Ideas and elites: the social construction of economic and monetary union
Drastic changes in the way money is used create enormous direct and indirect changes in the societies affected. Martin Marcussen has studied the European Economic and Monetary Union (EMU) in the light of the ideational developments that Maurice Allais and John Maynard Keynes experienced in their lifetimes. The author asks why it is that by the end of the 1980s there seemed to be complete consensus about such politically contentious issues as central bank independence, low inflation, stable currencies and low public deficits. He analyses why the main EMU negotiators did not disagree about these crucial and highly central issues in macro-economic policy making and consequently decided to institutionalise these ideas in the formal organisations, rules and procedures of the EMU. He further examines why EU member states, once the treaty on EMU was formally ratified, were ready to undertake reforms to their domestic structures which earlier were considered illegitimate just a few years ago.
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GERMANY THE EMS AND EUROPEAN CENTRAL BANKERS
MacDougall versus McCracken
Central Bankers as Ideational Leaders
11 other sections not shown
actors argued argument Ass.Nat balance of payments bankers Banque de France Britain and Sweden British budget Bundesbank capital causal ideas central bank governor central bank independence central bank reform consequences convergence criteria Council countries currency Danish economy Danish krone debate deficits Delors Committee Denmark devaluation discourse domestic economic policy elites employment epistemic community Europe European integration European macro-economic organizational exchange-rate exchange-rate policy external financial markets fiscal policy French Furthermore German model Helmut Kohl Hoffmeyer ibid ideational consensus ideational life-cycle ideational shift ideational vacuum institutionalization institutions Jean-Pierre Chevènement juin labor market low inflation Maastricht Treaty macro-economic organizational field macro-economic policy Mitterrand monetarism monetary policy monetary union negotiations norms objective OECD organizations period of ideational policy strategy policy-elites policy-makers political price stability Prime Minister problem realignment relationship role sector social democrat sound policy stable exchange-rate Sweden Swedish Thatcher underlined wage Wise