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Miriam L. Campanella

In: Making Policy in Europe

Chapter 9: European Monetary Union: Economic versus Political Integration and the Limits of Supranationalism1

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European Monetary Union: Economic versus Political Integration and the Limits of Supranationalism1
European monetary union: Economic versus political integration and the limits of supranationalism
Miriam L.Campanella
Requirements and Possibilities

This chapter focuses on EMU fiscal discipline and centres on the question: Why have EU member governments chosen to submit their own domestic public budget to ‘collective monitoring, surveillance and enforcement’. Students of public budget, such as Wildawsky or Buchanan, would probably suggest that the best way to balance a budget is through domestically based constitutional regulation. Students of EMU are likely to suggest that EMU fiscal discipline belongs, as with other arrangements such as the creation of the European Central Bank, to the area of international political economic relations (Molle 1994, Crawford 1996). National convergence policies constitute the ...

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