Abstract
Why did the EMU project emerge? What do the economic and the political science bodies of literature tell us about economic and monetary integration? This chapter reviews the literature of both economics and political science on the subject of European integration in general, and European economic and monetary integration in particular. It asks two questions. First, what are the driving forces behind the integration process according to the various schools of thought? Second, what are the ‘costs’ and ‘benefits’ from integration according to these theories? The first two sections discuss the economic rationale behind integration, and the economic theories on integration. The third section gives an account of the theories of regional integration, which focuses on neo-functionalist, intergovernmentalist and more recent approaches. The fourth section discusses the different explanations of EMU itself that have been offered by various scholars in recent years. The chapter closes by suggesting a revised theoretical framework which clarifies the drive to EMU.KeywordsMonetary PolicyFiscal PolicyPolitical TheoryEuropean Central BankMonetary UnionThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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