scholarly journals Acting in the Shadow of German Hegemony? The Role of Small States in the Economic and Monetary Union (Introduction to the Special Issue)

2021 ◽  
pp. 1-21
Author(s):  
Magnus G. Schoeller ◽  
Gerda Falkner
Keyword(s):  
Monetary Union ◽  
Economic And Monetary Union ◽  
Small States ◽  
Special Issue

Ambivalent German narration towards economic problems of eurozone in the light of constructivist approach

2019 ◽  
Vol 3 ◽  
pp. 83-101
Author(s):  
Justyna Bokajło
Keyword(s):  
National Identity ◽  
Economic Crisis ◽  
Monetary Union ◽  
The Other ◽  
Economic And Monetary Union ◽  
Constructivist Approach ◽  
Economic Problems ◽  
Ambivalent Attitude

The European financial and economic crisis made Germany a leader trying to introduce the principles of order to the Economic and Monetary Union in line with the ideas of German governance policy (Ordnungspolitik), which is explained by ordoliberalism. However, there is strong relativism visible in constructing European reality, resulting from the fact that the adopted ordoliberal assumptions do not fit into the macroeconomic, diversified space of the eurozone, and, what is more, cannot be implemented during the recession, because their effectiveness is determined by the long-term perspective and national identity. Moreover, the role of the leader does not comply with the principles of Ordnungspolitik. On the other hand, the partnership with France, which is necessary to maintain stability of the eurozone, causes a move away from the conceptual assumptions of ordoliberalism. The aim of the article is to draw attention to Germany’s ambivalence in solving the economic problems of EMU, as well as to show ambivalent attitude of other Member States towards Germany.

scholarly journals The Early Days of the Euro Debt Crisis Revisited: Historical, Legal and Institutional Overview of the Role of the ECB in the Context of an Economic and Monetary Union in Mutation

2015 ◽  
Vol 1 ◽  
pp. 94-109
Author(s):  
Rui do Carmo
Keyword(s):  
Monetary Union ◽  
Debt Crisis ◽  
Economic And Monetary Union ◽  
Euro Crisis ◽  
Starting Point ◽  
The Future ◽  
Future Challenges ◽  
Set Up

This paper seeks to shed some light on the different stages of what ended up being a deep euro debt crisis of unforeseen proportions and the attempts of responses designed to address it in the context of an EU, unprepared to face its outcomes and implications. Our starting point is a quick overview of the historical, institutional and legal pathway that led to the set-up of the EMU, seeking to provide a better understanding of the backdrop for the on-going euro crisis and the several legal instruments put forward within and alongside the EMU framework to tackle it. Particular attention is given to the functions and goals originally attributed to the ECB and to some of the controversial steps this institution decided to take in order to address the debt crisis at its different stages. Finally, some lines of reflexion are proposed in light of the future challenges that we consider that an EMU in mutation inevitably entails.

scholarly journals Prospects for a Euro-Area Budget: An Analytical Outline

European View ◽  
2017 ◽  
Vol 16 (2) ◽  
pp. 211-218
Author(s):  
Siegfried Mureşan
Keyword(s):  
Moral Hazard ◽  
European Commission ◽  
Monetary Union ◽  
Euro Area ◽  
Economic And Monetary Union ◽  
Structural Reforms ◽  
Member States ◽  
Key Issues ◽  
The Creation

In a reflection paper intended to generate debate among euro-area governments, the European Commission has put forward ideas on what could be done to deepen the Economic and Monetary Union by 2025. One of the ideas outlined by the Commission is the creation of a euro-area budget. This article reviews the key issues that are relevant in the discussion on establishing such a budget; outlines the possible functions of such a budget, such as incentivising structural reforms or ensuring macro-stabilisation; and discusses the issues of size, funding, moral hazard and governance, while touching upon the role of non-euro-area member states. The article concludes with the assertion that the answer to this question is essentially political in nature and could constitute an example of how member states are ready to integrate further, while giving non-euro-area member states the opportunity to participate.

scholarly journals Centrifugal forces in a hegemonic environment: the rise of small-state coalitions in the Economic and Monetary Union

2021 ◽  
pp. 1-17
Author(s):  
Magnus G. Schoeller
Keyword(s):  
Monetary Union ◽  
Status Quo ◽  
Economic And Monetary Union ◽  
Causal Mechanism ◽  
Centrifugal Forces ◽  
Small State ◽  
Fine Grained ◽  
Hanseatic League ◽  
Depth Interviews

Abstract A hegemonic power can guarantee the status quo in an international economic system. However, domestic or international changes may unsettle a hegemon’s priorities. In such phases, smaller states benefiting from the existing system may fear that the hegemon will fail to keep the system stable. How do they react if they lose trust in the hegemon’s ability or will to maintain the status quo? This article argues that in such cases, free riding becomes less rewarding. Therefore, smaller states build publicly visible coalitions to ‘voice’ their preferences. Applying this argument to the role of small ‘creditor states’ in the Economic and Monetary Union (EMU), the article draws on original in-depth interviews to analyze the ‘New Hanseatic League’ as a strategy to defend the present euro regime and counterbalance the Franco–German tandem. By elaborating and tracing a fine-grained causal mechanism, the article thus explains the emergence of vocal small-state coalitions in a hegemonic environment.

scholarly journals A identidade europeia e o euro: análise comparativa da moeda como um símbolo identitário nos anos 2002 e 2014/The European identity and the Euro

2016 ◽  
Vol 5 (2) ◽  
pp. 454-485
Author(s):  
Angélica Saraiva Szucko
Keyword(s):  
Identity Construction ◽  
Monetary Union ◽  
Economic And Monetary Union ◽  
European Identity ◽  
Construction Process ◽  
Common Currency ◽  
The Subject ◽  
The Common ◽  
Identity Symbol

Este artigo pretende estabelecer a correlação entre o Euro e a construção de uma identidade europeia como um processo de mão dupla, em que ambos os lado se influenciam mutuamente, bem como analisar a função da moeda comum como um símbolo identitário em dois anos distintos: em 2002, logo após o início da circulação do Euro; e em 2014, quando ainda é possível notar os efeitos da crise de 2008 e do alargamento da união monetária ao leste europeu. Em primeiro lugar, será exposto um breve quadro teórico sobre os estudos de integração europeia, destacando-se a importância da questão da identidade para melhor compreensão do processo como um todo. Em segundo lugar, serão elencadas algumas características da construção da identidade europeia com base nos resultados de estudos sobre o tema, especialmente com foco nas pesquisas coordenadas por Thomas Risse. Em terceiro lugar, será apresentado um histórico sobre o processo de construção da União Econômica e Monetária, culminando com a introdução do Euro, e realizar-se-á uma análise comparativa baseada nos dados das pesquisas de opinião do Eurobarometer sobre as percepções em relação à moeda comum em 2002 e em 2014, ressaltando-se os contextos de cada ano. Por fim, serão apontados alguns comentários conclusivos sobre o Euro como um símbolo identitário da União Europeia. Palavras-chave: identidade europeia, Euro, União Europeia.   Abstract: This article aims to establish the correlation between the Euro and the construction of a European identity as a two-way process, in which both sides influence each other, and to analyze the role of the common currency as an identity symbol in two different years: in 2002, just after the start of the circulation of the Euro; and in 2014, when it is still possible to note the effects of the 2008 crisis and the extension of the monetary union to Eastern Europe. Firstly, a brief theoretical framework about the study of the European integration highlighting the importance of the identity question to better understand the process as a whole will be exposed. Secondly, some characteristics of the European identity construction based on the results of studies on the subject, specially focusing on the research coordinated by Thomas Risse, will be listed. Thirdly, the background of the construction process of the Economic and Monetary Union culminating with the introduction of the Euro will be presented, and a comparative analysis based on data from Eurobarometer opinion surveys on perceptions of the common currency in 2002 and 2014 will be carried out, highlighting the contexts of each year. Finally, some concluding comments will be appointed on the Euro as an identity symbol of the European Union.Key words: European identity, Euro, European Union.

An Employment Union for Europe? The Role of the Swedish Government

Politics ◽  
1997 ◽  
Vol 17 (2) ◽  
pp. 109-115 ◽  
Author(s):  
Simon Lightfoot
Keyword(s):  
Monetary Union ◽  
Economic And Monetary Union ◽  
Key Factors ◽  
Social Democrats ◽  
Social Democratic ◽  
The Future ◽  
Democratic Parties ◽  
Social Democratic Parties ◽  
The Eu

The Swedish Government's proposal for an ‘Employment Union’ to offset the potential increases in unemployment caused by moves towards Economic and Monetary Union, has put the problem of unemployment at the top of the agenda of the current Intergovernmental Conference. Domestic political pressures coupled with a belief that the EU offers the potential for a solution to this problem, were key factors behind the decision to table an amendment Forging links with other European social democratic parties to generate support for the proposal, the Swedish Social Democrats need the proposal to succeed for both domestic political ends and to safeguard the future of the European project.

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