By Colin Crouch
A bunch of top ecu students examines the most probably impression of eu financial Union at the political associations of the sector. This booklet strikes the controversy in regards to the Euro ahead past the commercial and sovereignty questions that experience to date ruled dialogue.
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Additional info for After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union
1). The breakdown of the Bretton Woods system brought much exchange rate instability among European currencies, hindering the ongoing process of economic specialization across national borders. The European Monetary System (EMS) was precisely designed in order to remove this source of discrepancy, but success was difﬁcult to achieve given the huge move towards ﬁnancial deregulation. The dramatic 1992 and 1993 episodes brought a conﬁrmation of the project contemplated by the Maastricht Treaty: a single common currency would be a deﬁnite solution to the recurring instability among European currencies.
Italians and Spaniards, whose currencies already increased in value in relation to the DM in anticipation of their EMU entry, entered a harder currency than they had previously experienced, with major adjustment challenges. 7 We must now add to the equation the likely implications for the monetary system if the UK eventually joins it. Following Talani's arguments on the strength of the ﬁnancial sector within the British polity, it is not likely that this would happen in a manner that really hinders City concerns.
Again, this has an impact on industrial relations, which have to take into account a slow-down in real wages, as well as more decentralized wage bargaining in order to cope with sectoral changes and new sources of competitiveness. Second, the signiﬁcant slow-down in growth rates, especially in Europe, affects previous political alliances, according to which even rather conservative governments had pro-labour policies. The surge of unemployment weakens the bargaining power of unions and workers, whereas a new wave of organizational and technological innovations destabilize job demarcations and hierarchy of skills which were at the core of the post-war capital–labour accord.
After the Euro: Shaping Institutions for Governance in the Wake of European Monetary Union by Colin Crouch