TY - JOUR A1 - Enderlein, Henrik A1 - Verdun, Amy T1 - EMU's teenage challenge : what have we learned and can we predict from political science? JF - Journal of European Public Policy N2 - We review the initial predictions and claims regarding economic and monetary union (EMU) in Europe against the evidence of its first ten years of existence. We argue that pessimistic views on the creation of EMU have proved to be wrong. Yet EMU's success is rather puzzling, since it is based on a peculiar institutional structure not thought to lead to success. EMU has generated redistributive effects and may have increased business-cycle synchronization. Those effects have not translated into the expected decrease of legitimacy or a widespread democratic deficit of EMU. At the institutional level, EMU has coped well with an asymmetric framework, largely decoupling EMU from political union. There have been neither major spill-over effects pushing for further political integration nor conflict and disintegration. The main question for the future is whether this institutional structure will stay the same in the aftermath of the global financial crisis. KW - Economic and monetary integration KW - Economic and monetary union KW - Economic governance KW - EU politics KW - Fiscal policy KW - Monetary policy KW - Political integration Y1 - 2009 U6 - https://doi.org/10.1080/13501760902872106 SN - 1350-1763 VL - 16 IS - 4 SP - 490 EP - 507 PB - Taylor & Francis CY - Jarfalla ER - TY - EDBOOK A1 - Enderlein, Henrik A1 - Verdun, Amy T1 - EMU and Political Science: What have we learned? Y1 - 2010 SN - 978-0415574822 PB - Routledge CY - Abingdon ER - TY - JOUR A1 - Enderlein, Henrik A1 - Verdun, Amy T1 - EMU’s teenage challenge: what have we learned and can we predict from political science? JF - Journal of European Public Policy N2 - We review the initial predictions and claims regarding economic and monetary union (EMU) in Europe against the evidence of its first ten years of existence. We argue that pessimistic views on the creation of EMU have proved to be wrong. Yet EMU's success is rather puzzling, since it is based on a peculiar institutional structure not thought to lead to success. EMU has generated redistributive effects and may have increased business-cycle synchronization. Those effects have not translated into the expected decrease of legitimacy or a widespread democratic deficit of EMU. At the institutional level, EMU has coped well with an asymmetric framework, largely decoupling EMU from political union. There have been neither major spill-over effects pushing for further political integration nor conflict and disintegration. The main question for the future is whether this institutional structure will stay the same in the aftermath of the global financial crisis. KW - Economic and monetary integration KW - Economic and monetary union KW - Economic governance KW - EU politics KW - Fiscal policy KW - Monetary policy KW - Political integration Y1 - 2009 U6 - https://doi.org/10.1080/13501760902872106 SN - 1466-4429 VL - 16 IS - 4 SP - 490 EP - 507 PB - Taylor & Francis ER -