Creating Legitimacy in EMU Michele Chang, College of Europe Draft Copy: Do not cite without permission of author Professor Michele Chang College of Europe Department of European Politics and Administration Dijver 11 8000 Bruges, BELGIUM mchang@coleurop.be “Perhaps [it is] a situation with which we have to live" -Otmar Issing, European Central Bank Chief Economist, referring to Europe’s low economic growth 1 1 Financial Times , 6 May 2006