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European Economic Governance Structures Post Crisis

Brigid LaffanDirector

Robert Schuman Centre for Advanced Studies


CRISIS

Crises are “open moments”-system changing and system creating


EU Legitimacy

WEAK


Europe’s Compound Polity

• Pooled Sovereignty-Divided Accountability

• Horizontal and Vertical Accountability

• EU- A Marbled Cake Polity


One of the guiding principles is that democratic control

and accountability should occur at the level at which the decisions are taken. The implementation

of

this guiding principle is key to ensuring the effectiveness of the integrated financial, budgetary

and

economic policy frameworks.

Creating a Genuine EMU


‘’We need more binding and more ambitious rules and commitments for the Euro area Member States. They should reflect that

sharing a single currency means sharing responsibility for the Euro area as a hole. They

should pave the way for a new quality of cooperation and integration within the Euro area

(Letter from Chancellor Merkel and President Sarkozy to Herman Van Rompuy, 7th December 2011 http://www.ambafrance-uk.org/President-

Sarkozy-s-press,20171).


Crisis Responses• Crisis Management• Bailouts (4 member

states + Spanish banks)/Troika

• Politics of austerity and retrenchment

• ECB non-standard measures

• Crisis Prevention• Task Force reported

in Autumn 2010– Euro+ Pact – Six Pack Legislation– Two Pack – Fiscal Compact

• European Semester

• Banking Union


European Semester

Calendar Approach

Horizontal

Commission (home work re. aggregate, individual member states, surveillance)

Council-CSR

• Vertical

• National Finance Ministries

• + Governments

Ex ante guidance


Parliaments • EP• Six Pack and

SemesterIntroduction of the "economic dialogue". It established the right of EP committees to invite the President of the Council, of the Commission and of the European Council to appear before the committee and discuss coordination and surveillance measures.

• Article 13 TSCG provides for the EP and of national parliaments to "discuss" policies and other issues covered by the TSCG.

• National Parliaments • When and how to engage?


Political Accountability

• Democratic politics-incumbents and traditional parties under pressure

• Challenger parties +Electoral Volatility

• Eurozone- a low trust regime

• The Politics of Constrained Choice


Need for Balance

• Fiscal Consolidation

• Structural Reform

• Growth and Employment

Flexibility

Politicisation

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