Existential crisis, incremental response: the eurozone's dual institutional evolution 2007-2011

We use an institutionalist approach to understand how the governance of the eurozone has evolved in the wake of the multiple crises that erupted since 2007. We assess the impact of the crisis on the institutional development of EMU in light of three case studies: the role of the ECB during the crisi...

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Bibliographic Details
Published in:Journal of European public policy 2012-06, Vol.19 (5), p.665-681
Main Authors: Salines, Marion, Glöckler, Gabriel, Truchlewski, Zbigniew
Format: Article
Language:English
Subjects:
Crises
Economic and Monetary Union
Economic Development
Economic Integration
Economic policy
EMU governance reform
EMU institutional architecture
Eurocurrency market
Europe
European Union
Fiscal policy
Governance
Government and politics
Institutional change
Monetary Policy
Public debt
Public policy
Reform
sovereign debt crisis
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Summary:We use an institutionalist approach to understand how the governance of the eurozone has evolved in the wake of the multiple crises that erupted since 2007. We assess the impact of the crisis on the institutional development of EMU in light of three case studies: the role of the ECB during the crisis; the reform of the economic governance framework; the set-up of euro area financial assistance arrangements. Paradoxically, even when faced with an existential crisis, EMU continues to evolve through gradual change. Empirical evidence points to the existence of a dual process of change - layering and redirection.
ISSN:1350-1763
1466-4429
DOI:10.1080/13501763.2011.646777