation of the Economic and Monetary Union (EMU) marks a leap forward in European integration. Authority over monetary policy has moved from member states to the European Central Bank, an independent, supranational institution. This volume examines the ways in which the "European model of society", characterized by bargaining between "social partners"and relatively high taxes and transfers, has been affected by EMU. The book discusses the nature of the European model and explores change across Europe, showing how national governments have been constrained, even in their social and industrial policies.
About the Author
Andrew Martin is a research affiliate at the Center for European Studies, Harvard University. He is the co-author of Brave New World of European Labor (with George Ross, 1999).George Ross is Morris Hillquit Professor in Labor and Social Thought and Director of the Center for German and European Studies at Brandeis University. His recent books are Brave New World of European Labor (with Andrew Martin, 1999), Jacques Delors and European Integration (1995) and Searching for the New France (edited with James Hollifield, 1991).