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THE POLITICAL ECONOMY OF EUROPEAN MONETARY UNIFICATION: AN ANALYTICAL INTRODUCTION
Author(s) -
EICHENGREEN BARRY,
FRIEDEN JEFFRY
Publication year - 1993
Publication title -
economics and politics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.822
H-Index - 45
eISSN - 1468-0343
pISSN - 0954-1985
DOI - 10.1111/j.1468-0343.1993.tb00069.x
Subject(s) - unification , politics , economics , currency , phenomenon , european monetary system , european monetary union , political economy , monetary hegemony , economic system , international economics , macroeconomics , political science , monetary policy , computer science , physics , quantum mechanics , law , programming language
European monetary unification (EMU) ‐ the creation of a single European currency and a European Central Bank ‐ is both an economic and a political phenomenon. Yet few studies have attempted to address simultaneously the political and economic dimensions of the process. In this introduction, we review and extend the relevant literatures. The evidence leads us to conclude that EMU is driven mainly by political rather than economic factors, although our understanding of even these political forces remains incomplete.