EMU, financial integration and global economic governance

Abstract

This article regards the EMU as part of a broader strategy to revitalize the European economy by creating a strong European base within the transnational finance-led regime of accumulation. Examining the broader implications of this strategy, the article applies the Coxian conceptual triangle of state–civil society complexes, social relations of production and world order. As far as the reconfiguration of the European state–civil society complex is concerned, the article shows first that the European Union has built up quite remarkable, however, primarily introverted governance capacities in the fields of monetary and financial market policies. Secondly, with respect to the social relations of production, it points out that changes within the European financial environment tend to undermine the particular social conditions and relations which have underpinned innovation and productivity growth so far. Finally, in terms of world order, the article shows that the material and organisational capacities of the EU are still much too weak to challenge the dominant role of the US. Nevertheless, under conditions of global trade imbalances, economic stagnation, and the crises of social reproduction and political legitimacy it is likely that transatlantic cooperation will become more difficult.

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