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Beyond the CrisisThe Governance of Europe's Economic, Political and Legal Transformation$
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Mark Dawson, Henrik Enderlein, and Christian Joerges

Print publication date: 2015

Print ISBN-13: 9780198752868

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198752868.001.0001

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Towards an Ever Closer Economic and Monetary Union? The Politics and Economics of Exploratory Governance

Towards an Ever Closer Economic and Monetary Union? The Politics and Economics of Exploratory Governance

Chapter:
(p.13) 2 Towards an Ever Closer Economic and Monetary Union? The Politics and Economics of Exploratory Governance
Source:
Beyond the Crisis
Author(s):

Henrik Enderlein

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198752868.003.0002

The chapter argues that economic and monetary union (EMU) in Europe is a showcase of ‘exploratory governance’. The euro was created as a functionally motivated logical step in the process of European integration in order to make the single market work. Given the lack of agreement on how to achieve this, the EMU was established as a highly imperfect system and thus inherently unstable and continuously prone to collapse. Since its inception, the EMU has lacked the necessary levels of economic integration and convergence to allow the single currency to function properly. Despite significant action during the crisis years 2010–2013, today’s EMU is still incomplete. What is required today is a focus on political choices in the process towards a strengthened or enhanced EMU.

Keywords:   economic and monetary union, exploratory governance, economic integration, convergence, European integration

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