Vision or Revision: Managing Europe’s Way to EMU

Gretschmann, Klaus (1997) Vision or Revision: Managing Europe’s Way to EMU. EIPASCOPE, 1997 (2). pp. 1-4.

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Abstract

In what follows, I will argue that what is much more important than the widely discussed and the selectively emphasized economic aspects is the politics of EMU. Rather than discussing at length the significance of economic variables, such as deficits, debt, inflation or interest rates, measured in precise figures, what should be discussed is common European interests and ideals. What is crucial is the convergence of policy models, of the beliefs in the minds of policy makers, and the ideas of social groups and the general public as to where Europe should go from here. It appears as if, despite lipservice to the contrary, (a) national positions with regard to EMU still diverge widely in models, beliefs and interests, and (b) often EMU is 'exploited' through 'scapegoating', i.e. by putting the blame for domestic austerity measures on the EMU as a European undertaking. This, of course, creates legitimacy problems and causes a lack of popularity vis-à-vis a common European currency amongst the national electorates of Europe.

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