The New Governance of the Economic and Monetary Union: Adapted Institutions and Innovative Instruments

Reforms in response to the multiple crises affecting the European Union (EU) and the euro area since 2008 have transformed European governance considerably. This paper provides an overview of the main effects stemming from the introduction of innovative instruments over the past few years. It concludes that the evolution of the EU's architecture towards "more Europe" rooted in power-sharing between institutions at both European and national levels is likely to be complemented by "less Europe" in the sense of increasingly differentiated forms of integration.

Paper prepared within the framework of the IAI project "The Political Future of the Union".

Roma, Istituto Affari Internazionali, 2013, 13 p.
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1. Introduction: Three overlapping effects of the crisis on governance
2. The crisis response: a broad differentiated set of instruments
3. The institutional balance: rivals and partners
3.1. The European Council and the Council: managing the crisis
3.2. The parliamentary dimension: accountability at the appropriate level
3.3. The Commission: a watchdog on a short leash?
3.4. The European Central Bank: the most prominent winner?
4. Ways ahead: a roadmap towards a more "genuine" and stable EMU?
Conclusion and outlook: towards “more Europe”

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