In this seminar Erik Jones will present his latest paper on the politics of EMU.
Please register by emailing: Gijs van der Starre - email@example.com. Participants will receive a preliminary copy of the paper in advance. Lunch will be served.
The creation of the single currency has always been a political process. The politics underlying that process has not always been the same. Neither has our understanding of that politics. This paper traces the evolution of academic work on ‘the politics of economic and monetary union’ from an afterthought of the economics community in its quest for the optimal currency area through the convergence in macroeconomic policy paradigms and the emergence of Brussels-Frankfurt consensus. The paper then asks how well that analysis prepared us to understand the political dynamics unleashed by the recent crisis. The answer is ‘not well’ and the implications can be seen not just in the incompleteness of the architecture of the euro area but also in the difficulties European political leaders now have in agreeing on a program for reform. Politics created the single currency; politics will also determine whether and how long it can last.
Erik Jones is Director of European and Eurasian Studies and Professor of European Studies and International Political Economy at the Paul H. Nitze School of Advanced International Studies of the Johns Hopkins University. He is also Senior Research Associate at the Istituto per gli studi di politica internazionale (ISPI), Milan. Jones is author of The Politics of Economic and Monetary Union (2002), Economic Adjustment and Political Transformation in Small States (2008), and, together with Dana Allin, Weary Policeman: American Power in an Age of Austerity (2012). His most recent book is a collection of short essays called The Year the European Crisis Ended (2014). He is editor or co-editor of more than twenty books or special issues of journals on topics related to European politics and political economy including The Oxford Handbook of the European Union (2012) and The Oxford Handbook of Italian Politics (2015). Professor Jones teaches on topics in international and comparative political economy with a particular focus on Europe and the transatlantic relationship.