Critique of the Political Economy of the Euro Monetary Constitution

Although neglected by lawyers and political theorists for decades, money and monetary arrangements are again at the forefront of their interests. Critical theory has not been exempted by this return of interest for questions concerning the laws of money. But the European Monetary Union, being built around a sub-optimal supranational currency, provides an even more unique terrain for critical engagement with the function of money in the contemporary political economy. Methodologically, the chapter will move on a twofold register: it will take advantage of some important insights offered by the movement of Law & Political Economy, concerning especially the role of law in constituting monetary frameworks; it will also assess the organisation and the institutions of the European Monetary Union by looking at the critique of their political economy.