The Institutional Implications of EMU

Patrick Crowley

Journal of Common Market Studies, 2001, vol. 39, issue 3, 385-404

Abstract: The third stage of EMU was successfully launched at the beginning of 1999. There are likely to be institutional implications of EMU, particularly if the process is successfully completed. This article uses the optimal currency area literature to establish scenarios for EMU and then evaluates the possible institutional implications which stem from each scenario. Obviously there are ramifications which stem from the institutional development of EMU for Member States, in terms of regaining or losing autonomy over further policy instruments, or the requirement that certain policies be harmonized. In addition, there are clear implications for the development of EU institutions. EMU will also have implications for the development of EU institutions, and their counterparts in Member States......recognizing that EMU will give rise to a new round of institutional development does not require a great leap of imagination. Begg and Peterson (1999, p. 6)

Date: 2001
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