Description
Book SynopsisThe 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 Union's (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 tho
Table of Contents
Introduction: Economic and Monetary Union at twenty: a stocktaking of a tumultuous second decade
David Howarth and Amy Verdun
1. EMU and political union revisited: what we learnt from the euro’s second decade
Dermot Hodson
2. Sui generis no more? The ECB’s second decade
Michele Chang
3. Economic and fiscal policy coordination after the crisis: is the European Semester promoting more or less state intervention?
Jörg S. Haas, Valerie J. D’Erman, Daniel F. Schulz and Amy Verdun
4. EMU and the Italian debt problem: destabilising periphery or destabilising the periphery?
Ton Notermans and Simona Piattoni
5. EMU and the Greek crisis: testing the extreme limits of an asymmetric union
George Pagoulatos
6. Euro adoption policies in the second decade – the remarkable cases of the Baltic States
Assem Dandashly and Amy Verdun
7. Democratic legitimacy in the post-crisis EMU
Ben Crum and Stefano Merlo
8. Gender, austerity, and support for EMU across generations
Susan Banducci and Peter Loedel
9. One money, two markets? EMU at twenty and European financial market integration
David Howarth and Lucia Quaglia
10. EMU’s asymmetries and asymmetries in German and French influence on EMU governance reforms
Joachim Schild
