Why have the states of Europe agreed to create an Economic and Monetary Union (EMU) and a single European currency? What will decide the fate of this bold project? This book explains why monetary integration has deepened in Europe from the Bretton Woods era to the present day. McNamara argues that the development of a neoliberal economic policy consensus among European leaders in the years after the first oil crisis was crucial to stability in the European Monetary System and progress towards EMU. She identifies two factors, rising capital mobility and changing ideas about the government's proper role in monetary policymaking, as critical to the neoliberal consensus but warns that unresolved social tensions in this consensus may provoke a political backlash against EMU and its neoliberal reforms.McNamara's findings are relevant not only to European monetary integration, but to more general questions about the effects of international capital flows on states. Although this book delineates a range of constraints created by economic interdependence, McNamara rejects the notion that international market forces simply dictate government policy choice. She demonstrates that the process of neoliberal policy change is a historically dependent one, shaped by policymakers' shared beliefs and interpretations of their experiences in the global economy.

How do political authorities build support for themselves and their rule? Doing so is key to accruing power, but it can be a complicated affair. The European Union, as a novel political entity, faces a particularly difficult set of challenges. The Politics of Everyday Europe argues that the legitimation of EU authority rests in part on a transformation in the symbols and practices of everyday life in Europe. The Single Market and the Euro, European citizenship and the dismantling of borders within Europe, EU public architecture, arts and popular entertainment, and EU diplomacy and foreign policy are important not only for their material effects but for how they change peoples' day-to-day experiences and naturalize European governance. The modern nation-state has long used similar strategies to legitimize its political power. But the EU's cultural infrastructure is unique, as it navigates national identities with a particular banality , framing the EU as complementary to, rather than in competition with, the nation-states. These underlying social processes have supported the surprising political development of the EU, but they do so in a way that makes EU authority inherently fragile. As economic and political crises have stretched European social solidarity to the breaking point, this book offers a clear theoretical framework for understanding both the power of everyday culture, and its limits, in legitimating the EU

Fifty years ago, the leaders of six European states signed the Treaty of Rome, creating the European Economic Community and launching the process of European integration. From that starting point evolved today's European Union (EU), the most successful example of institutionalized political cooperation in history. The EU now encompasses a much broader array of responsibilities than originally planned, its membership has widened to 25 countries, and its legislation and jurisprudence has come to supersede national law. Contestation has accompanied success, however, and the intense debate in many European countries over the EU Constitution throughout the course of 2005 revealed deep divisions between and within European countries around issues such as EU institutions, the elusive European identity, a European economic malaise, and the role of the EU as a world power. Was the constitutional crisis a turning point for European integration?
This volume argues that the EU today may be at a crossroads--not because of the failed referenda but rather because of the unresolved tensions in European governance not banished with the referenda's defeat. Meunier and McNamara's collection is the first to comprehensively examine these challenging issues using the tools of historical institutionalism to analyze the past and future political and institutional trajectory of the European Union across a wide variety of policy areas. Together, the volume's authors provide a remarkably coherent theoretical approach to the key questions facing Europe, drawing a portrait of the EU today that reveals a robust, but not invulnerable, set of institutions and practices.

Why have the states of Europe agreed to create an Economic and Monetary Union (EMU) and a single European currency? What will decide the fate of this bold project? This text seeks to explain why monetary integration has deepened in Europe from the Bretton Woods era to the present. The author argues that the development of a neoliberal economic policy consensus among European leaders in the years after the first oil crisis was crucial to stability in the European Monetary System and progress towards EMU. She identifies two factors - rising capital mobility and changing ideas about the government's proper role in monetary policymaking - as critical to the neoliberal consensus, but warns that unresolved social tensions in this consensus may provoke a political backlash against EMU and its neoliberal reforms.