Overview

The Euro-Zone represents the single most important step in European Integration since 1957 and one of the boldest economic, monetary, and political projects in modern history. In this first major study, the author examines the major political questions raised by the birth of the Euro-Zone on January 1 1999 and argues for a more politically informed analysis and assessment of its nature, operation, and prospects. How does the Euro-Zone operate? What does it mean for European States and for the political strategies of governments? How is its operation to be explained? What are its prospects for stability? What kinds of policies are needed to strengthen its capacity to withstand crisis? The book stresses the ECB-centric nature of the Euro-Zone and its implications both for policy and polices in Europe and for theories of integration. The ECB emerges as a powerful 'policy pusher' and 'ideational leader', with an authority and power exceeding that of the European Commission in the integration process. Dyson examines the elated problems of social justice, democratic consent, and identity. He also argues that the Euro-Zone represents a process of transition to the EU as a 'stabilization Staten An innovative aspect of the book is its application of a strength-strain model for the purpose of analyzing and assessing the stability of the Euro-Zone. It concludes that the stability of the Euro-Zone will be strongly conditioned by three factors: how Kantian rather than Hobbesian or Lockeian its political culture proves to be, with a key reproducibility failing here on the quality of political leadership; its possession of policy interments to tackle liquidity as well as debt traps; and the speed and efficiency of mechanisms of 'bench marking, policy transfer, and 'lesson-drawing'.

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9780199241644

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Only someone with an intimate knowledge of the historical emergence of the Euro-Zone could have written it. But few scholars steeped in that history could have analysed the subtle mutations within the Euro-Zone, setting out possible scenarios for the future development of monetary policy and of the EU's overall governance system, as judiciously as has Dyson, never mind as quickly after key events have unfolded. Rich in detail, under which his themes are not submerged, the book is already required reading. Political Studies Once again, Kenneth Dyson has done invaluable service for the rest of us. As well as scholars of the European Union, all those interested in the political economy of Europe will learn something from this book. Political Studies Kenneth Dyson's book is a useful guide to the likely economic prospects of the common European currency ... His book is an original and important contribution to both the empirical and the theoretical literature on the euro-zone and European integration. It should influence the scholarly debate and perhaps the EU decision-makers in Brussels, Frankfurt and elsewhere. Klaus Larres, Times Higher Education Supplement

Only someone with an intimate knowledge of the historical emergence of the Euro-Zone could have written it. But few scholars steeped in that history could have analysed the subtle mutations within the Euro-Zone, setting out possible scenarios for the future development of monetary policy and of the EU's overall governance system, as judiciously as has Dyson, never mind as quickly after key events have unfolded. Rich in detail, under which his themes are not submerged, the book is already required reading. Political Studies Once again, Kenneth Dyson has done invaluable service for the rest of us. As well as scholars of the European Union, all those interested in the political economy of Europe will learn something from this book. Political Studies Kenneth Dyson's book is a useful guide to the likely economic prospects of the common European currency ... His book is an original and important contribution to both the empirical and the theoretical literature on the euro-zone and European integration. It should influence the scholarly debate and perhaps the EU decision-makers in Brussels, Frankfurt and elsewhere. Klaus Larres, Times Higher Education Supplement

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