Financial crisis, orthodoxy and heterodoxy in the production of knowledge about the EU

Millennium: Journal of International Studies

Volumn 40, Issue 3, 2012, Pages 647-673

  Ryner, Magnus ^a  

^a OXFORD BROOKES UNIVERSITY   (United Kingdom)

Author keywords

EU integration theory; Eurozone crisis; Financial crisis; Political economy

Indexed keywords

EID: 84861872277     PISSN: 03058298     EISSN: None     Source Type: Journal    
DOI: 10.1177/0305829812442300     Document Type: Article

References (180)

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9. For an excellent comprehensive survey of works in the liminal realm of EU studies that apart from political economy includes works in cultural studies on identity and Foucauldian works on 'governmentality'.
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49. This is in contrast to the richer conception of social cleavages in comparative European political sociology, based on class, religion, language and most recently gender, see inter alia Peter Mair, ed., The West European Party Politics (Oxford: Oxford University Press, 1990);
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52. Simon Hix, The Political System of the European Union, 138-154.
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55. 'Neofunctionalism, European Identity, and the Puzzles of European Integration', Journal of European Public Policy 12, no. 2 (2005): 291-231;
56. Martin Marcussen, 'The Dynamics of EMU Ideas', Cooperation & Conflict 34, no. 4 (1999): 383-411;
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60. Ernst Haas and Peter Haas, 'Pragmatic Constructivism and the Study of International Institutions', Millennium: Journal of International Studies 31, no. 3 (2002): 573-601.
61. Ninety-five articles (or 13%) were on the EMU and 27 (or 3.7%) were on financial services and its governance in the Journal of Common Market Studies between 1993 and 2009.
62. European Commission, Europe 1992: The Overall Challenge, SEC 88 (524) Final, 13 April (Brussels: The Commission of the European Communities, 1988);
63. Tomasso Padoa-Schioppa et al., Efficiency, Stability and Equity: A Strategy for the Evolution of the Economic System of the European Community (Oxford: Oxford University Press, 1987);
64. André Sapir et al., An Agenda for a Growing Europe: The Sapir Report (Oxford: Oxford University Press, 2004).
65. Philipp Hartmann, Angela Maddaloni and Simone Manganelli, 'The Euro Area Financial System: Structure, Integration and Policy Initiatives', ECB Working Paper 230 (2003): 7.
66. This was the claim of one anonymous reviewer of this article.
67. Inter alia Carsten Detken, Vitor Gaspar and Bernhard Winkler, 'On Prosperity and Posterity: The Need for Fiscal Discipline in a Monetary Union', ECB Working Paper 420 (2004);
68. Gabriel Fagan and Vitor Gaspar, 'Adjusting to the Euro', ECB Working Paper 716 (2007);
69. Vitor Gaspar, Frank Smets and David Vestin, 'Is Time Ripe for Price Level Stability?', ECB Working Paper 818 (2007).
70. Pierre-Olivier Gourinchas, 'Comments on "Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle" by Olivier Blanchard and Francesco Giavazzi', mimeo (2002). Available at: http://socrates.berkeley.edu/~pog/academic/blanchard_giavazzi.pdf (accessed 14 February 2012);
71. Erik Jones, 'Liberalized Capital Markets, State Autonomy, and European Monetary Union', European Journal of Political Research 42, no. 2 (2003): 197-222, 219.
72. Joshua Aizenman and Reuven Glick, 'Pegged Exchange Rate Regimes - A Trap?', NBER Working Paper 11652 (2005), which focuses on the European Monetary System (EMS) and the Argentinian Currency Board, is also of tendentious relevance.
73. Gabriel Fagan and Vitor Gaspar, 'Macroeconomic Adjustment to Monetary Union', ECB Working Paper 946 (2008).
74. Colin Crouch, 'Privatised Keynesianism: An Unacknowledged Policy Regime', British Journal of Politics and International Relations 11, no. 3 (2009): 382-399.
75. It is indeed untenable to maintain that, with the exception of Greece (and even Greece's public savings increased during the first years of EMU membership), the crisis was caused by public indebtedness. Spain and Ireland, for instance, ran fiscal surpluses of over 2% of GDP prior to the outbreak of the financial crisis.
76. Robert Mundell, 'A Theory of Optimal Currency Areas', American Economic Review 51 (1961): 657-675.
77. This was the conclusion of the MacDougall Report when the European Commission (EC) considered monetary union in the 1970s. See Report of the Study Group on the Role of Public Finance in European Integration, Volume I (Brussels: European Commission, 1977).
78. Paul de Grauwe, 'What Have We Learnt about Monetary Integration since the Maastricht Treaty?', Journal of Common Market Studies 44, no. 4 (2006): 711-730.
79. His best-selling textbook is more circumspect, and gives equal weight to endogenous optimum currency area theory as per below, for example, Economics of Monetary Union, 5th edn (Oxford: Oxford University Press, 2003).
80. Michael Artis and Wenda Zhang, 'International Business Cycles and the ERM: Is there a European Business Cycle', International Journal of Finance and Economics 2, no. 1 (1997): 1-16;
81. Jeffrey Frankel and Andrew Rose, 'The Endogeneity of the Optimum Currency Area Criteria', The Economic Journal 108, no. 449 (1998): 1009-1025;
82. Jeffrey Frankel and Andrew Rose, 'An Estimate of the Effect of Common Currencies on Trade and Income', The Quarterly Journal of Economics 117, no. 2 (2002): 437-466;
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84. Ivo Arnold and Casper de Vries, 'Endogenous Financial Structure and the Transmission of ECB Policy', Tinbergen Institute Discussion Papers 99-021/2 (1999);
85. Ignazio Angeloni and Michael Ehrmann, 'Monetary Policy Transmission in the Euro Area: Any Changes after EMU', ECB Working Paper 240 (2003).
86. Notably Robert Mundell himself is on record as being optimistic about the prospects of EMU. This is based on a rather straightforward managerial assumption of Haasian spillover: 'the process of monetary union will itself be a catalyst for closer political union', see 'The Euro and the Stability of the International Monetary System', paper presented at a conference sponsored jointly by the Luxembourg Institute for European and International Studies and the Pierre Werner Foundation, 3-4 December 1998: 7.
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89. Ibid., 496.
90. With regard to the latter point, they commit the fallacy that is well known in welfare state research to conflate actual expenditure with welfare state standards. There is no better empirical database than that of the Institute of Social Research in Stockholm and it demonstrates unequivocally that effective welfare entitlements have been retrenched in Europe.
91. Walter Korpi, 'Welfare State Regress in Western Europe: Politics, Institutions, Globalization and Regionalization', Annual Review of Sociology 29 (2003): 589-609.
92. This is corrosive of the so-called 'equivalence principle' of incomes replacement, which is crucial to the logic of appropriateness in Christian Democratic welfare settlements.
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94. Even Martin Rhodes' rather upbeat assessment of the positive effect of the euro on the welfare state concedes that increased expenditure is due to automatic stabilisers paying out unemployment insurance and disintegration of the nuclear family as a reproductive unit, which requires higher expenditure on childcare.
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97. Erik Jones, The Politics of Economic and Monetary Union (Lanham, MD: Rowman & Littlefield, 2002), 12.
98. Ibid., 121-181;
99. Jones, 'Liberalized Capital Markets', 211-218.
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104. Cohen, 'Global Currency Rivalry';
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107. Cohen, 'Dollar Dominance', 759-763;
108. Jonathan Kirshner, 'Dollar Primacy and American Power: What's at Stake?', Review of International Political Economy 15, no. 3 (2008): 418-438;
109. Eric Helleiner, 'Political Determinants of International Currencies: What Future for the US Dollar?', Review of International Political Economy 15, no. 3 (2008): 354-378;
110. Miguel Otero-Iglesias, 'The (In-)tangible Euro Challenge to the Dollar: Insights from the Financial Elites in Brazil and China', Cambridge Review of International Affairs 25 (2012) forthcoming.
111. Benjamin Cohen, 'The International Monetary System: Diffusion and Ambiguity', International Affairs 84, no. 3 (2008): 455-470.
112. Jean Dermine, 'Bank Mergers in Europe: The Public Policy Issues', Journal of Common Market Studies 38 no. 3 (2000): 409-425.
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114. Antoine Rebérioux, 'European Style Corporate Governance at the Crossroads', Journal of Common Market Studies 40, no. 1 (2002): 111-134.
115. Milward and Sørensen, 'Interdependence or Integration?', 4.
116. Ibid., 5.
117. Jean-Jacques Servan-Shreiber, The American Challenge (New York: Antheneum, 1969);
118. Michel Albert, Capitalism against Capitalism (Oxford: Wiley Blackwell, 1993).
119. Ernest Mandel, 'International Capitalism and "Supra-Nationality"', in The Socialist Register 1967, eds Ralf Miliband and John Saville (London: Merlin Press, 1967), 27-41;
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130. John Grahl and Paul Teague, 1992 The Big Market: The Future of the European Community (London: Lawrence and Wishart, 1990);
131. Robert Boyer, 'The Impact of the Single Market on Labour and Employment: A Discussion of Macroeconomic Approaches in Light of Research in Labour Economics', Labour and Society 15, no. 2 (1990): 109-142;
132. Robert Boyer, 'The Unanticipated Fallout of European Monetary Union: The Political and Institutional Deficits of the Euro', in After the Euro, ed. Colin Crouch (Oxford: Oxford University Press, 2000), 24-88.
133. David Harvey, The Condition of Postmodernity (Oxford: Blackwell, 1990), 182-197.
134. Michel Aglietta, 'Shareholder Value and Corporate Governance: Some Tricky Questions', Economy and Society 29, no. 1 (2000): 146-159;
135. Michel Aglietta and Régis Breton, 'Financial Systems, Corporate Control and Capital Accumulation', Economy and Society 30, no. 4 (2001): 433-466;
136. Michel Aglietta and Antoine Rebérioux, Corporate Governance Adrift: A Critique of Shareholder Value (Cheltenham: Edward Elgar, 2005);
137. Matthew Watson, 'Investigating the Potentially Contradictory Microfoundations of Financialization', Economy and Society 38, no. 2 (2009): 255-277.
138. Raviv, 'Chasing the Dragon East: Exploring the Frontiers of Western European Finance', Contemporary Politics 14, no. 3 (2008): 297-314.
139. Engelbert Stockhammer, 'Some Stylized Facts on the Finance-Dominated Accumulation Regime', Competition and Change 12, no. 2 (2008): 184-202.
140. Engelbert Stockhammer, Özlem Onaran and Stefan Ederer, 'Functional Income Distribution and Aggregate Demand in the Euro Area', Cambridge Journal of Economics 33, no. 1 (2009): 155-156.
141. John Grahl, 'Globalized Finance: The Challenge to the Euro', New Left Review 8 (new series) (2001): 23-47.
142. John Grahl, 'The Subordination of European Finance', Competition and Change 15, no. 1 (2011): 31-47.
143. Boyer, 'The Impact of the Single Market'.
144. Alan Cafruny and Magnus Ryner, Europe at Bay: In the Shadow of US Hegemony (Boulder, CO: Lynne Rienner, 2007), 43-72.
145. Stockhammer, 'Some Stylized Facts', 197-198.
146. Deborah Mabbett and Waltraud Schelkle, 'Bringing Macroeconomics Back into the Political Economy of Reform: The Lisbon Agenda and the "Fiscal Philosophy" of the EMU', Journal of Common Market Studies 45, no. 1 (2007): 81-103.
147. Bob Jessop, 'Regulation Theories in Retrospect and Prospect', Economy and Society 19, no. 2 (1990): 153-216.
148. Bastiaan van Apeldoorn, Transnational Capitalism and the Struggle over European Integration (London: Routledge, 2002);
149. Bastiaan van Apeldoorn, Jan Drahokoupil and Laura Horn, eds, Contradictions and Limits of Neoliberal European Governance (Basingstoke: Palgrave Macmillan, 2009);
150. Otto Holman, 'Asymmetrical Regulation and Multidimensional Governance in the European Union', Review of International Political Economy 11, no. 4 (2004): 714-735.
151. Kees van der Pijl, 'A Lockean Europe?', New Left Review 37 (new series) (2006): 9-39.
152. Huw Macartney, 'Variegated Neoliberalism: Transnationally Oriented Fractions of Capital in EU Financial Market Regulation', Review of International Studies 35, no. 2 (2009): 451-480.
153. Mandel, 'International Capital and "Supra-nationality"'.
154. Kees van der Pijl, Otto Holman and Or Raviv, 'The Resurgence of German Capital in Europe: EU Integration and the Restructuring of Atlantic Networks of Interlocking Directorates after 1991', Review of International Political Economy 18, no. 3 (2011): 384-408.
155. Or Raviv, 'Speculating on Convergence: The Western European Finance-Led Growth Regime and the New European Periphery', PhD thesis, Department of International Relations, University of Sussex, 2011, 104.
156. Ibid., 112-118.
157. Alan Cafruny and Magnus Ryner, 'The Global Financial Crisis and the European Union: The Irrelevance of Integration Theory and the Pertinance of Critical Political Economy', in Globalisation and European Integration: Critical Approaches to Regional Order and International Relations, eds Petros Nousios, Henk Overbeek and Andreas Tsolakis (London: Routledge, 2012), 46.
158. van der Pijl et al., 'The Resurgence of German Capital in Europe'.
159. Matthew Watson, 'Embedding the New Economy" in Europe: A Study of the Institutional Specificities of Knowledge-Based Growth', Economy and Society 30, no. 4 (2001): 504-523;
160. Leo Panitch and Martijn Konings, eds, American Empire and the Political Economy of Global Finance (Basingstoke: Palgrave Macmillan, 2008).
161. Poulantzas, 'Internationalization of Capitalist Relations and the Nation State'.
162. Martijn Konings, 'European Finance in the American Mirror: Financial Change and the Reconfiguration of Competitiveness', Contemporary Politics 14, no. 3 (2008): 253-275
163. Hans-Jürgen Bieling, 'EMU, Financial Integration and Global Economic Governance', Review of International Political Economy 13, no. 3 (2006): 420-428.
164. Leonard Seabrooke, US Power in International Finance: The Victory of Dividends (Basingstoke: Palgrave Macmillan, 2001);
165. Leonard Seabrooke, 'Everyday Legitimacy and International Financial Orders: The Social Sources of Imperialism and Hegemony in Global Finance', New Political Economy 12, no. 1 (2007): 1-18.
166. Michael Mann, 'The Autonomous Power of the State: Its Origins, Mechanisms and Results', European Journal of Sociology 25 (1984): 185-213.
167. Seabrooke, 'Everyday Legitimacy', 1.
168. Gérard Duménil and Dominique Lévy, 'The Economics of US Imperialism at the Turn of the 21st Century', Review of International Political Economy 11, no. 4 (2004): 657-676.
169. Magnus Ryner, 'An Obituary for the Third Way', The Political Quarterly 81, no. 4 (2010): 554-563.
170. Seabrooke, 'Everyday Legitimacy'; Seabrooke's analysis provides a way to recast the international political economy of finance literature based on the neo-Keynesian workhorse model (see nn. 54-58). With regards to US unilateralism, his arguments dovetail well with considerations made on the military determinants of monetary power,
171. Adam Posen, 'Why the Euro Will Not Rival the Dollar', International Finance 11, no. 1 (2008): 75-100.
172. Joseph Jupille and James Caporaso, 'Institutionalism and the European Union: Beyond International Relations and Comparative Politics', Annual Review of Political Science 2 (1999): 429-444, 430-431;
173. Joseph Jupille, James Caporaso and Jeffrey Checkel, 'Integrating Institutions: Rationalism, Constructivism and the Study of the European Union', Comparative Political Studies 36, nos 1/2 (2003): 7-40;
174. Mark Pollack, 'Theorizing the European Union: International Organization, Domestic Polity, or Experiment in New Governance?', Annual Review of Political Science 8, no. 1 (2005): 357-398, 362-364.
175. Philippe Schmitter, 'The Emerging Europolity and its Impact on National Systems of Production', in Contemporary Capitalism: The Embeddedness of Institutions, eds Rogers Hollingsworth and Robert Boyer (Cambridge: Cambridge University Press, 1997), 395-430.
176. Colin Hay and Ben Rosamond, 'Globalization, European Integration and the Discursive Construction of Economic Imperatives', Journal of European Public Policy 9, no. 2 (2002): 147-167.
177. Paul Krugman, 'Can Europe Be Saved?', New York Times Magazine, 12 January 2011.
178. Kenneth Dyson, The Politics of the Euro-Zone (Oxford: Oxford University Press, 2000), 189-191, 251-284.
179. Fritz Scharpf, 'Negative and Positive Integration in the Political Economy of European Welfare States', in Governance in the European Union, eds Gary Marks, Fritz Scharpf, Philippe Schmitter and Wolfgang Streeck (London: Sage, 1996), 15-39.
180. Colin Hay, 'Theory, Stylized Heuristic or Self-Fulfilling Prophecy? The Status of Rational Choice Theory in Public Administration', Public Administration 82, no. 1 (2004): 39-62.