Le choc de la nouvelle? Maastricht, déjà vu and EMU reform

Kevin Featherstone

No 2, Europe in Question Discussion Paper Series of the London School of Economics (LEQs) from London School of Economics / European Institute

Abstract: This paper explores the extent to which current reforms of the euro-zone’s governance remain encased in the constraints of the Maastricht Treaty - the narrowness of its underlying paradigm; the gaps and imbalances of its design – and the implications for the future of the euro. With a model of ‘sound money, sound finances’, based on the precepts of German ordo-liberalism, a vulnerability was exposed: it lacked the instruments, not only to aid, but also to police. This was exacerbated by the shallowness of public legitimation, ignored from the outset. The uncertainty, delays and division displayed by the euro-zone’s response to the crisis owed much to the ‘lock-in’ of Maastricht. The paper includes a critical reassessment of Dyson and Featherstone (1999).

Date: 2012-09-21
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://www.lse.ac.uk/europeanInstitute/LEQS/LEQSPaper52.pdf Full text (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.lse.ac.uk/europeanInstitute/LEQS/LEQSPaper52.pdf [301 Moved Permanently]--> https://www.lse.ac.uk/europeanInstitute/LEQS/LEQSPaper52.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:erp:leqsxx:p0052

Access Statistics for this paper

More papers in Europe in Question Discussion Paper Series of the London School of Economics (LEQs) from London School of Economics / European Institute
Bibliographic data for series maintained by Katjana Gattermann ( this e-mail address is bad, please contact ).