Social Mechanisms in the Establishment of the European Economic and Monetary Union

Cerami, A. (2011), Social Mechanisms in the Establishment of the European Economic and Monetary Union. Politics & Policy , vol. 39, no. 3, pp. 345-372.

28 Pages Posted: 11 Oct 2009 Last revised: 3 Jun 2018

Date Written: October 8, 2011

Abstract

This article investigates the reasons, the transformative processes, and the social mechanisms involved in the establishment of the European Economic and Monetary Union (EMU). Contrary to commonly accepted theories used to explain institutional change, it argues that the establishment of the EMU has not simply been the product of historical paths, the rational choices of actors, or social construction of new economic ideas and preferences, but also it has been the product of self-fulfilling prophecies that have facilitated and accelerated the process of institutional change. This article also discusses the role of context-bounded rationality, embodied institutions, reflexivity, and double contingency.

Keywords: European Economic and Monetary Union (EMU), Sociology of European Integration, Mechanisms of Institutional Change, Social Mechanisms, Self-Fulfilling Prophecies

JEL Classification: A11, B13, B25, D7, E42, E5, E52, E12, E63, F02, F63, N14, P16

Suggested Citation

Cerami, Alfio, Social Mechanisms in the Establishment of the European Economic and Monetary Union (October 8, 2011). Cerami, A. (2011), Social Mechanisms in the Establishment of the European Economic and Monetary Union. Politics & Policy , vol. 39, no. 3, pp. 345-372. , Available at SSRN: https://ssrn.com/abstract=1486622 or http://dx.doi.org/10.2139/ssrn.1486622

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