European Economic Governance: Theories, Historical Evolution, and Reform Proposals

165 Pages·2022·3.691 MB·English

by  Fabio Masini

European Economic
Governance
Theories, Historical
Evolution, and Reform
Proposals
Fabio Masini
European Economic Governance
Fabio Masini
European Economic
Governance
Theories, Historical Evolution, and Reform
Proposals
Fabio Masini
Department of Political Science
Roma Tre University
Rome, Italy
ISBN 978-3-031-13093-9 ISBN 978-3-031-13094-6 (eBook)
https://doi.org/10.1007/978-3-031-13094-6
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To Laura and Ken,
for their unconditional support
in this endeavour
A
cknowledgements
This volume is the result of long-term research and teaching activities. Let
me first and foremost thank my students that, during the years, with their
wit remarks and inspiring questions, obliged me to think more carefully
about the links among facts, theories, and policies in the historical evolu-
tion of the economic governance in the European integration process.
Reconsidering commonplaces, exposing hidden (or shadowed) critical
knots, digging into the role of narratives, and much more.
I would also like to thank a few friends and colleagues that patiently
read and commented on previous drafts of the manuscript, allowing me to
reduce major shortcomings, blatant omissions, even trivial mistakes. All
the remaining ones are of course my own responsibility.
vii
c
ontents
1 Introduction 1
2 Designing and Building a European Economy: From the
1930s to 1991 9
3 Fiscal Constraints and Supranational Money: From
Maastricht (1992) to Lisbon (2007) 43
4 Steering the Euro Across the Crises (2008–2019) 75
5 Reforming the European Economic Governance
(2020–2022) 121
6 Concluding Remarks 147
Index 155
ix
A A
bout the uthor
Fabio Masini, MS in Economics and PhD in History of Economic
Thought, holds a Jean Monnet Chair in Theories and History of European
Economic Governance and is Professor of Theories and History of
International Political Economy at the University of Roma Tre. He is the
Managing Editor of the journal History of Economic Thought and Policy.
xi
l A
ist of bbreviAtions
CAP Common Agricultural Policy
EC European Commission
ECB European Central Bank
ECOFIN Economic and Financial Affairs Council
ECSC European Coal and Steel Community
EDC European Defence Community
EEC European Economic Community
EFB European Fiscal Board
EFSF European Financial Stability Facility
EIB European Investment Bank
EMS European Monetary System
EMI European Monetary Institute
EMU [European] Economic and Monetary Union
EPGs European Public Goods
EPU European Payments Union
ESM European Stability Mechanism
EU European Union
FED Federal Reserve System
GDP Gross Domestic Product
ICTs Information and Communication Technologies
IGCs Inter-governmental Conferences
IMF International Monetary Fund
MEP Member of the European Parliament
MSs [EU] Member States
NGEU Next Generation EU
OCA(s) Optimum Currency Area(s) [theory]
xiii
xiv LIST OF ABBREVIATIONS
OECD Organization for Economic Cooperation and Development
OMC Open Method of Coordination
SDRs Special Drawing Rights
UN United Nations [Organization]