Bulletin n. 1/2013
June 2013
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
  • MATTIAS VERMEIREN
    Monetary power and EMU: macroeconomic adjustment and autonomy in the Eurozone
    in Review of International Studies (The) , Volume 39 - Issue 03 ,  2013 ,  729-761
    This article examines the impact of the establishment of Economic and Monetary Union (EMU) and the introduction of the euro on the monetary power of its member states. Taking into consideration continuing capitalist variety among national political economies of the Eurozone, I examine the implications of EMU for the macroeconomic autonomy of different national models capitalism. Drawing on a comparative capitalism perspective, it is argued that the Eurozone's coordinated market economies – Germany in particular – have gained much more from the introduction of the euro in terms of monetary power than the other models. This argument will be based on an analysis of two key dimensions of EMU's macroeconomic governance regime: (1) exchange rate policymaking; and (2) the management of balance-of-payments.
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