Within three years since its introduction in 1999, the euro has developed into the second most important global reserve currency. This thesis is aimed at explaining mechanisms that contributed to...Show moreWithin three years since its introduction in 1999, the euro has developed into the second most important global reserve currency. This thesis is aimed at explaining mechanisms that contributed to the euro’s international position. The international role of the euro before and after the eurozone debt crisis will be compared, in order to explain why the euro maintained its position subsequent to this crisis. In addition, this thesis will highlight the importance of the Economic and Monetary Union due to its relation to the development of the international role of the euro. A stronger international role can be achieved by strengthening the Economic and Monetary Union, and in turn a more enhanced monetary union acts as a shield against possible financial crises. By using the new institutionalist theory of historical institutionalism along with the method of process-tracing, it is anticipated to determine critical events and to develop a process of causal mechanisms that can explain why the euro happened to maintain its international position after enduring one of the most critical economic and financial setbacks in the history of the eurozone.Show less
Exploring economic growth of the WAEMU based on labour costs, unemployment, inflation rates and exchanges rates from the implementation of the euro till 2011.
This thesis examines how European states employ banknote iconography to build national identity and transnational identity, as well as to seek state legitimacy. Using methods and theories from...Show moreThis thesis examines how European states employ banknote iconography to build national identity and transnational identity, as well as to seek state legitimacy. Using methods and theories from cultural studies and related fields, the thesis demonstrates this use through three case studies: the British pound, Danish krone, and the euro.Show less
Abstract. Since the signing of the Maastricht Treaty and the formation of the EMU, the Eurozone has progressively transformed into a political economic regime characterised by stringent fiscal...Show moreAbstract. Since the signing of the Maastricht Treaty and the formation of the EMU, the Eurozone has progressively transformed into a political economic regime characterised by stringent fiscal discipline and the legalised enforcement of austerity on its member states. Within the literature on the political economy of austerity various competing explanations have been given for this transformation. This thesis will explore the limits of these accounts through a case study of the political economy of the Netherlands over the past decade. Based on the findings of this case, it will argue that current accounts on the rise of austerity fail to properly account for its emergence because they do not properly account for the political elements of its implementation and execution. Consequently, this thesis will explain the rise of austerity by combining a critical political economy approach with a state-centric perspective. In order to so, it will demonstrate the historically politicised nature of austerity through a historiography of one of its most ardent supporters, the Netherlands. Finally, it will explain this Dutch position by arguing that the production of austerity has historically been a political strategy employed by certain state actors within the context of a Weberian market struggle over the structure of the European Monetary Union.Show less
The creation of the Economic and monetary union seemed to be a success until the outbreak of the severe Eurozone crisis in 2008. The Treaty of Maastricht did not foresee a possible outbreak of the...Show moreThe creation of the Economic and monetary union seemed to be a success until the outbreak of the severe Eurozone crisis in 2008. The Treaty of Maastricht did not foresee a possible outbreak of the this type of crisis: a financial crisis, a sovereign debt crisis and a severe economic crisis – all in one. The design of the Treaty of Maastricht contained four big design failures. Firstly, the Treaty proved to be too intergovernmental. Secondly, the Treaty did not contain a banking union, and left supervision of the financial system to the national surveillance bodies. In addition, the drafters did not take into account macro-economic imbalances and mainly focused on deficit spending of the Member States. And last but not least, the Treaty lacked crisis management and tools in order to ‘rescue’ the common currency, in case thing would go wrong. This thesis is about the question to what extent the Dutch government could know of foresee these problems in the period between Single European Act and the Maastricht Treaty, 1985-1991. The research elaborates on three questions. First: were the design failures already part of academic literature and discussion at the time of the Treaty of Maastricht? The second parts elaborates on the advisory boards of the government: what did these boards advice regarding the design failure issues? The last part is about the statements of the Dutch government. The overall conclusion is that the Dutch government did ignore most of the warnings of the academic literature and the advises of the advisory boards. But in fact, it seemed that the Dutch government could not predict the outbreak of the Eurozone crisis.Show less
Scharpf's theorie stelt dat wanneer output legitimiteit de primaire bron van legitimiteit is van een organisatie en de behaalde resultaten tegenvallen er een afname zal zijn in het vertrouwen in de...Show moreScharpf's theorie stelt dat wanneer output legitimiteit de primaire bron van legitimiteit is van een organisatie en de behaalde resultaten tegenvallen er een afname zal zijn in het vertrouwen in de organisatie. De ECB wordt in de publieke opinie niet afgerekend op het wel/niet halen van de prijsstabiliteit doelstelling. Desalniettemin is er een verband tussen het verergeren van de economische situatie in een land en de mate van steun voor de EMU.Show less
In February 1992, the twelve member states of the European Union ratified the Treaty of Maastricht, and thereby decided to introduce a common European currency by 2002, the euro. Whereas this was...Show moreIn February 1992, the twelve member states of the European Union ratified the Treaty of Maastricht, and thereby decided to introduce a common European currency by 2002, the euro. Whereas this was mainly a monetary act of union, previous literature has often assumed that the euro also has implications for European identity within the participating countries. Evidence from opinion polling data seems to point in the same direction: when Eurozone citizens are asked what symbolises the EU for them personally, a large majority states that this is the euro. However, this thesis argues that the impact of the euro has in fact been marginal – at least initially. The thesis uses three in-depth case studies to formulate a hypothesis about the influence of the euro on European identity in all EU countries. The case studies are France, the Netherlands and the United Kingdom for the period 1992-2013, examined through data from opinion polls and newspaper articles. A second section of the thesis tests the hypothesis through comparative analysis of data from three Eurobarometer questions. The results suggest that Eurozone citizens did feel more European at first, but that this sentiment of Europeanness has declined quickly with the advent of the euro crisis since 2009. From then onwards, the opposite of what was expected seems to be the case: non-Eurozone citizens have more positive feelings connected to the European Union.Show less
