Amy Verdun
Biographic Data
| ID | 801339 |
|---|---|
| NAME | Amy Verdun |
| GIVEN NAMES | Amy |
| FAMILY NAME | Verdun |
| SIGNATURE | VERDUN A |
| AFFILIATIONS | University of Victoria |
| ORCID | 0000-0002-4876-753X |
| VERIFIED | Yes |
| TOTAL WORKS | 71 |
| TOTAL CITATIONS | 1023 |
| AUTHOR COUNT | 70 |
| EDITOR COUNT | 1 |
| FIRST PUBLICATION YEAR | 1996 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 18 |
From bumblebee to bee
Do experts believe that Economic and Monetary Union (EMU) delivers value to EU citizens? Do they believe EMU is sustainable given its current architecture? Drawing on an expert survey (N = 348) that we circulated in Germany, Italy, the Netherlands and Portugal in 2021, we find that a large majority of experts believe that EMU has benefitted the Euro Area, yet that EMU is not sustainable in its current form. A majority agrees that each of these th…
The geoeconomics of Central Banks Digital Currencies (CBDCs)
Digital transformations and the expansion of digital finance have elicited intense debates on what ought to be the role of central banks as issuers of digital currencies (CBDCs). We ask why the European Central Bank (ECB), the European Union (EU) central bank, has taken a starring role in the introduction of a retail CBDC: the digital euro. We offer an explanation rooted in geoeconomics: the ECB has decided to be a ‘paladin’ of the digital euro t…
The European Central Bank in the International Political Economy
Central banks lie at the interface between domestic and international political economy. Powerful technocracies tasked with domestic and international macroeconomic governance functions are responsible for monetary policy, sometimes banking supervision, and to contribute to overall financial stability. On occasion, they supervise a variety of non-banking financial services and other functions, such as anti-money laundering. During economic and fi…
Introduction
After gaining independence from political authorities, the past decades, central banks in most of the Global North and some in the Global South have taken on additional goals, acquiring unprecedented powers, many of them in response to crises and a lack of forceful action by the political authorities. Central banks have also been confronted with new issues, such as the greening of the economy and digital finance. They have rediscovered ‘old’ role…
David Howarth and Scott James (2023)
The European Central Bank
This article maps and explains the shift in economic thinking at the European Central Bank (ECB), i.e., its “ideational” evolution over the past two decades. When the ECB was set up in 1999 its institutional design and epistemic outlook were very much inspired by the legacy of the German central bank, the Bundesbank. Thus, the ECB embraced a “price stability” paradigm that prioritized inflation control. However, over time, policy learning in resp…
The Geoeconomics of the Single Market for Financial Services
We discuss the geoeconomics of the Single Market in financial services in the European Union (EU). We examine three case studies that concern the EU and other major jurisdictions and that range from incipient geoeconomic use to outward weaponisation of the Single Market in finance. These cases are (1) the post‐2008 crisis transatlantic tug of war, whereby the EU leveraged its Single Market vis‐à‐vis the United States, seeking to set the rules for…
The European Central Bank, the Single Supervisory Mechanism and the Covid-19 related economic crisis
The COVID-19 pandemic triggered a major economic crisis worldwide. The monetary policy response of the European Central Bank (ECB) was fast and massive. The ECB also intervened on the supervisory side because, after the establishment of Banking Union, the ECB was given responsibility for banking supervision in the euro area through the Single Supervisory Mechanism (SSM). This paper explains the response of the ECB-SSM to the COVID-19 related econ…
Weaponisation of finance
In response to Russia’s full-scale invasion of Ukraine, the Group of Seven (G7) countries and the European Union (EU) adopted a variety of financial sanctions, including the freezing of foreign reserve assets of the Central Bank of Russia held by other central banks. Drawing on a Principal-Agent framework and on speeches, newspaper articles and interviews with policy-makers, this study examines what it means for the ECB and the central banks of t…
The Covid-19 pandemic and the European Union
The COVID-19 pandemic posed unprecedented challenges to the European Union (EU) and its member states. In the EU, health policy competence has been and remains largely with member states. However, faced with a major external crisis, which more or less affected all member states at the same time, the EU developed a framework within which the member states (and their subnational units) could respond together to the crisis. This introductory article…
From the European Semester to the Recovery and Resilience Facility
The European Semester as Goldilocks
How and why did the European Semester end up as the main institutional vehicle of the Recovery and Resilience Facility (RRF)? To what extent did this new set‐up change the power balance among key actors (for example, financial and economic actors versus social affairs actors)? Drawing on historical institutionalism and based on 28 semi‐structured interviews and document analysis, our assessment suggests that while social actors were initially sid…
The European Semester in the North and in the South
Macro‐economic policy coordination remains a challenge in the EU. The European Semester was designed to help facilitate more coordination. In the area of wage policies, it encourages Germany and the Netherlands to support stronger wage growth, while Italy and Portugal have been told to exercise wage restraint. This paper analyses how domestic interest group politics influence how EU recommendations are received. Reflecting on the different growth…
An Introduction
The Next Generation EU (NGEU) and the Recovery and Resilience Facility (RRF) encompassed the European Semester. To understand how and why this happened we apply different theoretical approaches so as to emphasize different aspects of this process. The contributions in this collection discuss three main questions: (1) Is the Semester successfully implemented in the domestic arena? (2) Do domestic institutions and stakeholders play a crucial role i…
Explaining the response of the ECB to the Covid-19 related economic crisis
The economic effects of the Covid-19 pandemic have placed a renewed strain on the economic governance of the European Union (EU). The European Central Bank (ECB) was a key player in the EU's response to the crisis induced by the pandemic. This paper adopts a theoretical approach focused on policy learning to explain how and why the ECB responded to the crisis in 2020-2021. By drawing on speeches, newspaper articles and interviews with policy-make…
The Greatest of the Small? The Netherlands, the New Hanseatic League and the Frugal Four
How has the Netherlands sought to influence the redesign of Economic and Monetary Union (EMU) since the financial crisis? Based on the case studies of the ‘New Hanseatic League’ and the ‘Frugal Four’ this study finds, firstly, that the Netherlands chooses strategies of foot-dragging when initiatives are brought up to deepen integration when the Dutch prefer the status quo. Secondly, its strategy is more bargaining-based but at times also persuasi…
EU-Canada Strategic Partnership
Signed in 1976, the EU-Canada relationship was the first bilateral agreement that the EU signed with an industrialised third country. Modest strengthening of the ties was achieved with the 2004 EU-Canada Partnership Agenda. A fully-fledged free trade agreement was in the works at this time, but suspended in 2006. The EU-Canada strategic partnership agreement (SPA) and the Comprehensive Economic Trade Agreement (CETA) did not materialise until mor…
Euro adoption policies in the second decade – the remarkable cases of the Baltic States
The second decade of Economic and Monetary Union (EMU), starting with the financial crisis morphing into the sovereign debt crisis, had diverging effects on member states. The Baltic States were hit particularly hard. Faced with an immediate collapse of their economies, the Baltic States were advised by international organisations to float their currencies; instead, these countries chose to speed up their commitment to join the euro including the…
Economic and Monetary Union at twenty
This contribution discusses the two main asymmetries of European Economic and Monetary Union (EMU) as they developed over the past two decades since the launch of the Single Currency. From the outset, EMU involved asymmetric degrees of integration in the area of ‘economic’ union (less centralised governance) versus ‘monetary’ union (more supranational governance). With the outbreak of the Sovereign Debt Crisis in 2010, the regime-shaping relevanc…
Economic and fiscal policy coordination after the crisis
The European Union (EU) – and its Economic and Monetary Union (EMU) in particular – is often criticized as a predominantly market-oriented project. We analyse to what extent such claims can be substantiated by focusing on one key aspect of the EU’s post-crisis framework for economic governance: the country-specific recommendations (CSRs) that the EU has been issuing annually since 2011. Based on an original dataset, we analyse more than 1300 CSRs…
Eu Socio-Economic Governance since the Crisis
Bangladeshi Migrants of Italy and Their Precarity
Over the past years much attention has been placed on the ordeal of migrants as they leave their home countries and seek refuge or better lives in others. Given the sudden surge of Bangladeshi migration to Italy in recent years, this article focuses on Bangladeshi migrants in Italy and examines the precarity that they face or have faced. Our analysis is based on observations gleaned from the existing literature and our own field study of 18 Bangl…
Measuring Economic Reform Recommendations under the European Semester
In 2010 the European Semester was created to better coordinate fiscal and economic policies within Europe’s Economic and Monetary Union. The Semester aims to tackle economic imbalances by giving European Union (EU) member states country-specific recommendations (CSRs) regarding their public budgets as well as their wider economic and social policies with a view to enabling better policy coordination among Euro Area member states. In this article …
EU Socio-Economic Governance since the Crisis
This book is the first to be dedicated entirely to the European Semester -- a new framework for policy coordination across European Union (EU) member states. The Semester represents a major advancement in EU governance. Created in 2010 in the wake of the financial and sovereign debt crises and revamped in 2015, it was intended to provide a new socio-economic governance architecture to coordinate national policies without transferring legal sovere…
Introduction
The ‘European Semester’, a new framework for policy co-ordination across European Union (EU) member states, represents a major step in EU governance. Created in 2010 in the wake of the financial and sovereign debt crises and revamped in 2015, it was intended to provide a new socioeconomic governance architecture to co-ordinate national policies without transferring full sovereignty to the EU level. This introduction offers a brief overview and as…
A historical institutionalist explanation of the EU's responses to the euro area financial crisis
How can we understand the European Union's responses to the euro area financial crisis? This contribution examines this question through a historical institutionalist (HI) lens. First it reviews the design of existing institutions. With the help of HI it examines what challenges the institutional design posed on the European Union (EU) when the crisis hit. Next, the responses to the crisis by member state leaders and by EU-level actors are review…
The role of the Delors Committee in the creation of EMU
The agreement on economic and monetary union (EMU) in the European Union (EU) is a significant move in the integration process. In explanations as to why EMU was accepted and incorporated in the Maastricht Treaty, little attention has been given to the role of monetary experts in this process. This article examines their role in the creation of EMU by focusing on the Delors Committee that wrote the blueprint for EMU which was inserted in the Maas…
Banks and the False Dichotomy in the Comparative Political Economy of Finance
The wide-ranging varieties of capitalism literature rests on a particular conception of banks and banking that, the authors argue, no longer reflects the reality of modern financial systems. They take advantage of the greater information regarding bank activities revealed by the financial crisis to consider the reality, across eight of the world's largest developed economies, of the financial power of banks to act as bulwarks against market force…
The European Semester as Goldilocks
How and why did the European Semester end up as the main institutional vehicle of the Recovery and Resilience Facility (RRF)? To what extent did this new set‐up change the power balance among key actors (for example, financial and economic actors versus social affairs actors)? Drawing on historical institutionalism and based on 28 semi‐structured interviews and document analysis, our assessment suggests that while social actors were initially sid…
Introduction
The ‘European Semester’, a new framework for policy co-ordination across European Union (EU) member states, represents a major step in EU governance. Created in 2010 in the wake of the financial and sovereign debt crises and revamped in 2015, it was intended to provide a new socioeconomic governance architecture to co-ordinate national policies without transferring full sovereignty to the EU level. This introduction offers a brief overview and as…
Strengthening the European Commission's budgetary and economic surveillance capacity since Greece and the euro area crisis
Has the executive role of the European Commission changed since the euro area crisis? Intergovernmentalists point to the increased role of the member states and the Council at the expense of the Commission and other supranational institutions. This article examines how the Commission has responded to the expansion of fiscal and economic rules such as the regulations that strengthen the EU's statistical competence and the Six-Pack and Two-Pack. Ba…
The Institutional Design of EMU
The introduction of the euro is accompanied by an independent European Central Bank (ECB) which is solely responsible for monetary policy in the euro zone. No European institution will be introduced to flank the ECB. This particular institutional design is problematic. This article argues that Economic and Monetary Union (EMU) suffers moderately from a democratic deficit. However, the case of Germany illustrates that it is not the independence of…
Explaining the response of the ECB to the Covid-19 related economic crisis
The economic effects of the Covid-19 pandemic have placed a renewed strain on the economic governance of the European Union (EU). The European Central Bank (ECB) was a key player in the EU's response to the crisis induced by the pandemic. This paper adopts a theoretical approach focused on policy learning to explain how and why the ECB responded to the crisis in 2020-2021. By drawing on speeches, newspaper articles and interviews with policy-make…
The dog that would never bite? What we can learn from the origins of the Stability and Growth Pact
This article analyses the creation of the Stability and Growth Pact. It examines the economic and political factors behind it, including the role of economic ideas, experts, politicians, institutional arrangements in the Maastricht Treaty, domestic politics, and the exceptional position of Germany in the realm of monetary integration. It concludes that a set of commonly held beliefs together\nwith a corresponding power-political constellation exp…
Political leadership of the European Central Bank
What role did the European Central Bank (ECB) play in EU governance, regarding the financial, the economic and sovereign debt crises? How should we understand ECB leadership from a theoretical perspective? Based on speeches, literature review and interviews, this contribution concludes that by using policies such as the Securities Market Programme and by promising to do whatever it takes (e.g. Outright Monetary Transactions the ECB supported the …
The Covid-19 pandemic and the European Union
The COVID-19 pandemic posed unprecedented challenges to the European Union (EU) and its member states. In the EU, health policy competence has been and remains largely with member states. However, faced with a major external crisis, which more or less affected all member states at the same time, the EU developed a framework within which the member states (and their subnational units) could respond together to the crisis. This introductory article…
An “asymmetrical” economic and monetary union in the eu
Economic and fiscal policy coordination after the crisis
The European Union (EU) – and its Economic and Monetary Union (EMU) in particular – is often criticized as a predominantly market-oriented project. We analyse to what extent such claims can be substantiated by focusing on one key aspect of the EU’s post-crisis framework for economic governance: the country-specific recommendations (CSRs) that the EU has been issuing annually since 2011. Based on an original dataset, we analyse more than 1300 CSRs…
Political leadership in the European Union
In light of recent crises in the European Union (EU) there is a need for more systematic analysis of political leadership in the EU, which is what we seek to do in this collection. This introduction offers a theoretical and conceptual background for the volume. Drawing on Burns, Blondel, Elgie, Young, and others, this contribution identifies how political leadership can be analysed in various institutions and institutional settings of the EU. The…
An Introduction
The Next Generation EU (NGEU) and the Recovery and Resilience Facility (RRF) encompassed the European Semester. To understand how and why this happened we apply different theoretical approaches so as to emphasize different aspects of this process. The contributions in this collection discuss three main questions: (1) Is the Semester successfully implemented in the domestic arena? (2) Do domestic institutions and stakeholders play a crucial role i…
The Greatest of the Small? The Netherlands, the New Hanseatic League and the Frugal Four
How has the Netherlands sought to influence the redesign of Economic and Monetary Union (EMU) since the financial crisis? Based on the case studies of the ‘New Hanseatic League’ and the ‘Frugal Four’ this study finds, firstly, that the Netherlands chooses strategies of foot-dragging when initiatives are brought up to deepen integration when the Dutch prefer the status quo. Secondly, its strategy is more bargaining-based but at times also persuasi…
Legislative Bargaining in the European Union
We analyse legislative bargaining in the European Union. In our model, EU member states bargain over the policy choices underlying legislation and over its `template': (1) the degree of discretion at the application stage, and (2) whether the discretionary power is delegated to the Commission (or retained by the Council). Our analysis classifies member states into `large', `medium-sized' and `small' based on their voting power in the Council. Lar…
The Stability and Growth Pact - Theorizing a Case in European Integration
This article looks at the Stability and Growth Pact (SGP) as a case study in European integration. Applying the theoretical lenses of various European integration approaches (intergovernmentalism, domestic politics, neofunctionalism and an ‘expertocratic’ approach) it seeks to explain the creation of the SGP as well as its subsequent implementation. The findings show that these approaches are able to illuminate different parts of the process. The…
Ideas and Elites. The Social Construction of Economic and Monetary Union
EMU's teenage challenge
We review the initial predictions and claims regarding economic and monetary union (EMU) in Europe against the evidence of its first ten years of existence. We argue that pessimistic views on the creation of EMU have proved to be wrong. Yet EMU's success is rather puzzling, since it is based on a peculiar institutional structure not thought to lead to success. EMU has generated redistributive effects and may have increased business-cycle synchron…
The European Semester in the North and in the South
Macro‐economic policy coordination remains a challenge in the EU. The European Semester was designed to help facilitate more coordination. In the area of wage policies, it encourages Germany and the Netherlands to support stronger wage growth, while Italy and Portugal have been told to exercise wage restraint. This paper analyses how domestic interest group politics influence how EU recommendations are received. Reflecting on the different growth…
Economic and Monetary Union at twenty
This contribution discusses the two main asymmetries of European Economic and Monetary Union (EMU) as they developed over the past two decades since the launch of the Single Currency. From the outset, EMU involved asymmetric degrees of integration in the area of ‘economic’ union (less centralised governance) versus ‘monetary’ union (more supranational governance). With the outbreak of the Sovereign Debt Crisis in 2010, the regime-shaping relevanc…
An American/European divide in European integration studies
There appears to be a divide in the literature between American and European approaches to European integration studies. This article discusses the differences between the two types of approaches, and what problems occur from having this divide. It is argued that IPE offers a venue for dialogue between those who focus exclusively on the EU (labelled here as "European approaches') and those who see the EU case to be part of more general phenomena …
Small States and the Creation of EMU
It is often argued that economic and monetary union (EMU) was created due to the efforts and interests of larger Member States. This article argues that the Belgian and Dutch contributions indicate that small countries played a significant role in the creation of EMU. Both countries wanted to create a zone of monetary stability in Europe and as such have led the process by example. However, their conceptions of monetary stability were different. …
Weaponisation of finance
In response to Russia’s full-scale invasion of Ukraine, the Group of Seven (G7) countries and the European Union (EU) adopted a variety of financial sanctions, including the freezing of foreign reserve assets of the Central Bank of Russia held by other central banks. Drawing on a Principal-Agent framework and on speeches, newspaper articles and interviews with policy-makers, this study examines what it means for the ECB and the central banks of t…
An “asymmetrical” economic and monetary union in the eu
Bibliographie/Reviews
Buigues, P., Jacqueimin, A. and Sapir, A. (eds.), European Policies on Competition, Trade, and Industry (Conflict and Complementarities), Aldershot, Edward Elgar, 1995, xxii + 376 p. Dobrinsky, R. and Landesmann, M. (eds.), Transforming Economies and European Integration, Aldershot, Edward Edgar, 1995, xv + 331 p. Einhorn, B., Kaldor, M. and Kavan, Z. (eds.), Citizenship and Democratic Control in Contemporary Europe, Cheltenham, UK, and Brookfiel…
The Institutional Design of EMU
The introduction of the euro is accompanied by an independent European Central Bank (ECB) which is solely responsible for monetary policy in the euro zone. No European institution will be introduced to flank the ECB. This particular institutional design is problematic. This article argues that Economic and Monetary Union (EMU) suffers moderately from a democratic deficit. However, the case of Germany illustrates that it is not the independence of…
The role of the Delors Committee in the creation of EMU
The agreement on economic and monetary union (EMU) in the European Union (EU) is a significant move in the integration process. In explanations as to why EMU was accepted and incorporated in the Maastricht Treaty, little attention has been given to the role of monetary experts in this process. This article examines their role in the creation of EMU by focusing on the Delors Committee that wrote the blueprint for EMU which was inserted in the Maas…
How did EMU really happen
Ideas and Elites. The Social Construction of Economic and Monetary Union
La nécessité d'un « gouvernement économique » dans une UEM asymétrique
Cet article pose la question de savoir si les préoccupations françaises concernant une UEM sans gouvernement économique sont justifiées. En raison de la nature asymétrique de l'UEM, avec une union monétaire pleinement développée et centralisée, même si la gouvernance économique demeure la responsabilité des Etats Membres, certaines questions peuvent ne pas être traitées correctement avec des outils politiques macro-économiques nationaux et indivi…
Introduction
There appears to be a divide in the literature between American and European approaches to European integration studies. This article discusses the differences between the two types of approaches, and what problems occur from having this divide. It is argued that IPE offers a venue for dialogue between those who focus exclusively on the EU (labelled here as ‘European approaches’) and those who see the EU case to be part of more general phenomena …
An American/European divide in European integration studies
There appears to be a divide in the literature between American and European approaches to European integration studies. This article discusses the differences between the two types of approaches, and what problems occur from having this divide. It is argued that IPE offers a venue for dialogue between those who focus exclusively on the EU (labelled here as "European approaches') and those who see the EU case to be part of more general phenomena …
Another Grand Book on European Integration
The time has long gone since authors studying European integration would start their books by arguing that the integration process should be seen as following either a neofunctionalist or an intergovernmentalist logic. It is no longer fashionable to make that distinction. These days, if a dichotomy of theories is identified, different labels are used: constructivist versus rationalist (Pollack 2001), governance versus international relations appr…
The dog that would never bite? What we can learn from the origins of the Stability and Growth Pact
This article analyses the creation of the Stability and Growth Pact. It examines the economic and political factors behind it, including the role of economic ideas, experts, politicians, institutional arrangements in the Maastricht Treaty, domestic politics, and the exceptional position of Germany in the realm of monetary integration. It concludes that a set of commonly held beliefs together\nwith a corresponding power-political constellation exp…
The Stability and Growth Pact - Theorizing a Case in European Integration
This article looks at the Stability and Growth Pact (SGP) as a case study in European integration. Applying the theoretical lenses of various European integration approaches (intergovernmentalism, domestic politics, neofunctionalism and an ‘expertocratic’ approach) it seeks to explain the creation of the SGP as well as its subsequent implementation. The findings show that these approaches are able to illuminate different parts of the process. The…
Small States and the Creation of EMU
It is often argued that economic and monetary union (EMU) was created due to the efforts and interests of larger Member States. This article argues that the Belgian and Dutch contributions indicate that small countries played a significant role in the creation of EMU. Both countries wanted to create a zone of monetary stability in Europe and as such have led the process by example. However, their conceptions of monetary stability were different. …
Legitimacy and efficiency
Eight years after the launch of its third stage, and on the brink of its expansion, the European Union's (EU) Economic and Monetary Union (EMU) has proven to be successful. However, EMU has also highlighted the diversity of its members economic performance, and their need to run larger public deficits than they initially committed to. This special issue attempts to find out what can be done to relieve the tensions in EMU. The source of EMU's diff…
Reforming Europe's stability and growth pact
Proposed and actual reforms to the European Union (EU) Stability and Growth Pact commonly retain the Pact's deficit and debt targets. The American experience with similar macrobudgetary rules suggests that deficit targets may actually act as an incentive for political leaders to engage in noncompliant behavior. If targets were revised to budgetary objectives that politicians could achieve more easily and claim credit for accomplishing, compliance…
From neighbourhood to membership
Moldova is complying with the European Neighbourhood Policy (ENP), the new framework of partnership with neighbouring countries that was created by the European Union (EU) in 2005. The ENP prompted in the partner countries a process of convergence with EU rules. The ENP‐promoted legislation convergence in the Eastern partner countries can therefore be a first step to the enlargement of the EU to Former Soviet Union Republics (FSURs) such as Moldo…
Policy-Making and Integration in the European Union
What lessons can be learnt about the role of economic interests in European integration? This article seeks to answer this question by looking at four themes: (1) the role of economic interest groups on national preference formation; (2) the role of economic interest groups on EU policy-making; (3) the effect of the EU on the economic interest groups; and (4) the role of economic interest groups on the process of European integration. This articl…
The Eurogroup
The Eurogroup: How a Secretive Circle of Finance Ministers Shape European Economic Governance , by U. Puetter ( Manchester : Manchester University Press , 2006 , ISBN 9780719074035 ); 208pp. , £55 hb . This book is the first to study the Eurogroup, which was created in 1998 to assist in the informal decision-making of economic and monetary governance of the euro area. The Eurogroup meets before the Council of Ministers of Economic and Financial A…
Towards North American Monetary Union? The Politics and History of Canada's Exchange Rate Regime, Eric Helleiner, Kingston and Montreal
Towards North American Monetary Union? The Politics and History of Canada's Exchange Rate Regime, Eric Helleiner, Kingston and Montreal: McGill-Queen's University Press, 2006, pp. 352. - Volume 41 Issue 4
Economic Developments in the Euro Area
Legislative Bargaining in the European Union
We analyse legislative bargaining in the European Union. In our model, EU member states bargain over the policy choices underlying legislation and over its `template': (1) the degree of discretion at the application stage, and (2) whether the discretionary power is delegated to the Commission (or retained by the Council). Our analysis classifies member states into `large', `medium-sized' and `small' based on their voting power in the Council. Lar…
Explaining Europe’s Monetary Union
This article offers a survey of the literature on European Economic and Monetary Union (EMU), in particular works that deal with the question why EMU happened and, based on this literature, what one might be able to conclude about its sustainability. It reviews the literature by dividing up the analyses into four categories: those that explain EMU at the global and at the European Union (EU) levels of analysis, explanations at the national level,…
The Common Agricultural Policy
The Common Agricultural Policy (CAP) of the European Union (EU) is a unique agricultural policy world‐wide. When it was devised in the late 1950s and its objectives enshrined in the Treaty of Rome
EMU's teenage challenge
We review the initial predictions and claims regarding economic and monetary union (EMU) in Europe against the evidence of its first ten years of existence. We argue that pessimistic views on the creation of EMU have proved to be wrong. Yet EMU's success is rather puzzling, since it is based on a peculiar institutional structure not thought to lead to success. EMU has generated redistributive effects and may have increased business-cycle synchron…
Ruling Europe
The Stability and Growth Pact (SGP) is central to Economic and Monetary Union (EMU) in Europe. Initiated by Germany in 1995 and adopted in 1997, it regulates the fiscal policies of European Union Member States. Following numerous violations of its deficit reference value, the Pact's Excessive Deficit Procedure was suspended in 2003. The decision to suspend was brought before the European Court of Justice in 2004 and the SGP then underwent painsta…
Political science (59 works) · Economics (54 works) · European union (46 works) · European Union Policy and Governance (46 works) · Law (39 works) · Law (36 works) · Politics (35 works) · International trade (26 works) · Political economy (20 works) · Global Financial Crisis and Policies (19 works)