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The Future of the Euro$
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Matthias Matthijs and Mark Blyth

Print publication date: 2015

Print ISBN-13: 9780190233235

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780190233235.001.0001

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The Elusive Economic Government and the Forgotten Fiscal Union

The Elusive Economic Government and the Forgotten Fiscal Union

(p.70) 4 The Elusive Economic Government and the Forgotten Fiscal Union
The Future of the Euro

Nicolas Jabko

Oxford University Press

This chapter argues that another crucial aspect of the euro problem lies in having a common monetary policy without a common economic government. This conflict of “divided sovereignty” became evident in the crisis, but it was not at all new. Under intense pressure, member states have de facto moved toward shifting more sovereign powers to the EU level, adopting treaty revisions that could reshape the landscape of economic governance such as the creation of the ESM, the Fiscal Pact, the Banking Union, and a “Pact for Growth and Jobs.” Yet the crisis will not abate as long as the credibility of collective economic governance is in doubt. The main question that will determine the euro’s future, according to Jabko, is whether the euro member states will continue to move toward stronger EU economic governance, or whether they will eventually reassert the national locus of sovereignty.

Keywords:   fiscal union, governance, economic government, divided sovereignty, monetary policy, Fiscal Pact

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