Accidental Neoliberalism

Democratic Accountability in the Making of the Euro, 1957–92

Bibliographic Data

ID7734142
AuthorsEmmanuel Mourlon-Druol (0000-0002-5560-4333, European University Institute, corresponding author)
Year2026
Volume35
Publication date2026-01-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueContemporary European History (JOURNAL)
Journal identifiersISSN: 0960-7773 • E-ISSN: 1469-2171
PublisherCambridge University Press (CUP) (PUBLISHER)
DOI10.1017/s0960777325000207
OpenAlexW4410867467
LanguageEN
Citations received1
References cited5

Neoliberalism can be defined as the drive to shield capitalism from the scrutiny and accountability of democratic processes. This definition is particularly relevant to the creation of the euro, as it reflects some imbalances of the 1992 Maastricht Treaty creating the European Union (EU). The monetary union was designed to function with full independence, largely beyond the reach of democratic deliberations. This article investigates whether this outcome was intentional. It argues that the asymmetric structure of the Economic and Monetary Union (EMU) was purposefully crafted, as the European policymakers involved in the negotiations were acutely aware of the imperfections of the system being developed. However, these shortcomings were not specifically aligned with a particular neoliberal ideology. Instead, this article shows they resulted from a broader set of concerns, primarily driven by a reluctance to centralise decision-making power at the EU level due to fears of losing aspects of national sovereignty. Understanding the unintentional nature of this outcome is crucial, as confusing what is accidental with what is deliberate can lead to misunderstandings about the motivations behind EMU and misconceive the paths for its reform

Accidental · Accountability · Democracy · Economics · Political economy · Political science · Politics · European Monetary and Fiscal Policies · European Union Policy and Governance · Law

Tools

Open DOIOpen Access