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Tables of Contents for The Political Economy of Monetary Union
Chapter/Section Title
Page #
Page Count
List of Tables, Figures and Boxes
ix
 
Introduction
1
10
What is Different About Monetary Union?
2
6
Debates About Monetary Union
8
1
Structure of the Book
8
3
What is Monetary Union?
11
18
The Meaning of Monetary Union
11
3
Benefits, Costs and Risks of a Single Currency
14
10
The Required Economic Environment: Economic Union
24
2
The Required Institutional Arrangements
26
1
Conclusions
27
2
Conceiving Monetary Union, 1957--88
29
14
The Early Political History of Monetary Integration
29
2
Monetary Questions and the Revival of European Integration, 1979--86
31
4
Political Preferences for Exchange Rate Stability
35
3
Political Discontent with the ERM
38
3
Conclusion
41
2
Bargaining Monetary Union, 1988--91
43
20
Setting the Agenda for Monetary Union
43
7
Counterproposals
50
2
Monetary Union and Change in the International System
52
5
The Intergovernmental Conference: the Bargaining Phase
57
4
Conclusion
61
2
Implementing Monetary Union, 1991--98
63
17
The Ratification and Currency Crises of 1992--93
64
2
The Politics of Convergence
66
6
The Politics of Membership
72
5
The End Game
77
3
The Economics of the Maastricht Treaty
80
20
A Phased Transition
80
2
Convergence and Timetables
82
4
Danish and UK Options
86
1
The Maastricht Model of Central Banking
87
2
Treaty Provisions for Economic and Fiscal Policy Surveillance
89
2
Exchange Rate Policy
91
1
Monetary and Fiscal Policy Relationships
92
2
Fixing Exchange Rates at the Start of Stage Three
94
2
Practicalities: the Transition to the Single Currency
96
2
Conclusions
98
2
The Economics of the Transition
100
20
Convergence in Practice
101
9
Fiscal Constraints in Stage Three
110
1
Fixing Conversion Rates at the Start of EMU
110
3
The Practical Implementation of the Single Currency
113
5
Conclusions
118
2
Monetary Policy
120
25
Central Bank Independence
120
1
From Bundesbank to ECB
121
4
Institutional Arrangements
125
3
Decentralisation
128
2
Monetary Policy Strategy
130
5
Instruments of Monetary Policy
135
9
Conclusions
144
1
Fiscal Policy
145
16
Fiscal Discipline
145
3
The Stability and Growth Pact
148
5
Contracyclical Fiscal Policy
153
3
The EU Budget
156
2
The Coordination of Monetary and Fiscal Policy
158
1
Conclusions
159
2
The Euro as a Global Currency
161
14
Visions of the Euro
161
2
Europe as an Economic Bloc
163
7
The Euro and Global Currency Stability
170
3
Conclusions
173
2
EMU and the Single Market for Financial Services
175
10
The Impediments
175
1
Principles Underlying the Single Market for Financial Services
176
1
Investment Services Directive
177
2
Collective Investment Funds
179
1
Securitisation
180
1
The Second Banking Directive
180
3
Conclusions
183
2
Executive Power under Monetary Union 1: the European Central Bank
185
18
Monetary Union and the EU Political System
185
2
Ways of Comparing Central Banks
187
6
The Nature of the ECB Mandate
193
3
The Federal Character of the ECB
196
7
Executive Power under Monetary Union 2: the European Council, Council of Ministers and Commission
203
20
The European Council and the Power of Appointment
204
3
The European Council and the Power of Treaty Change
207
2
Fiscal Coordination and the Politics of Institutional Choice
209
1
Mutual Surveillance, the Stability Pact and the Politics of the Council of Ministers
210
4
Interinstitutional Relationships: the ECB, Council and Commission
214
2
How Monetary Union is Changing the Council of Ministers
216
4
Conclusion: the Open Questions of European Economic Governance
220
3
Representation and Accountability under Monetary Union
223
17
Two Models of Accountability
226
3
The Need for Dual Accountability to Council and Parliament
229
1
The European Parliament's Role under Monetary Union
230
9
National Parliaments
239
1
The Place of Monetary Union in European Integration
240
18
Neofunctionalist and Liberal Intergovernmentalist Interpretations
240
5
Monetary Union, Multilevel Governance and State-Society Relations
245
3
Monetary Union, Democracy and Legitimacy
248
2
Monetary Union and the EU as an International Actor
250
4
Monetary Union and Flexible Integration
254
4
Bibliography
258
14
Index
272