The Single European Currency in National Perspective A Community in

This is the first book to look at the European Union and single currency from the perspective of member-states. It offers a systematic critique of the project from the viewpoint of labor and employment.

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Also by Jonathan Michie CONTRACTS, COOPERATION AND COMPETITION: Studies in Economics, Management and Law (edited with Simon Deakin) FIRMS, ORGANIZATIONS AND CONTRACTS: A Reader in Industrial Organization (edited with Peter Buckley) THE ECONOMICS OF RESTRUCTURING AND INTERVENTION THE POLITICAL ECONOMY OF SOUTH AFRICA'S TRANSITION (edited with Vishnu Padayachee)

The Single European Currency in National Perspective A Community in Crisis? Edited by

Bemard H. Moss Associate Institute of European Studies London

and

Jonathan Michie Professor of Management Birkbeck College University of London

Published in Great Britain by

MACMILLAN PRESS LTD

Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-0-312-23031-9 ISBN 978-1-349-62795-0 (eBook) DOI 10.1007/978-1-349-62795-0 Published in the United States of America by

ST. MARTIN'S PRESS, INC.,

Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 ISBN 978-0-312-23031-9 The Library of Congress has cataloged the hardcover edition as folIows: The single European currency in national perspective : a community in crisis? / edited by Bernard H. Moss and Jonathan Michie. p. cm. Includes bibliographical references and index. ISBN 978-0-312-21531-6 (cloth) 1. Monetary unions. 2. Monetary unions-European Union countries. 3. Monetary policy-European Union countries. 4. Monetary policy-European Union countries. 5. Money-European Union countries. 6. European Union countries-Economic policy. 7. Europe-Economic integration. I. Moss, Bernard H. H. Michie, Jonathan. HG3894.S57 1998 332.4'94-dc21 98-13924 CIP

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Se1ection and editorial matter © Bernard H. Moss and Jonathan Michie 1998, 2000 Chapters 1,3,7 © Bernard H. Moss 1998,2000 Chapter 2 © Jonathan Michie 1998 Chapters 4-6, 8-10 © Macmillan Press Ltd 1998 First edition 1998 Reprinted (with alterations) 2000 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WIP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. 10987654 3 09 08 07 06 05 04 03 02

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Contents List of Tables

VB

viii

Preface and Acknowledgements Preface to the 2000 Reprint

IX

List of C