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ISBN:
9781785521768 9781785522567
Type:
Paperback
Hardback
Publication Date: 23 June 2017
Page Extent: 238
Series: Monographs
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Eurobondage

The Political Costs of Monetary Union in Europe

By Jonathon W. Moses

This book examines the political costs of monetary union in Europe. It does so by gauging the degree to which four small European states - Iceland, Latvia, Hungary and Ireland - employed their monetary policies in response to the financial crisis. Contrary to popular and academic perception, Moses finds that small states in Europe still enjoy monetary policy autonomy, and this autonomy was used to prioritise the needs of domestic constituents over those of international markets. Eurozone member states, by contrast, pursued policies that prioritised the (long-term) needs of international lenders and European institutions, at the (short-term) expense of their own constituents. By illustrating the degree to which monetary policy autonomy still plays an effective role in responding to economic shocks, this book documents the substantial sacrifices that states have made in joining a suboptimum currency area. These are the political costs of monetary union in Europe.

...a pristine example of political economy at its most illuminating, relevant and accessible... Moses persuasively shows how domestic control over monetary policy is essential not only for national sovereignty in the management of the domestic economy, and for generating better performance in economic growth and unemployment, but also for allowing voice for citizens in the face of the regressive distributive consequences of the inflation obsessed Eurozone austerity regime. -- Michael Alvarez, University of Bergen

Jonathon Moses offers us qualitative insights into four European states... and demonstrates through a rigorous comparative study how the capacity to adopt a flexible currency policy is feasible; and that there is greater freedom of mobility in monetary policies than has previously been argued. -- Christine Ingebritsen, University of Washington

Participation in Europe constrains national policy autonomy and so limits options for crisis response... Moses focuses his criticism on the euro but the implications are much wider. The ensemble of cases makes for essential reading. Pro-Europeans may not like this argument, but they will have to engage with it. -- Erik Jones, Johns Hopkins University

Jonathon W. Moses is a professor of political science at the Norwegian University of Science and Technology (NTNU), where he has taught since 1993. Moses has published several books including Emigration and Development (2011), Ways of Knowing (2007), International Migration: Globalization’s Last Frontier (2006), and Norwegian Catch-up: Development and Globalization before World War II (2005). Jonathon Moses is a co-editor of European Political Science (EPS). Among his research interests are globalization, international migration, social democracy, and the European Union. His articles have appeared in World Development, The Journal of Common Market Studies, and Politics and Society.

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