Title: Business and the Euro : business groups and the politics of EMU in Germany and the United Kingdom /
Authors: Duckenfield, Mark.
Publisher: Palgrave Macmillan,
Year: 2006
Subjects: Economic and Monetary Union.; Euro.; Monetary policy Germany.; Monetary policy Great Britain.; BUSINESS & ECONOMICS Money & Monetary Policy.; Euro; Monetary policy; Euro.; Bedrijfsleven.; EMU.
Abstract: In this timely publication, Mark E. Duckenfield examines the attitudes and activities of business associations in Germany and the United Kingdom towards the single European currency in the 1980s. This work challenges standard theories of comparative and international political economy and argues that businesses follow, rather than lead, public debates on important macroeconomic issues such as monetary union. Drawing upon extensive archival research, interviews with policy makers and the leaders of business associations, he makes the provocative argument that business associations are not mere transmission belts for their members' economic interests, rather, they are political entities in their own right. Consequently they act strategically in order to promote their members specific interests and are particularly attentive to the configuration of partisan political forces in their national legislatures. These arguments are developed through a comparison of the politics of EMU in the German Bundestag, the British Parliament and among business associations in both countries.
Contents: PART ONE: INTRODUCTION: BUSINESS AND EMU -- The Puzzle -- The Literature -- Internationalization and Domestic Politics -- Collective Action -- Conventional Explanation: Economic Interest -- Alternative Explanation: Public Opinion -- The Argument -- The Associational Arena: Structuring Interests -- The Political Arena: Structuring Interests -- Research Design and Case Selection -- Summary -- PART TWO: GERMANY AND THE POLITICS OF EMU -- Political Institutions -- The Government and Bundesbank -- The Bundestag and Bundesrat -- Parties -- The Delors Report -- German Unification and the Maastricht Treaty -- The Politics of Convergence -- The (Growth and) Stability Pact -- The March 1996 Landtag Elections -- The Gold Revaluation Crisis -- EMU Membership -- Conclusions -- PART THREE: GERMAN BUSINESS -- Organisation of the Associational Arena -- The Bundesverband der Deutschen Industrie (BDI) -- Deutscher Industrie und Handelstag (DIHT) -- Verband der Chemischen Industrie (VCI) -- Bundesverband der Deutschen Süßwarenindustrie (BDSI) -- Hauptverband der Deutschen Bauindustrie (BI) -- Economic and Monetary Union -- Conclusions -- PART FOUR: BRITAIN AND THE POLITICS OF EMU -- Political Institutions -- The Government and the Bank of England -- Parliament -- Parties -- The ERM (1990-92) -- Margaret Thatcher and the ERM -- John Major and Maastricht -- The Maastricht Crisis -- Informal Inflation-Targeting (1992-94) -- Formal Inflation-Targeting (1994-97) -- The 1997 General Election -- Central Bank Independence (1997-Present) -- Conclusion -- PART FIVE: BRITISH BUSINESS -- Organisation of the Associational Arena -- The Confederation of British Industry (CBI) -- Federation of Small Businesses (FSB) -- Institute of Directors (IoD) -- London Investment Bankers Associations (LIBA) -- National Farmers Union (NFU) -- Business Strategies: Membership in the ERM -- The Maastricht Treaty -- Economic and Monetary Union -- Conclusions -- PART SIX: CONCLUSIONS.