On the Misalignment of Monetary, Economic, and Political Integration in European Economic and Monetary Union

Research output: Chapter/Conference proceedingChapterAcademic

6 Downloads (Pure)

Abstract

This chapter argues that EMU is characterized by a misalignment of legal, economic, and political integration that is mainly rooted in the asymmetric incorporation of monetary and economic policy in the euro area. The legalization of monetary policy and economic policy coordination has produced a governance framework that cannot achieve monetary dominance as envisaged by the drafters of the Maastricht Treaty. At the same time, this framework also stands for a juridification of politics and the politization of law that has planted the seed for constitutional conflicts between the EU and its Member States regarding the legality and legitimacy of supranational meddling with these policy fields. It is argued that the key to addressing the root cause of the problems lies in a substantive reorientation of EMU that entails a substantive realignment of economic policy with monetary policy in the euro area and the reinforcement of the democratic legitimacy of supranational policy-making in both policy fields.
Original languageEnglish
Title of host publicationThe Cambridge Handbook of European Monetary, Economic and Financial Integration
EditorsDarius Adamski, Fabian Amtenbrink, Jakon de Haan
PublisherCambridge University Press
Chapter4
Pages69-86
ISBN (Electronic)9781009364706
ISBN (Print)9781009364690
DOIs
Publication statusPublished - 28 Sept 2023

Bibliographical note

© Cambridge University Press & Assessment 2023

Fingerprint

Dive into the research topics of 'On the Misalignment of Monetary, Economic, and Political Integration in European Economic and Monetary Union'. Together they form a unique fingerprint.

Cite this