ABSTRACT
This chapter discusses monetary regulation as the reflection of political implementation of values. Under still largely uninvestigated circumstances, the European Economic Community in the 1980s initiated the process of construction of a new confidence. This occurred through an adjustment to the new market language with the Single European Act; simultaneously, the internal market was seen as a new regulative level to control economic forces. A major problem in the history of European economic and monetary integration has been the co-ordination of fiscal and debt policies. The stability pact within the European Union is designed to bring about the fiscal discipline deemed necessary for economic and monetary union. In the framework of the European development, the question is how social imagination could be created to enable new forms of political and economic coordination that would operate at different spatial levels. The social re-embedding impulses might come from the euro which was invested with symbolic value to describe a unified Europe.
