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Le choc de la nouvelle? Maastricht, déjà vu and EMU reform

Featherstone, Kevin (2012) Le choc de la nouvelle? Maastricht, déjà vu and EMU reform. LSE 'Europe in Question' discussion paper series (52/2012). The London School of Economics and Political Science, London.

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This paper explores the extent to which current reforms of the euro-zone’s governance remain encased in the constraints of the Maastricht Treaty - the narrowness of its underlying paradigm; the gaps and imbalances of its design – and the implications for the future of the euro. With a model of ‘sound money, sound finances’, based on the precepts of German ordo-liberalism, a vulnerability was exposed: it lacked the instruments, not only to aid, but also to police. This was exacerbated by the shallowness of public legitimation, ignored from the outset. The uncertainty, delays and division displayed by the euro-zone’s response to the crisis owed much to the ‘lock-in’ of Maastricht. The paper includes a critical reassessment of Dyson and Featherstone (1999).

Item Type: Monograph (Discussion Paper)
Official URL:
Additional Information: © 2012 The Author
Divisions: European Institute
Hellenic Observatory
Subjects: J Political Science > JN Political institutions (Europe)
Sets: Departments > European Institute
Research centres and groups > Hellenic Observatory
Collections > LSE ‘Europe in Question’ Discussion Paper Series
Date Deposited: 27 Sep 2013 13:16
Last Modified: 23 Dec 2020 00:39

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