INTERNATIONAL AND DOMESTIC INSTITUTIONS IN THE EMU PROCESS

Lisa L. Martin

Economics and Politics, 1993, vol. 5, issue 2, 125-144

Abstract: European progress toward monetary union takes place within the highly institutionalized setting of the European Community (EC). This paper examines the ways in which formal institutions and decisionmaking procedures have constrained the Economic and Monetary Union (EMU) process. The EC's structure has both created demands for and facilitated cross‐issue linkages, and these linkages characterize the successful bargaining on EMU. However, success also requires ratification. Domestic ratification procedures and changes in the EC's context of linkage have created challenges for the ratification of the Maastricht treaty. Ratification is also tied to concerns about democratic accountability, which arise from current legislative procedures and are the subject of ongoing institutional reform.

Date: 1993
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