EU economic governance and the COVID-19 crisis: Between path-dependency and paradigmatic shift

Paul Dermine*, Menelaos Markakis

*Corresponding author for this work

    Research output: Contribution to journalArticleAcademic

    4 Citations (Scopus)


    The COVID-19 pandemic and the dramatic recession that ensued, have precipitated new and ambitious economic and monetary policy initiatives at the European Union level. This article takes stock of the measures taken thus far and reflects on the impact of the ongoing crisis on the Eurozone’s political economy and its paradigms. It addresses the continued dominance of the European Central Bank; the emergence of a fiscal centre in the Eurozone; and the role of the state in the economy more generally, as well as the place of Europe in the world economy. The article argues that the European response to the economic recession associated with the pandemic is marked both by continuity and path-dependency on the one hand, and potential paradigmatic shifts on the other hand.

    Original languageEnglish
    Pages (from-to)326-345
    Number of pages20
    JournalInternational Journal of Public Law and Policy
    Issue number4
    Publication statusPublished - 1 Oct 2020

    Bibliographical note

    Funding Information:
    Menelaos Markakis is an Assistant Professor at Erasmus University Rotterdam. He holds degrees from the Universities of Athens (LLB) and Oxford (MJur and DPhil). He has previously received funding from the Academy of Athens, the Oxford Law Faculty, and the Modern Law Review. He is currently the recipient of the EUR Fellowship and is affiliated with the Erasmus Center for Economic and Financial Governance.

    Publisher Copyright:
    Copyright © 2020 Inderscience Enterprises Ltd.


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