Kuehnhardt - Chapter 04
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Through Crises to EMU
Perspectives for Fiscal Union and Political Union
Jürgen von Hagen
this chapter, I discuss the links between economic, monetary, fiscal,
and political union from a perspective of political economy. I argue
that the sustainability of cooperative arrangements among sovereign
states, like economic and monetary unions, is threatened by crises
emerging from two conflict potentials. The horizontal conflict
potential results from the uneven distribution of the benefits and
costs of economic and monetary integration among the member countries.
The vertical conflict potential results from the possibility of abuse
of resources and political powers by the center of the union.