In person icon A new governance of the Economic and Monetary Union?

Abstract

With the eruption of the European sovereign debt crisis first, and more recently the COVID-19 pandemic, commentators and academics are focusing on the European Union (EU) to reshape significantly the economic governance of the Economic and Monetary Union (EMU). Since 2010 many significant changes have been introduced, among them: i) permanent instruments to manage loans to countries in financial difficulties (the ESM); ii) increased coordination, and increased Commission involvement mostly in the enforcement rules, in national budgetary policies (European Semester, Six Pack, Two Pack, Fiscal Compact); iii) the use of unconventional and unprecedented mechanisms of expansionary monetary policy by the European Central Bank (ECB); iv) the creation of a European banking union (Single Supervisory Mechanism and Single Resolution Mechanism) to manage bank failures. The COVID-19 pandemic has stimulated additional policy responses, such as the upgrading of the ECB quantitative easing and the adoption of the unprecedented Next Generation EU. Hence, the COVID-19 pandemic marks another watershed moment for the Economic and Monetary Union. In light of the above, this panel seeks to encourage papers that examine the past decades of macro-economic policy coordination (that is, since the start of the Economic and Monetary Union), with a particular focus on the adoption of the Next Generation EU, the policy cycle of the European Semester (also in conjunction with the Next Generation EU), the main institutional innovations of the previous reforms, the politics of the European banking union, and the responsiveness of the EU political environment to demands arising from the European and national public opinion. The panel is open to contributions centred on European cases as well as in comparative perspectives. In terms of methodology, papers are welcome that either adopt quantitative or qualitative methods (or mixed methods).

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