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Do EU Central Bankers Dream of Political Union?

Erik Jones, Johns Hopkins
Wednesday, October 11, 2017 -
12:15pm to 1:15pm
023 Robertson
Wednesday, October 11, 2017 -
12:15pm to 1:15pm
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When it was originally conceived during the run up to the Maatricht Treaty, Europe’s monetary union was supposed to promote political union through the impact of the single currency on popular identity and national policy commitments.  Meanwhile, central bankers were supposed to remain politically independent.  They might support the European project as individuals, but they did not see political union as essential either for their status as guardians of the common monetary policy for the success of the euro.  Fast forward three decades and the situation is very different.  The euro may not have divided Europeans, but its influence in fostering a common identity has been limited (to say the least).  More important, national policies have diverged rather than coming together.  This divergence has been problematic both for the conduct of monetary policy and for the stability of the euro.  European central bankers have emerged as ever more vocal advocates of political union as a consequence.

Erik Jones (’88) is Professor of European Studies and International Political Economy at the Johns Hopkins School of Advanced International Studies and senior research fellow at Nuffield College, Oxford.  He is author of, inter alia, The Politics of Economic and Monetary Union (2002), Economic Adjustment and Political Transformation in Small States (2008), and The Year the European Crisis Ended (2014).  He has edited or co-edited more than thirty books or special issues of journals on European politics and political economy including The Oxford Handbook of the European Union (2012) and The Oxford Handbook of Italian Politics (2015).  His most recent edited collection is on ‘Dysfunctional Democracy’ (Government & Opposition, 2017).  He is co-editor of Government & Opposition and contributing editor for Survival.  Professor Jones moved to Europe after spending the summer between his junior and senior years as an intern in Paris with ‘Princeton in France’.  He is still trying to complete the ‘study abroad’ part of his education.

Sponsored by
Organized by the EU Program, co-sponsored by the Program in Contemporary European Politics and Society