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    The legitimation of EMU: lessons from the early years of the euro

    Hodson, Dermot and Deroose, S. and Kuhlmann, J. (2007) The legitimation of EMU: lessons from the early years of the euro. Review of International Political Economy 14 (5), pp. 800-819. ISSN 0969-2290.

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    Political economists have raised concerns that EMU's asymmetric institutional design leaves the project's legitimacy vulnerable to fluctuations in the perceived advantages and disadvantages of the euro. The evidence presented in this paper suggests that overall support for EMU within the euro area remained high over the period 1999–2005, thus allaying concerns over the project's legitimacy. At the same time, public attitudes towards EMU did vary from one euro-area member to another with perceived rather than actual economic performance appearing to be an important factor behind this cross-country variation. In policy terms, these findings underline the need for a system of euro-area economic governance that promotes a high degree of support for the single currency over the long-term. This will necessitate a more effective approach to output legitimation as well as policies that seek legitimacy for EMU by emphasising process, values and inputs.


    Item Type: Article
    Keyword(s) / Subject(s): EMU, the euro, economic governance, legitimacy, accountability, public opinion
    School: Birkbeck Faculties and Schools > Faculty of Humanities and Social Sciences > School of Social Sciences
    Depositing User: Sarah Hall
    Date Deposited: 09 Oct 2017 16:32
    Last Modified: 02 Aug 2023 17:36


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