What Is European Integration Really About? A Political Guide for Economists

Europe's monetary union is part of a broader process of integration that started in the aftermath of World War II. In this “political guide for economists,” we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions established?...

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Bibliographic Details
Published inThe Journal of economic perspectives Vol. 27; no. 3; pp. 125 - 144
Main Author Spolaore, Enrico
Format Journal Article
LanguageEnglish
Published American Economic Association 01.06.2013
Subjects
Coal
Collaboration
Communities
Economic benefits
Economic theory
Economists
Europe
European integration
European monetary union
Functionalism
Monetary unions
Political economy
Political integration
Symposium: The Euro
Treaties
World War Two
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Summary:Europe's monetary union is part of a broader process of integration that started in the aftermath of World War II. In this “political guide for economists,” we look at the creation of the euro within the bigger picture of European integration. How and why were European institutions established? What is European integration really about? We address these questions from a political-economy perspective, building on ideas and results from the economic literature on the formation of states and political unions. Specifically, we look at the motivations, assumptions, and limitations of the European strategy initiated by Jean Monnet and his collaborators of partially integrating policy functions in a few areas with the expectation that more integration will follow in other areas in a sort of chain reaction toward an “ever-closer union.” The euro with its current problems is a child of that strategy and its limits.
Bibliography:ObjectType-Article-2
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ISSN:0895-3309
1944-7965
DOI:10.1257/jep.27.3.125