Explaining EMU reform

Author (Person)
Series Title
Series Details Vol.43, No.5, December 2005, p947-967
Publication Date December 2005
ISSN 0021-9886
Content Type

Abstract:

This article develops a model to explain the roles of national governments in the reform process of rules for economic and monetary union (EMU) in Europe. A study of Germany, France and Spain underlines the importance of electoral politics and institutional arrangements in producing distinctive policy triangles on domestic economic and budget policy, and subsequent demands for specific EMU rules. It employs budget policy analysis to illustrate the collapse of stabilization state politics in France and Germany, leading to the reform of the Stability Pact in March 2005.

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