Abstract
AbstractThe focus of this chapter is on processes—both, those that produced EMU and those that provide financial market governance in the new institutions that EMU has produced—and on the relationship between the key concepts of Europeanization, convergence, and divergence. The substantive argument is that the creation of the Euro‐zone represents the triumph of a particular mode of financial market governance, which both, elevates the management of financial markets to the pinnacle of economic policy‐making, and insulates the development of policy from the institutions of liberal democracy. In doing so, it represents the triumph of the ‘high politics’ tendency in financial market governance and the defeat of the ‘low politics’ tendency.
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