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Beyond the Regulatory Polity?The European Integration of Core State Powers$
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Philipp Genschel and Markus Jachtenfuchs

Print publication date: 2013

Print ISBN-13: 9780199662821

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199662821.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 17 January 2022

Fiscal Integration by Default

Fiscal Integration by Default

(p.105) 6 Fiscal Integration by Default
Beyond the Regulatory Polity?

Waltraud Schelkle

Oxford University Press

Since late 2009, the EU has made decisive steps towards the creation of fiscal capacity through the monetary backdoor. Paradoxically, it was the attempt by member states to prevent further fiscal integration and the creation of further competences for the Commission that led to fiscal integration by default. The European Central Bank felt pushed to accept a politically salient fiscal responsibility that is hard to reconcile with the status of an independent central bank. Contrary to a Eurosceptic account of the crisis, it was the threat of financial meltdown, not government debt, which forced the hands of monetary policy. Fiscal integration through the monetary backdoor is a pertinent example for the integration of core state powers being demand-driven. Yet this integration differs from earlier federal state building because of the weakness of the centre and consensus requirements that cannot be met at the moment.

Keywords:   central bank independence, crisis management, ECB, federalis, financial instability, fiscal union, integration, monetary policy

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