David Howarth - Economic and Monetary Union at Twenty: A Stocktaking of a Tumultuous Second Decade

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Economic and Monetary Union at Twenty

The contributions to this book examine the two main asymmetries of the Euro Area as they have intensified during the second decade of Economic and Monetary Union (EMU): the first between monetary union (more supranational governance) versus economic union (less centralised governance); the second between those Euro Area member states of the so-called core and those of the periphery.

EMU stands as one of the European Unions (EU) flagship integration achievements. Set up in 1999, with the large majority of EU member states at the time, EMU was described as asymmetrical even prior to its start. From the outset, it involved asymmetrical integration in monetary and economic union. Although a major element of the blueprint that paved the way for the final stage of EMU, the concept of economic union was insufficiently developed. The second decade of the single currency gave rise to a second asymmetry, namely one between those Euro Area member states of the core and those of the periphery. The eleven contributions to this volume speak to one or both of these asymmetries, covering the major political, political economy and policy dimensions of EMU and the ongoing debates about necessary policy and institutional reforms to overcome these asymmetries and bolster Euro Area stability. The outbreak of the coronavirus (Covid-19) crisis in 2020 created unprecedented socio-economic challenges for Euro Area member states, heightening the perceived urgency of reform.

The chapters in this book were originally published as a special issue of the Journal of European Integration.

David Howarth is Professor of European Political Economy at the University of Luxembourg and a former Jean Monnet Chair at the University of Edinburgh, UK. He is the co-author/co-editor of four monographs, nineteen special issues/edited volumes and over ninety journal articles and chapters on European political economy topics.

Amy Verdun is Professor in European Politics and Political Economy at Leiden University, the Netherlands, and Professor in the Department of Political Science at the University of Victoria, BC, Canada. She is the co-author/co-editor of two monographs, more than twenty books/special issues and over one hundred journal articles and chapters.

Journal of European Integration Special Issues

Series editors:

Thomas Christiansen, Maastricht University, Netherlands,

Simon Duke, European Institute of Public Administration, Netherlands

The Journal of European Integration book series is designed to make our Special Issues accessible to a wider audience. All of the themes covered by our Special Issues and the series are carefully selected with regard to the topicality of the questions addressed in the individual volumes, as well as to the quality of the contributions. The result is a series of books that are sufficiently short to appeal to the curious reader, but that also offer ample depth of analysis to appeal to the more specialist reader, with contributions from leading academics.

Crisis and Politicisation
The Framing and Re-framing of Europes Permanent Crisis
Edited by Benedetta Voltolini, Michal Natorski and Colin Hay

Political Leadership in the European Union
Edited by Ingeborg Tmmel and Amy Verdun

European Boundaries in Question
Edited by Richard Bellamy, Joseph Lacey and Kalypso Nicoladis

The EU as a Global Player
The Politics of Interregionalism
Edited by Fredrick Soderbaum and Luk Van Langenhove

The Future of European Foreign Policy
Edited by Erik Jones and Saskia van Genugten

Policy Coherence and EU Development Policy
Edited by Maurizio Carbonne

The External Dimension of Justice and Home Affairs
A Different Security Agenda for the European Union?
Edited by Sarah Wolff, Nicole Wichmann and Gregory Mounier

The Common Agricultural Policy
Policy Dynamics in a Changing Context
Edited by Grace Skogstad and Amy Verdun

European Parliament Elections after Eastern Enlargement
Edited by Hermann Schmidt

European Neighbourhood through Civil Society Networks?
Policies, Practices and Perceptions
Edited by James Wesley Scott and Ilkka Likanen

Economic and Monetary Union at Twenty

A Stocktaking of a Tumultuous Second Decade

Edited by
David Howarth and Amy Verdun

First published 2021

by Routledge

2 Park Square, Milton Park, Abingdon, Oxon OX14 4RN

and by Routledge

52 Vanderbilt Avenue, New York, NY 10017

Routledge is an imprint of the Taylor & Francis Group, an informa business

Chapters 1, 2, 4, 5, 810 2021 Taylor & Francis

Introduction 2020 David Howarth and Amy Verdun. Originally published as Open Access.

Chapter 3 2020 Jrg S. Haas, Valerie J. DErman, Daniel F. Schulz and Amy Verdun. Originally published as Open Access.

Chapter 6 2020 Assem Dandashly and Amy Verdun. Originally published as Open Access.

Chapter 7 2020 Ben Crum and Stefano Merlo. Originally published as Open Access.

With the exception of the Introduction, Chapters 3, 6 and 7, no part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers. For details on the rights for Introduction, , please see the chapters Open Access footnotes.

Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-0-367-54601-4 (hbk)

ISBN: 978-0-367-54602-1 (pbk)

ISBN: 978-1-003-08985-8 (ebk)

Typeset in Myriad Pro

by Newgen Publishing UK

Publishers Note

The publisher accepts responsibility for any inconsistencies that may have arisen during the conversion of this book from journal articles to book chapters, namely the inclusion of journal terminology.

Disclaimer

Every effort has been made to contact copyright holders for their permission to reprint material in this book. The publishers would be grateful to hear from any copyright holder who is not here acknowledged and will undertake to rectify any errors or omissions in future editions of this book.

Contents

David Howarth and Amy Verdun

Dermot Hodson

Michele Chang

Jrg S. Haas, Valerie J. DErman, Daniel F. Schulz and Amy Verdun

Ton Notermans and Simona Piattoni

George Pagoulatos

Assem Dandashly and Amy Verdun

Ben Crum and Stefano Merlo

Susan Banducci and Peter Loedel

David Howarth and Lucia Quaglia

Joachim Schild

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