Ideas, interests, and institutions: The domestic politics of European monetary cooperation

Abstract

Studies of European monetary cooperation have concentrated largely on the process of domestic preference formation. Ideational, interest-based, and institutional approaches can help explain why European Union member states pursued monetary cooperation. Ideational theories are elite-oriented and emphasize cognitive factors in the decision-making process. Interest-based approaches highlight the material costs and benefits of different social groups. Institutional theories focus on the role of independent central banks in the decision-making process. These approaches are complementary rather than incompatible. Future research should investigate the interrelationship and mutual interdependence of ideas, interests, and institutions and their embeddedness in larger international structures.

Publication Title

Comparative Politics

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