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European Monetary Integration and Domestic Politics: Britain, France, and Italy

James I. Walsh
ISBN: 978-1-55587-823-8
2000/182 pages/LC: 99-055594

"Walsh ... shed[s] light on the complex web of interests lying at the foundation of Europe's economic and monetary union (EMU).... [He] not only meets the challenge confronting analysts of monetary integration in the present, but he also makes the challenge less difficult and yet more interesting for the future."—Erik Jones, West European Politics

"Clearly written.... Jim Walsh is a first-rate scholar."—C. Randall Henning, American University


This book explains why three countries—Britain, France, and Italy—that have faced similar problems of high inflation and currency depreciation since the 1970s—Britain, France, and Italy—have pursued very different international monetary strategies.

Walsh argues that international monetary policies produce predictable sets of winners and losers, and that policy choice is a function of how industrial firms, banks, and labor unions organize and deploy their political resources. He draws on a wealth of primary data and interviews to reconstruct the domestic politics and international bargaining behind European single currency.


James I. Walsh is assistant professor of political science at the University of North Carolina, Charlotte.


  • Introduction: Politics and Exchange Rates.
  • Negotiating the European Monetary System.
  • Exchange-Rate Politics, 1979-1988.
  • Negotiating Monetary Union.
  • Exchange-Rate Politics, 1989-1999.
  • Conclusions and Prospects.