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Elitism, Populism, and European Politics$
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Jack Hayward

Print publication date: 1996

Print ISBN-13: 9780198280354

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198280351.001.0001

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The Fluctuating Rationale of Monetary Union

The Fluctuating Rationale of Monetary Union

(p.220) 11 The Fluctuating Rationale of Monetary Union
Elitism, Populism, and European Politics

James Forder

Peter Oppenheimer

Oxford University Press

The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and growth. This involved capitulation in the 1980s to German Bundesbank insistence. The resulting disinflationary impetus in the Maastricht convergence criteria was relayed by successive reports from the European Commission rejecting responsibility for output and employment levels.

Keywords:   Bundesbank, convergence criteria, employment, European Commission, Maastricht Treaty, monetary union, price stability

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