The Politics of the Single Currency: Learning the Lessons of Maastricht

Integration theorists have increasingly called for a more comprehensive assessment of the evolving relationship between domestic politics and the process of European integration. Responding to this challenge, the article analyses the politicization of debate over EMU in the period following the Maastricht summit. It contrasts the limited engagement of domestic actors prior to 1991 with their increasingly influential reaction against convergence‐driven reforms over recent years. While acknowledging that domestic politics have consequently become integral to explaining the nature of economic and monetary integration, the article enumerates a number of ways in which their influence is still limited.