Continuity despite crises: Germany's euro policy in the light of the pandemic, war and inflation

After a decade of reforming and stabilising the Economic and Monetary Union (EMU), it has been put to a triple test: the COVID-19 pandemic, the war in Ukraine, and the return of inflation have posed serious challenges to the eurozone that call for policy responses. Against the background of recent a...

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Bibliographic Details
Published in:Journal of European public policy 2024-09, Vol.31 (9), p.2509-2533
Main Authors: Schoeller, Magnus G., Heidebrecht, Sebastian
Format: Article
Language:English
Subjects:
Accession
COVID-19
Crises
Economic and Monetary Union
European integration
European Union
eurozone
Germany
Inflation
Management of crises
Monetary unions
Pandemics
Political elites
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Summary:After a decade of reforming and stabilising the Economic and Monetary Union (EMU), it has been put to a triple test: the COVID-19 pandemic, the war in Ukraine, and the return of inflation have posed serious challenges to the eurozone that call for policy responses. Against the background of recent advances in European integration theory, we assess whether and how these challenges have led to a change in the EMU policy of the eurozone's most powerful member, Germany. We conceptualise three ideal-typical policy options for Germany to deal with EMU's challenges and we search for traces of policy learning from past eurozone crisis management. On the basis of semi-structured interviews with German political elites, we cannot identify any significant change in Germany's EMU policy. We conclude that the unwavering continuity of Germany's euro policy makes further substantial integration in EMU unlikely.
ISSN:1350-1763
1466-4429
DOI:10.1080/13501763.2023.2218883