ABSTRACT
Economic and monetary union (EMU) is rightly regarded as neo-liberal in its design, scope and content. Stephen Gill’s (1992) take on EMU as comprising a new-constitutionalism of market enabling rules over member states depicts this well. His account does however conceive of the relationship between market and state as two distinct modes of social organisation, and the perennial question about such a conception is whether the market has autonomy vis-à-vis the state, or the state vis-à-vis the market. The social constitution of state and economy, law and money, as distinct forms of social relations, is not raised.
