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The new European economic governance

The new European economic governance

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Published by N R Dewi Nurmayani
For more than two years, the European Union has been endeavouring to cope with an unprecedented public debt crisis. Under pressure from the financial markets, the EU and its member states have put in place a new set of regulations, procedures and institutions that have come to be known as the “new European economic governance”.

This Working Paper by ETUI Senior researcher Christophe Degryse provides a thorough historical overview of how this new European economic governance came about and what the new structures for surveillance, coordination and sanctions (Euro-Plus Pact, Fiscal Compact, European Stability Mechanism, and so on) mean for the European project. Starting from a clear analysis of the inherent weaknesses of the Economic and Monetary Union, it explains why the European Union is moving from one crisis to the next while sinking ever more deeply into a spiral of austerity with dramatic impacts on the prosperity of millions of European citizens.

The last chapter of the Working Paper questions the relevance of the proposed remedies and criticizes the austerity approach which uses “structural reforms” to undermine the European social model. It also looks at the democratic failure of the new economic governance and offers some first ideas for an alternative approach based on investment and solidarity rather than economic and social competition.
For more than two years, the European Union has been endeavouring to cope with an unprecedented public debt crisis. Under pressure from the financial markets, the EU and its member states have put in place a new set of regulations, procedures and institutions that have come to be known as the “new European economic governance”.

This Working Paper by ETUI Senior researcher Christophe Degryse provides a thorough historical overview of how this new European economic governance came about and what the new structures for surveillance, coordination and sanctions (Euro-Plus Pact, Fiscal Compact, European Stability Mechanism, and so on) mean for the European project. Starting from a clear analysis of the inherent weaknesses of the Economic and Monetary Union, it explains why the European Union is moving from one crisis to the next while sinking ever more deeply into a spiral of austerity with dramatic impacts on the prosperity of millions of European citizens.

The last chapter of the Working Paper questions the relevance of the proposed remedies and criticizes the austerity approach which uses “structural reforms” to undermine the European social model. It also looks at the democratic failure of the new economic governance and offers some first ideas for an alternative approach based on investment and solidarity rather than economic and social competition.

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Categories:Types, Research
Published by: N R Dewi Nurmayani on May 06, 2013
Copyright:Attribution Non-commercial

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08/29/2013

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The new Europeaneconomic governance
Christophe Degryse
.....................................................................................................................................
Working Paper 2012.14
 
european trade union institute
.....................................................................................................................................
The new Europeaneconomic governance
Christophe Degryse
.....................................................................................................................................
Working Paper 2012.14
 
The original French version o this text, entitled
La nouvelle gouvernance économiqueeuropéenne
, was published by the CRISP (Centre de recherche et d’inormation socio-politiques) in its series Courrier Hebdomadaire (n° 2148-2149, Brussels 2012).www.crisp.be – ino@crisp.beChristophe Degryse is a senior researcher at the European Trade Union Institute (ETUI).
He would like to thank Philippe Pochet or his comments on a previous version o this text.
Brussels, 2012© Publisher: ETUI aisbl, BrusselsAll rights reservedPrint: ETUI Printshop, BrusselsD/2012/10.574/45ISSN 1994-4446 PrintISSN 1994-4454 OnlineThe ETUI is nancially supported by the European Union. The European Union is notresponsible or any use made o the inormation contained in this publication.

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