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Germany’s Role in European Monetary Union

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Political Science
POLI 243
Mark Brawley

Germany’s Role in European Monetary Union Reluctant Leadership within Europe 4/3/12 10:55 PM Issues for Germany Concerning Monetary Union Costs of Adjustment related to process • going to be difficult for some states switching to a single currency • converging domestic policies with the others • Germany is expected to foot more of the bill because they are more economically stable Do you build institutions first, that have them help members attain compliance with the rules? Or do states prove they can comply with rules first, then enter the institutions? It is clear from the beginning that not all states are going to want to join the monetary union. Germany’s preferences: • require unanimity à in adding in the other states, current members have to be unanimous on the decision for allowing others to join, Germany basically wants a veto power • institutions to discipline à want everyone to show they can adhere to the monetary policy before they can join but they have to compromise on disciplining states that don’t follow the rules • yet willing to make side-payments à Germany clearly stands to benefit, get other states to run monetary policies like Germany
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