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European States and the EuroEuropeanization, Variation, and Convergence$
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Kenneth Dyson

Print publication date: 2002

Print ISBN-13: 9780199250257

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0199250251.001.0001

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Politics, Banks, and Financial Market Governance in the Euro‐Zone

Politics, Banks, and Financial Market Governance in the Euro‐Zone

(p.257) 10 Politics, Banks, and Financial Market Governance in the Euro‐Zone
European States and the Euro

Michael Moran (Contributor Webpage)

Oxford University Press

The focus of this chapter is on processes—both, those that produced EMU and those that provide financial market governance in the new institutions that EMU has produced—and on the relationship between the key concepts of Europeanization, convergence, and divergence. The substantive argument is that the creation of the Euro‐zone represents the triumph of a particular mode of financial market governance, which both, elevates the management of financial markets to the pinnacle of economic policy‐making, and insulates the development of policy from the institutions of liberal democracy. In doing so, it represents the triumph of the ‘high politics’ tendency in financial market governance and the defeat of the ‘low politics’ tendency.

Keywords:   EMU, Euro‐zone, financial markets, monetary policy

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