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What's Happening? The Truth About Work—and the Myth of Partnership

serious currency crisis of 1992 when France was bailed out by the Bundesbank, the pressure of Maastricht and the right wing victory in 1993 made the shift towards central bank independence inevitable. The rather uninspiring conclusion of the book is that during the 19th century governments did not need to control economic life, that following the collapse of the Gold Standard they needed to impose control, and that following the collapse of Bretton Woods and the liberalisation of global capital governments are unable to impose control. Hence, central banks have become more independent and the process of EMU has created a central bank that is more independent than any that has ever existed before in history. Whilst these conclusions may have a superficial validity they say nothing of the dynamics and processes of change and the social content underlying the institutional restructuring explored by the authors. What is even more irritating is that the issues explored by the book have been and remain fundamentally important locations of social and political struggle. Indeed, the institutional form of the ECB is perhaps the most important factor in determining the future development of European capitalism. Whilst studies of this type may therefore provide interesting empirical details of central banks and their relationship with core state actors and institutions, the important project is to develop a logical and historical account of the way in which central bank restructuring and the development of the ECB are part of a neo-liberal recomposition of the capital relation at the European level that demands new forms of organisation and struggle to counter the European monetarist project.