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 the interaction of economics and politics, 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 Frieden is professor of government at Harvard University. Daniel Gros is deputy director of the Centre for European Policy Studies in Brussels, Belgium. Erik Jones is lecturer in politics at the University of Nottingham, U.K.
Chapter 1 EMU: Economics and Politics Chapter 2 Monetary Union and European Unemployment Chapter 3 External Shocks and Labor Mobility: How Important Are They for EMU? Chapter 4 Fiscal Deficit Reductions in Line with the Maastricht Criteria for Monetary Union: An Empirical Analysis Chapter 5 Monetary Union with Variable Geometry Chapter 6 The Political Economy of European Monetary Union: A Conceptual Overview