Europe's New Fiscal Union
ISBN:
978-3-03-007516-3
Auflage:
Softcover reprint of the original 1st ed. 2019
Verlag:
Springer International Publishing
Land des Verlags:
Schweiz
Erscheinungsdatum:
21.12.2018
Format:
Softcover
Seitenanzahl:
252
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The euro crisis made Europe’s stateless currency falter. This book retraces and interprets the ways in which the crisis impacted the unique institutional set-up of Europe’s Economic and Monetary Union (EMU). It argues that the crisis propelled the European continent towards the institutionalization of an unprecedented form of centralized authority: Europe’s New Fiscal Union. Diving into the central functions of fiscal surveillance, financial assistance, lending of last resort and banking resolution, the book reveals how a covert and convoluted mutualisation process occurred in the shadow of the euro crisis management. Based on 62 interviews conducted by the author with senior policy-makers in Brussels, Frankfurt, Helsinki and Rome, the book claims that Europe’s New Fiscal Union is largely unsettled and still unstable. It therefore engages with the challenges arising from the patchwork of newly adopted rules, instruments and bodies, suggesting crucial reform steps to make EMU sustainable.
Schlagwörter
European Commission
European Central Bank
Single Resolution Mechanism
European Financial Stability Facility
path-dependence
euro crisis management
Eurogroup
centralized monetary policy
decentralized fiscal policies
asymmetrical institutional design
national fiscal policies
regulatory fiscal surveillance
fiscal authority
fiscal centralization
technocratic agencies
intergovernmental confederation
democratic federalism
EMU reform
Europe's Economic and Monetary Union
Biografische Anmerkung
Pierre Schlosser is Scientific Coordinator of the Florence School of Banking and Finance, Robert Schuman Centre, European University Institute, Florence, Italy.
