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This article gives analytical priority to the state and explores the utility of such an approach when it comes to understanding British policy towards the Euro. It combines the work of the British political scientist, Jim Bulpitt, with that of the US scholar, Eric Nordlinger, and asserts that this union can help reveal a neglected aspect of the 'story' behind this non-decision. The Blair Government rejected single currency membership because it perceived eurozone structures to be a threat to its governing autonomy. This administrative discretion was important in its own right, as well as a means for delivering other policies thought crucial to the party's electoral success. This argument is not incompatible with other explanations that stress the role of the Eurosceptical media or public opinion. But it does assert that the motives and behaviour of Blair, Brown and their close colleagues were not decisively constrained by these pressures. Adapted from the source document.

While inflation differentials in a monetary union can be benign, reflecting a catch-up process, or an adjustment mechanism to asymmetric shocks or different business cycles, they may also indicate distortions related to inefficiencies in domestic product and labor markets that amplify or make more persistent the impact of shocks on inflation. The paper examines the determinants of inflation differentials in the euro area, with emphasis on the role of country specific labor and product market institutions. The analysis uses a traditional backward-looking Phillips curve equation and augments it

This paper attempts to investigate how the Maastricht criteria and the Stability and Growth Pact (SGP) have impaired the capacity of Euro Zone (EZ) national authorities to conduct discretionary fiscal policy. We estimate fiscal determinants for the structural (discretionary) public deficit over the period of 1981-2010, estimating panel data equations in order to increase the strength of the test by enhancing the time series dimension of the data by the cross section. We find that the degree of the countrecyclicality of discretionary fiscal policy has been reduced significantly after the Maastricht Treaty. Also, there is empirical evidence that national fiscal rules have a significant positive impact in budgetary outcomes. Regarding the recent reform of the European governance framework, we consider that the context of the reform seems incapable of dealing with the factors which are responsible for the sovereign debt crisis. We stress the need for reforms in the financial sector which seem necessary to ensure in association with sound fiscal policies the stability in euro area. ; peer-reviewed

AbstractHow fast should the new Member States of the European Union (NMS) relinquish their domestic monetary and exchange rate autonomy? While the Maastricht convergence criteria are attracting significant attention (particularly the inflation and deficit criteria), we think the debate should also examine the status of their economic structures and the progress of integration within the EU. Diverse aspects of the monetary integration of the NMS into the euro area are examined. We find less structural convergence is associated with less income convergence. The exchange rate regimes have a bearing on the speed of real convergence: for some NMS, and for some more time, exchange rate flexibility may still serve as a useful shock absorber.

This paper deals with the connections between European Economic and Monetary Union on the one hand, and the prospects for employment and social cohesion on the other. It describes the thinking of the ETUC on EMU and explains why the ETUC has been supportive of monetary integration, and the reservations which it has expressed. The paper criticises the Maastricht Treaty's almost exclusive focus on stability, and discusses the pros and cons of the convergence criteria. It reports on the discussion at national level in a number of countries about EMU and employment and social cohesion, considers the political motivations driving EMU and concludes by stressing the importance of progress on the ETUC's agenda of accompanying policies for EMU.

Abstract. The economy of the European Union has not recovered from the impact of the economic and financial crisis. Growth rates remain low and investment activity is weak. This questions current economic policies of the Economic and Monetary Union, known as austerity. In opposition to fiscal contraction measures, expansive fiscal action policies are often called for to initiate economic recovery. But the national interests of austerity's main proponent, performed in an asymmetric intergovernmental bargaining arena, render most of the proposed expansive action plans impossible and hence austerity is expected to prevail. The Juncker-Plan constitutes an expansive action plan which respects the restrictive budgetary rules. Nevertheless an investment volume of 315 billion Euro should be made available, enabled by 21 billion Euro of public money. The budget contribution should lever private funds by a multiplier of 15. The crucial factor of 15 rests on experience with Synergetic Financial Instruments which have been increasingly executed during the last budget period. This work assesses the impact of expansive public investment conducted through these Synergetic Financial Instruments and thus gathers information to undertake an appraisal of the Juncker-Plan, foremost of its crucial mechanisms and resulting numbers. By this, the potential of financial instruments as means of fiscal policy and the validity of the Juncker-Plan can be assessed.Keywords. Economic and Monetary Union, austerity, fiscal policy, public investment, financial instruments, Juncker-Plan, European Fund for Strategic Investment.JEL. G23, E61, E62, E65, G01, G11, H62, H63.

The author examines the main political questions raised by the birth of the Euro-zone on 1 January 1999, and argues for a more informed analysis and assessment of its nature, operation and prospects. He stresses the central role of the European Central Bank in the Euro-zone and explains the extent of the ECB's authority and power.

International audience ; This chapter examines the nature of the Boards of Appeal (BoAs) of EU financial agencies and the type of review they offer. It describes the different operation of the Joint Board of Appeal (JBoA) of the European Supervisory Authorities (ESA) and of the Appeal Panel (AP) of the Single Resolution Board (SRB). The chapter analyses their decisions, which are binding and which follow appeal procedures that need to be exhausted before a procedure may be started before the EU Courts. It provides a comparative analysis of the JBoA and the AP, and assesses their suitability in providing effective and swift remedy to individuals.

International audience ; This chapter examines the nature of the Boards of Appeal (BoAs) of EU financial agencies and the type of review they offer. It describes the different operation of the Joint Board of Appeal (JBoA) of the European Supervisory Authorities (ESA) and of the Appeal Panel (AP) of the Single Resolution Board (SRB). The chapter analyses their decisions, which are binding and which follow appeal procedures that need to be exhausted before a procedure may be started before the EU Courts. It provides a comparative analysis of the JBoA and the AP, and assesses their suitability in providing effective and swift remedy to individuals.

International audience ; This chapter examines the nature of the Boards of Appeal (BoAs) of EU financial agencies and the type of review they offer. It describes the different operation of the Joint Board of Appeal (JBoA) of the European Supervisory Authorities (ESA) and of the Appeal Panel (AP) of the Single Resolution Board (SRB). The chapter analyses their decisions, which are binding and which follow appeal procedures that need to be exhausted before a procedure may be started before the EU Courts. It provides a comparative analysis of the JBoA and the AP, and assesses their suitability in providing effective and swift remedy to individuals.

The evolution of meaning of integration is the natural development, good and normal for all states involved in this process, with the ultimate goal of increasing the welfare and living standards for their populations. The benefits of development should enjoy more numerous groups of people. Promoting collective responsibility for development to underpin social economy encumbered the common good must be the path to healthy development. The European construction sustainability must be based on assimilation integration spiritual values in people, as Europeans, to think, think, act, live and hope. If the results of integration are realized gradually and not immediately felt in every country, the confidence in integration gradually diminishes and the development process of each country is slowly but surely turning into a European Trojan horse. ; peer-reviewed