European Economic Governance: Theories, Historical Evolution, and Reform Proposals

Description

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. 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