Centrifugal forces in a hegemonic environment: the rise of small-state coalitions in the Economic and Monetary Union
European Political Science Review : EPSR
; 14(1):1-17, 2022.
Article
in English
| ProQuest Central | ID: covidwho-1713089
ABSTRACT
A hegemonic power can guarantee the status quo in an international economic system. However, domestic or international changes may unsettle a hegemon’s priorities. In such phases, smaller states benefiting from the existing system may fear that the hegemon will fail to keep the system stable. How do they react if they lose trust in the hegemon’s ability or will to maintain the status quo? This article argues that in such cases, free riding becomes less rewarding. Therefore, smaller states build publicly visible coalitions to ‘voice’ their preferences. Applying this argument to the role of small ‘creditor states’ in the Economic and Monetary Union (EMU), the article draws on original in-depth interviews to analyze the ‘New Hanseatic League’ as a strategy to defend the present euro regime and counterbalance the Franco–German tandem. By elaborating and tracing a fine-grained causal mechanism, the article thus explains the emergence of vocal small-state coalitions in a hegemonic environment.
Political Science; Economic and Monetary Union; Germany; hegemony; New Hanseatic League; small states; Monetary unions; International economics; Power; International relations; Coalitions; International organizations; Systems stability; Eurozone; EU membership; Coronaviruses; COVID-19; United States--US; France
Full text:
Available
Collection:
Databases of international organizations
Database:
ProQuest Central
Language:
English
Journal:
European Political Science Review : EPSR
Year:
2022
Document Type:
Article
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