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Leaderless Europe$
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Jack Hayward

Print publication date: 2008

Print ISBN-13: 9780199535026

Published to Oxford Scholarship Online: September 2008

DOI: 10.1093/acprof:oso/9780199535026.001.0001

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Delegation and Commission Leadership in Economic and Monetary Union

Delegation and Commission Leadership in Economic and Monetary Union

(p.28) 2 Delegation and Commission Leadership in Economic and Monetary Union
Leaderless Europe

David Howarth

Oxford University Press

Monetary integration through the Maastricht Treaty in European Union was achieved by delegation to the Commission. This was fuelled by the need for centralised expertise to coordinate complex change and the member states' desire to commit themselves to future compliance with the stability and Growth Pact rules that were agreed upon to enforce budgetary discipline. The Commission built political support for the transition to a single currency. To ensure the credibility of member government commitments to the debt and budget deficit convergence criteria, the Excessive Deficit Procedure was devised and implemented by the Commission as was the Early Warning Procedure of the Ecofin finance ministers. The European Central Bank enforced the low inflation target.

Keywords:   Commission, Maastricht Treaty, convergence criteria, budget, debt, Ecofin, European Central Bank, single currency

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