ABSTRACT. Verdun maintains that network governance implies that there is a multitude of actors at play without there being a central hierarchy. Bieler notes that, within EMU, monetary policy for the single currency is set by the independent ECB (which is solely committed to low inflation and price stability). Smith argues that EU institutions seeking to advance their own interests in deeper integration both constitute effective access points and stimulate the organization of diffuse interests at the European level. Leblond observes that if economic interests are uncertain about their pay-offs regarding a certain integration policy outcome, they are unlikely to lobby actively in favor or against it.



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