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The Euro Area Crisis in Constitutional Perspective$
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Alicia Hinarejos

Print publication date: 2015

Print ISBN-13: 9780198714958

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780198714958.001.0001

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The Shapes and Problems of Multi-speed Integration

The Shapes and Problems of Multi-speed Integration

(p.103) 7 The Shapes and Problems of Multi-speed Integration
The Euro Area Crisis in Constitutional Perspective

Alicia Hinarejos

Oxford University Press

The crisis has resulted in a drive for more extensive and deeper integration in certain areas of economic, fiscal, and financial policy. Due to the delicate nature of these areas, not all Member States are willing to integrate to the same degree, or following the same approach. The greatest cleavage appears between euro and non-euro states, because of their different priorities in the wake of the crisis. The question is how to balance the euro countries’ need for flexibility and further integration with the legitimate interests of non-euro countries and the unity of the EU. This chapter analyses the different manifestations of this struggle: the adoption of EU measures that are applicable only to the euro area, the adoption of intergovernmental agreements, the use of enhanced cooperation, and the special governance arrangements for the euro area. Finally, the chapter discusses the consequences of multi-speed integration, and its future.

Keywords:   multi-speed integration, differentiated integration, flexibility clause, enhanced cooperation, financial transaction tax, Economic and Monetary Union, EMU, banking union, Article 136 TFEU

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