The Handbook of Globalisation, Third Edition
Show Less

The Handbook of Globalisation, Third Edition

Edited by Jonathan Michie

The past 30 years are often depicted as an era of globalisation, and even more so with the recent rise of global giants such as Google and Amazon. This updated and revised edition of The Handbook of Globalisation offers novel insights into the rapid changes our world is facing, and how best we can handle them.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 15: European integration and the ‘euro project’

Philip Arestis and Malcolm Sawyer

Abstract

This chapter examines the extent to which the euro – which was introduced as a ‘virtual’ currency in January 1999 and then as a ‘real’ currency in January 2002 – has been successful. The effective countdown to the single currency started with the signing of the Maastricht Treaty. The convergence criteria, which were to determine whether a national currency would join the single currency, provide some insights into the nature of the euro project and are discussed. Also discussed is the introduction of the euro, which was accompanied by the adoption of the Stability and Growth Pact (SGP) with its constraints on fiscal policy. The ordo-liberal nature of the European Monetary Union (EMU) and its policy framework constitute important contributions to the neo-liberal theoretical and policy framework and are discussed in the chapter. This is followed by some reflections on the impact of the framework on inflation and unemployment. This chapter concludes with a discussion of the relatively poor economic performance under the euro and the major issues that are now emerging.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.