By Colin Crouch

ISBN-10: 0191522643

ISBN-13: 9780191522642

ISBN-10: 0198296398

ISBN-13: 9780198296393

A gaggle of prime eu students examines the most likely impression of ecu financial Union at the political associations of the quarter. This ebook 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 resources for After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union

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These calls are unlikely to be successful. It is unlikely that international agreement could be secured while some governments see an advantage in sustaining unregulated capital markets. Further, it is often argued that, since financial capital has a capacity to escape regulation, it is pointless trying to capture it; therefore the burden of all adjustment must be borne by the labour market. The Scope for Labour Market Adjustments If adjustments have to be borne primarily by labour costs with only small assistance from labour mobility and with no other forms of action being possible, sometimes in response to exogenous shocks, there can be considerable social strain.

However, in the short term it has been weak, since it and its central bank are unknown quantities on the international scene, and certainly less reliable than the DM bloc which they have replaced. This resembles the early days of the DM. However, there has been no system of fixed exchange rates, but a deregulated and computerized global financial market which, as occurred several times during the 1990s, can inflict enormous damage on even major currencies like the yen or the pound sterling if it lacks confidence in them.

This will provide a valuable breathing space for European governments, social partners, firms and others, but in the absence of a global currency regime of the Bretton Woods it is highly unlikely that it will last the quarter century that the DM enjoyed. Soon the euro will become a true hard currency. One must, of course, differentiate among prospective national experiences here. For Germany, Austria, and the Netherlands the currency will for a period continue to be undervalued in PPP terms in comparison with the immediate past record of their national currencies.

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After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union by Colin Crouch

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