This book examines the economic theories and policies that underline the governance of the European Union. Through exploring the history of European economic governance and how this framework has evolved over time, it contextualises theoretical influences, policy debates surrounding the European Union and its instruments of governance, including the European Semester, Six Pack, Two Pack, and Fiscal Compact. Forthcoming reforms to fiscal rules and the economic policy architecture of the European Union are also discussed, with a particular focus on the impact of the COVID-19 pandemic.
This book aims to give readers a broad understanding of the framework and dynamics that define European economic governance. It will be relevant to researchers and policymakers interested in the European political economy.
Author(s): Fabio Masini
Publisher: Palgrave Macmillan
Year: 2022
Language: English
Pages: 164
City: Cham
Acknowledgements
Contents
About the Author
List of Abbreviations
List of Figures
Chapter 1: Introduction
Crises and Challenges: Exploring the Past and Future of the European Economic Governance
References
Chapter 2: Designing and Building a European Economy: From the 1930s to 1991
The Early Designing of a European Economic Architecture
Attempting a Federal Union
European Integration Under the Bretton Woods Umbrella
The End of Bretton Woods and Monetary Integration in Europe
The Inconsistent Quartet and the Early Designing of the Euro
The Delors Report and the IGCs
The Hard-ecu Proposals
Conclusions
References
Chapter 3: Fiscal Constraints and Supranational Money: From Maastricht (1992) to Lisbon (2007)
Maastricht’s Paradoxes and the End of the EMS
Delors’ White Paper of 1993: An Attempt to European Planning?
The Birth of the SGP
The Birth of the ECB and the Euro
The ECB: Its Functioning and Instruments
Dangerous Misperceptions
From Penelope to Lisbon
Conclusions
References
Chapter 4: Steering the Euro Across the Crises (2008–2019)
The Twofold Crisis
From the US-Led Financial Crisis to the Euro-Area Crisis
The Debate and Actions Following the Greek Crisis
The Emergence and Consolidation of Euro-Exit Narratives
Cognitive Bias
The Role of Celebrities
The Target2 Issue
The Output Gap
In Search for Constructive Criticism Between Opposite Narratives
Conclusions
References
Chapter 5: Reforming the European Economic Governance (2020–2022)
Adjusting to a Twofold Shock
Critical Aspects and Opportunities for Reform
The Challenge of Stagflation
A Return to Fiscal Rules? When? How?
Adjusting to a New Economic Architecture
New Life for the ESM and EFB?
A Path to European Champions
The Euro as a Global Currency? Opportunities and Risks
Conclusions
References
Chapter 6: Concluding Remarks
References
Index
