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From one crisis to another: changes in the governance of the Economic and Monetary Union (EMU)

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  • Philippe Pochet

Abstract

The article examines the evolution of the Economic and Monetary Union (EMU) in the aftermath of COVID-19 and compares the current crisis with the previous one (the financial crisis of 2008–2013). It does so by looking at the way interests, ideas and institutions have evolved over the last decade. It looks at the possible changes in European economic governance in the light of three different models of European integration. The goal is not only to describe the differences between the two periods of crisis but also to understand the amplitude of those changes. In the actor-centred ‘institutionalism’ approach of this article, particular attention is paid to conflicts and tensions including inside the EU institutions. This allow for the elements of continuity and rupture to be highlighted and for speculation on the possibility of a new paradigm emerging.

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  • Philippe Pochet, 2022. "From one crisis to another: changes in the governance of the Economic and Monetary Union (EMU)," Transfer: European Review of Labour and Research, , vol. 28(1), pages 119-133, February.
    • Handle: RePEc:sae:treure:v:28:y:2022:i:1:p:119-133
    DOI: 10.1177/10242589221084582
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    References listed on IDEAS

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    1. Markus K. Brunnermeier & Harold James & Jean-Pierre Landau, 2016. "The Euro and the Battle of Ideas," Economics Books, Princeton University Press, edition 1, number 10828.
    2. Maria Jepsen & Philippe Pochet & Christophe Degryse, 2013. "The Euro crisis and its impact on national and European social policies," Working Papers 8595, European Trade Union Institute (ETUI).
    3. Vandenbroucke, Frank & Luigjes, Chris, 2016. "Institutional Moral Hazard in the Multi-tiered Regulation of Unemployment and Social Assistance Benefits," CEPS Papers 11526, Centre for European Policy Studies.
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    5. Konstantinos Efstathiou & Guntram B. Wolff, 2018. "Is the European Semester effective and useful?," Policy Contributions 26281, Bruegel.
    6. Bernhard Ebbinghaus & Lukas Lehner, 2022. "Cui bono – business or labour? Job retention policies during the COVID-19 pandemic in Europe," Transfer: European Review of Labour and Research, , vol. 28(1), pages 47-64, February.
    7. Cornel Ban & Dorothee Bohle & Marek Naczyk, 2022. "A perfect storm: COVID-19 and the reorganisation of the German meat industry," Transfer: European Review of Labour and Research, , vol. 28(1), pages 101-118, February.
    8. Giuseppe Celi & Dario Guarascio & Annamaria Simonazzi, 2020. "A fragile and divided European Union meets Covid-19: further disintegration or ‘Hamiltonian moment’?," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 47(3), pages 411-424, September.
    9. Paul T. de Beer & Maarten Keune, 2022. "COVID-19: a prelude to a revaluation of the public sector?," Transfer: European Review of Labour and Research, , vol. 28(1), pages 135-140, February.
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    Cited by:

    1. Bernhard Ebbinghaus & Lukas Lehner, 2022. "Cui bono – business or labour? Job retention policies during the COVID-19 pandemic in Europe," Transfer: European Review of Labour and Research, , vol. 28(1), pages 47-64, February.
    2. Maarten Keune & Philippe Pochet, 2023. "The revival of Social Europe: is this time different?," Transfer: European Review of Labour and Research, , vol. 29(2), pages 173-183, May.
    3. David Natali, 2022. "COVID-19 and the opportunity to change the neoliberal agenda: evidence from socio-employment policy responses across Europe," Transfer: European Review of Labour and Research, , vol. 28(1), pages 15-30, February.

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