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"Between national sovereignty and international power: What external voice for the Euro?"

McNamara, Kathleen R. and Meunier, Sophie. (2001) "Between national sovereignty and international power: What external voice for the Euro?". In: UNSPECIFIED, Madison, Wisconsin. (Unpublished)

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    Abstract

    [T]his paper evaluates the potential paths facing the EU as it projects the face of a single currency abroad. First, we analyze the need for a single voice representing the single European currency internationally. We highlight the different circumstances in which a currency needs a political voice in international affairs, and we disentangle what is specific to the financial sector from what is shared with other policy areas in which an external voice is needed, such as trade and common security policy. Second, we focus on the historical and political context in which the EU member states are operating when deciding on institutional design. We analyze the incomplete foundation provided by the Maastricht Treaty and the tentative efforts by the members of the Euro zone to devise institutions for presenting a united front to the rest of the world. Third, we explore which of the various options for designing a single voice for the single currency is most likely to promote the most politically acceptable balance between national sovereignty and international power. In conclusion, we suggest some implications of creating the Euro's external voice for the relative power of Europe vis-à-vis the United States, for the scheduled enlargement of the EU to the east, and for the current debate about the democratic accountability of supranational institutions.

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    Item Type: Conference or Workshop Item (UNSPECIFIED)
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > political affairs > governance: EU & national level
    EU policies and themes > External relations > EU-US
    EU policies and themes > Policies & related activities > political affairs > democracy/democratic deficit
    EU policies and themes > External relations > foreign/security policy 1993--(includes CFSP/CESDP/ESS)
    EU policies and themes > Treaty reform > enlargement
    EU policies and themes > External relations > international trade
    EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    EU policies and themes > EU institutions & developments > institutional development/policy > historical development of EC (pre-1986)
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Conference: European Union Studies Association (EUSA) > Biennial Conference > 2001 (7th), May 31-June 2, 2001
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 24 Jul 2009
    Page Range: p. 27
    Last Modified: 15 Feb 2011 17:21
    URI: http://aei.pitt.edu/id/eprint/2142

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