Political science and the 'Cinderellas' of economic and monetary union: payment services and clearing and settlement

So far, political scientists have paid very limited attention to the 'plumbing' of economic and monetary union (EMU), that is payment services and the clearing and settlement of securities. This paper evaluates the analytical leverage of 'bureaucratic politics' approaches - in pa...

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Bibliographic Details
Published in:	Journal of European public policy 2009-06, Vol.16 (4), p.623-639
Main Author:	Quaglia, Lucia
Format:	Article
Language:	eng
Subjects:	Bureaucracy Bureaucratic politics Central Banks clearing and settlement Commissions Economic and Monetary Union Economic Integration Europe European Central Bank European Union International Cooperation Monetary Policy payment Payments Policy Making Political culture Political science post trading Securities issues
Online Access:	Get full text
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Summary:	So far, political scientists have paid very limited attention to the 'plumbing' of economic and monetary union (EMU), that is payment services and the clearing and settlement of securities. This paper evaluates the analytical leverage of 'bureaucratic politics' approaches - in particular, the 'bureau shaping' theory - against the empirical record of a variety of policy initiatives taking place in the two fields mentioned above. It is argued that an adapted version of the theory of bureaucracy sheds novel light on to the policy process and the bureaucracies involved in it, namely the Commission and the European Central Bank. This research also highlights the politics involved in these seemingly 'technical' activities.
ISSN:	1350-1763 1466-4429