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    EMU and political union revisited: what we learnt from the euro’s second decade

    Hodson, Dermot (2020) EMU and political union revisited: what we learnt from the euro’s second decade. Journal of European Integration , ISSN 0703-6337. (In Press)

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    In spite of expectations to the contrary, Economic and Monetary Union (EMU) did not serve as a leaven for political union during the euro’s second decade. Reforms to Euro Area governance enacted in this period, though significant, stopped well short of the degree of economic and political integration associated with this project. EU policy-makers nonetheless showed a new willingness to talk about political union, albeit in ways that stretched the meaning of this previously taboo term. Such talk, which was driven by financial market pressure and political positioning between member states at the height of the Euro Crisis, had limited bearing on Euro Area governance. But it may have been a factor in the United Kingdom’s referendum vote to leave the EU. A lesson for EU policy-makers is that they should use the term political union more sparingly, if at all.


    Item Type: Article
    Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis, available online at the link above.
    Keyword(s) / Subject(s): Economic and Monetary Union , Political Union, Euro Area reform, Euro Area governance, EU institutions, UK referendum
    School: School of Social Sciences, History and Philosophy > Politics
    Depositing User: Dermot Hodson
    Date Deposited: 25 Feb 2020 10:34
    Last Modified: 17 Jun 2021 02:41


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