The new EU economic governance: a real economic union in the making?

Authors

  • Manuel López Escudero

Keywords:

Economic union, Coordination and supervision of the national economic and budgetary policies, European Semester, Stability and Growth Pact, Europe 2020 Strategy, Financial assistance to the Eurozone countries, Fiscal union, Eurozone economic governance

Abstract

The European Union competence on the economic component of EMU has been transformed as a result of the need to deal with the 2010 crisis. The EU has adopted an array of EU secondary legislation (Six Pack and Two Pack) international treaties between some EU countries (TSCG and ESM Treaty) and soft law rules that have made the «economic union» an area of special development within the EU. The surveillance of economic and budgetary policies of member states has been organized in terms of their membership of the Eurozone and the situation of their public finances, establishing closer surveillance of the Euro countries and an intrusive monitoring and oversight for the countries with financial assistance conditioned on the implementation of economic adjustment programs. The legal bases of the EU primary law in the area of «economic union» have been exhausted and future radical changes in economic governance will require treaty changes. The EU institutions and Member States are reflecting on these modifications and the proposals discussed are of great interest: the veto of the Commission on draft national budgets; fiscal union with relevant EU budget increased by specific EU taxes; joint issuance of public debt; development of specific institutions for the Euro area; legitimacy and democratic control of the new economic governance.

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Issue

No. 50 (2015): enero-abril

Section

STUDIES

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