Emu and Political Science: What Have We Learned? by Henrik Enderlein & Amy Verdun

Author:Henrik Enderlein & Amy Verdun [Enderlein, Henrik & Verdun, Amy]
Language: eng
Format: epub
Tags: Political Science, General, Political Ideologies, Democracy, Political Process, Political Parties, American Government, National
ISBN: 9781317965800
Google: 7bfhAQAAQBAJ
Goodreads: 18979523
Publisher: Routledge
Published: 2010-04-08T00:00:00+00:00

Economic interests and public support for the euro

Susan A. Banducci, Jeffrey A. Karp and Peter H. Loedel

Introduction

With the European monetary union (EMU) celebrating its tenth anniversary in 2009, the euro has now settled into the minds and markets of more than half of the 27 European Union (EU) member states. After a somewhat rocky start in terms of its value, the common currency, which was first introduced into circulation in 12 member states in 2002, has strongly rebounded to be considered a viable alternative global reserve currency and competitor to the US dollar. Despite continued British reservations about its own membership, the eurozone has expanded eastward to include Slovenia in 2007 and Slovakia in 2009, and southward in 2008 to include Malta and Cyprus. Additional central and eastern European member states look to join in the near future (Estonia, the Czech Republic, and Hungary) or within the next five years.

Despite this rapid embracing of the euro, the mood within the EU has not been quite as robust. The rejection of the referendums on the European Constitution in France and in the Netherlands in 2005 highlighted divisions over the future of Europe. Further efforts to address the perceived democratic deficit in the EU through the Reform Treaty were complicated by the Irish rejection of the Lisbon Treaty in 2008. In addition, a cloudy or mixed economic outlook for the eurozone economy suggests difficult times ahead for the EU project.

This paper examines how the economic impact of the common currency has influenced support for the euro. Despite a surface level ‘strength’ to the euro project, we hypothesize that concerns about a loss in purchasing power may have weakened support for the euro. We focus on the extent to which these economic concerns as opposed to other explanations structure support for the common currency.

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