In 2009 the euro entered a crisis from which it has yet to emerge. It has led to increased social tensions across the Eurozone and even speculation that the euro might break up. Against this background this paper sets out to re-examine the Hard ECU, the British government's 1990 alternative to the Delors plan for monetary union which was adopted at Maastricht in 1992 and led to the euro. Unlike previous scholarship on the Hard ECU this paper is now in a position to compare the scheme to the euro as it actually functions, not to some hypothetical. This paper examines the original documents behind the euro and the Hard ECU from sources in Britain and on the continent. It applies new concepts of political economy, specifically the 'monetary policy trilemma' and 'political trilemma', to compare the two schemes. We find that existing explanations of the rejection of the Hard ECU, focusing on point of origin or lack of 'flexibility', fail to understand either the state of European monetary debate in the period 1987-1992 or the essential nature of the Hard ECU scheme itself. We find that economic critiques of the scheme on the grounds that it would not lead to a single currency are probably sound but actually count favourably for the Hard ECU. Finally, we conclude that the Hard ECU would have left greater scope for democratic politics than the euro.

Economic and monetary union in the European Union represents a massive change for Europe and for the world. The Road to Maastricht identifies why the agreement was possible and how the agreement was made. The book examines the motives that inspired European political leaders, the strategies that they pursued, and the institutions that were used to achieve monetary union. Drawing on a wide range of sources and unprecedented research and interviews, the book combines careful political analysis with new information about the way in which European Monetary Union was negotiated. It delves into the complex forces at work in Europe, including the cross-national political interactions, to produce an authoritative account of the boldest and riskiest venture in the history of European integration.

An anthology of skeptical viewpoints of European integration has long been missing, yet the need for students to have a spectrum of opinion on the EU has never been greater. As the new European currency's exchange rate plunged throughout the first two years of its existence and the Danes voted against joining up, this reader provides a timely corrective to the dominant view of 'Euro-success.' Exploring the underreported and often mischaracterized 'Euro-skeptic' side of arguments over the goals and methods of European integration, the text presents a selection of the key sources necessary to understand European politics on the ground today. Ron Tiersky brings together here 'Euro-skeptic, ' 'Euro-pessimistic, ' and 'Euro-phobic' speeches, essays, and other documents that illustrate the range of both mainstream and extremist opposition to the European Union. Balancing against the integrationist goal of federalism, the book gives a full airing to the national sovereignty and national identity-based arguments against union and shows how Euro-skepticism finds a place on both the right and the lef

As with the previous version (Ashgate 2004), this second edition is divided, for didactic purposes, into two parts. The first part provides an overview of political science approaches to European political economy, both mainstream and critical ones. As such, it contributes directly to the current debate among scholars of political science and international political economy concerning the nature of the process of European integration. The second part provides alternative explanations of some European economic policy events - the ECB, banking regulation, fiscal co-ordination, the crisis of the euro-zone, social policy and unemployment - allowing the reader to assess the explanatory value of competing approaches.

The book investigates British, French and EU-wide responses to the Single Financial Market initiative. It outlines the contexts of the globalization of financial markets and the pressures towards competitive deregulation. The '1992' package is assessed and its differing impact in Britain and France explained by comparing the different regulatory regimes through detailed case-studies. A policy network approach is applied throughout to European integration in this field.

Includes lists of orders, rules, bills etc.