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On the limits of EU economic policy coordination
Leino, Päivi; Saarenheimo, Tuomas
Successive EMU roadmaps have presented the expansion of EU controls over Member States’ economic policies as an integral part of monetary union, vital to its survival. Possible alternatives have been hardly discussed. In this contribution we trace the evolution of the EU economic policy coordination framework from a relatively narrow, rules-based exercise into a largely discretionary process that reaches even the most politically salient areas of the Member States' economic policies. We then discuss how the extensive coercive powers the EU formally possesses have turned out to be difficult to use in practice. This reflects the fundamental limits of the EU’s legitimate use of power over its Member States, set by its current level of political and cultural integration. To have a chance of success, further designs EMU need to respect these limits.
The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.
EU economic policy coordination
Economic and monetary union
Fiscal federalism
This is an Open Access article distributed under the terms of the Creative Commons Attribution License Creative Commons Attribution 4.0 International, which permits unrestricted use, distribution and reproduction in any medium provided that the original work is properlyattributed.
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Leino, Päivi; Saarenheimo, Tuomas