By S. Collignon
This booklet appears on the function of the organization for financial Union in Europe's position within the building of the Euro. It argues that the AMUE performed a renowned function within the adoption of a couple of proposals with regards to the only foreign money and had a guiding impact at the transition from a market-let to an institution-centred method of financial union.
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Additional info for Private Sector Involvement in the EMU: The Power of Ideas (Routledge Advances in European Politics, 10)
Each negotiator arrives at the bargaining table with pre-fixed preferences. In the subsequent interaction negotiators aim to maximize their objectives. This notion of strategic bargaining has been contrasted with the notion of arguing, or communicative action, as Habermas has called it. While the objective of negotiating is to maximize instrumental utility, the purpose of arguing and deliberation is mutual understanding. This implies that actors can learn and change their preferences through social interaction.
Interests and preferences are treated as endogenous to interaction, and cannot be derived just from material positions. 48 At the heart of constructivist theory the individual is perceived as a social creature, which gathers knowledge and develops an identity via constant social interaction. Understandings of ‘reality’ emerge and are continuously reconstructed in a process of interaction. Hence, individual and collective preferences are influenced by social interaction. The study of a European reality therefore requires analysing European social interactions.
Thus, when mutual respect breaks down, conflict is inevitable. This logic can also be turned around and used for the integration of groups and hence for European integration: by assigning positive weight to each other, individuals create the epistemic foundations for consensus on their collective intentionality and ultimately for their collective identity. This avoids conflict. How epistemic communities create consensus For the study of European integration, this theory of consensus has far-reaching consequences.