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Has Integration Gone Too Far?
AUTHOR: Giandomenico Majone, European University Institute, Florence
In this important new book, Giandomenico Majone examines the crucial but often overlooked distinction between the general aim of European integration and the specific method of integration employed in designing an (ill-considered) monetary union. Written with the author's customary insight and precision, this highly topical and provocative book reviews the Union's leaders' tradition of pushing through ambitious projects without considering the serious hurdles that lie in the way of their success. Regional and European integration topics are discussed, including credibility of commitments, delegation of powers, bargaining and influence activities, adverse selection and moral hazard. The author also offers a deeper examination of the specific crisis of monetary integration, arguing that it might be more effectively achieved with inter-jurisdictional competition and suggesting how integration should be managed in the globalized world.
• Analyses the general crisis of EU-style integration: not only the crisis of monetary union, but also the steady loss of legitimacy and of institutional effectiveness
• Uses monetary union as a metaphor to reveal structural flaws of the traditional approach to integration, based on the 'community method' and Monnet's strategy of fait accompli
• Argues that integration can be achieved through competition among different approaches to a given problem
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