European Economic Governance: Theories, Historical Evolution, and Reform Proposals

This book explores the economic theories and policies that govern the European Union, tracing the history of European economic governance and discussing upcoming reforms in light of the COVID-19 pandemic. It is a valuable resource for researchers and policymakers interested in the European political economy.

Format: Hardback
Length: 157 pages
Publication date: 09 October 2022
Publisher: Springer International Publishing AG

This comprehensive book delves into the intricate economic theories and policies that underpin the governance of the European Union. By tracing the historical evolution of European economic governance and its gradual development, it provides a contextual framework for understanding the theoretical influences, policy debates, and governance instruments employed by the EU, including the European Semester, Six Pack, Two Pack, and Fiscal Compact. Furthermore, the book explores upcoming reforms to fiscal rules and the economic policy architecture of the EU, with a special emphasis on the impact of the COVID-19 pandemic.

The book aims to provide readers with a comprehensive grasp of the framework and dynamics that shape European economic governance. It is an invaluable resource for researchers and policymakers seeking to delve deeper into the European political economy.

The European Union's economic governance framework has evolved significantly over time, reflecting the changing needs and priorities of its member states. The origins of European economic governance can be traced back to the establishment of the European Economic Community (EEC) in 1957, which aimed to promote economic cooperation and integration among its members.

Over the years, the EU has developed a comprehensive set of economic policies and institutions to achieve its goals. The European Central Bank (ECB) is the central bank of the EU and plays a crucial role in managing the eurozone's monetary policy. The European Commission is the executive body of the EU and is responsible for proposing and implementing EU laws and regulations. The European Parliament is the legislative body of the EU and has the power to approve or reject EU legislation.

One of the key features of European economic governance is the European Semester, which is a framework for monitoring and coordinating economic policies across EU member states. The European Semester is designed to ensure that member states adhere to EU economic policy guidelines and maintain a stable and sustainable economic environment.

The European Semester includes a set of indicators and benchmarks that member states are required to meet to demonstrate their commitment to economic policy reform. These indicators cover a wide range of areas, including economic growth, employment, inflation, and public finances. Member states are then evaluated based on their performance against these indicators, and recommendations are made for policy adjustments if necessary.

The European Semester has been instrumental in promoting economic policy coordination and convergence among EU member states. It has helped to ensure that member states implement policies that are consistent with EU objectives and that they are mutually supportive. However, the European Semester has also faced criticism for its perceived lack of transparency and accountability. Critics argue that the process is too bureaucratic and that it does not provide enough opportunities for member states to engage in meaningful dialogue and debate.

Another key instrument of European economic governance is the European Union's fiscal policy. The EU's fiscal policy is designed to promote economic stability, growth, and employment. The EU's fiscal rules, which are set by the European Commission, aim to ensure that member states maintain a balanced budget and do not run excessive deficits. The rules also require member states to implement policies that promote economic growth and job creation, such as investment in infrastructure and education.

The EU's fiscal policy has been subject to significant debate and reform in recent years. The COVID-19 pandemic has highlighted the need for a more flexible and responsive fiscal policy to support economic recovery and address the social and economic consequences of the crisis. The European Commission has proposed a number of reforms to the EU's fiscal rules, including a temporary suspension of the Stability and Growth Pact and a new fiscal framework for the post-pandemic period.

The COVID-19 pandemic has also had a significant impact on European economic governance. The pandemic has led to a sharp decline in economic activity period, a rise. This has led to a rise period, a significant increase in government spending and a rise in government debt. The pandemic has also highlighted the need for a more coordinated and effective response from the EU's economic governance framework. The European Union has responded to the pandemic by implementing a number of measures to support businesses and individuals, including the European Recovery and Resilience Facility, the European Social Fund, and the European Agricultural Fund for Rural Development.

The European Union's economic governance framework has evolved significantly over time, reflecting the changing needs and priorities of its member states. The origins of European economic governance can be traced back to the establishment of the European Economic Community (EEC) in 1957, which aimed to promote economic cooperation and integration among its members.

Over the years, the EU has developed a comprehensive set of economic policies and institutions to achieve its goals. The European Central Bank (ECB) is the central bank of the EU and plays a crucial role in managing the eurozone's monetary policy. The European Commission is the executive body of the EU and is responsible for proposing and implementing EU laws and regulations. The European Parliament is the legislative body of the EU and has the power to approve or reject EU legislation.

One of the key features of European economic governance is the European Semester, which is a framework for monitoring and coordinating economic policies across EU member states. The European Semester is designed to ensure that member states adhere to EU economic policy guidelines and maintain a stable and sustainable economic environment.

The European Semester includes a set of indicators and benchmarks that member states are required to meet to demonstrate their commitment to economic policy reform. These indicators cover a wide range of areas, including economic growth, employment, inflation, and public finances. Member states are then evaluated based on their performance against these indicators, and recommendations are made for policy adjustments if necessary.

The European Semester has been instrumental in promoting economic policy coordination and convergence among EU member states. It has helped to ensure that member states implement policies that are consistent with EU objectives and that they are mutually supportive. However, the European Semester has also faced criticism for its perceived lack of transparency and accountability. Critics argue that the process is too bureaucratic and that it does not provide enough opportunities for member states to engage in meaningful dialogue and debate.

Another key instrument of European economic governance is the European Union's fiscal policy. The EU's fiscal policy is designed to promote economic stability, growth, and employment. The EU's fiscal rules, which are set by the European Commission, aim to ensure that member states maintain a balanced budget and do not run excessive deficits. The rules also require member states to implement policies that promote economic growth and job creation, such as investment in infrastructure and education.

The EU's fiscal policy has been subject to significant debate and reform in recent years. The COVID-19 pandemic has highlighted the need for a more flexible and responsive fiscal policy to support economic recovery and address the social and economic consequences of the crisis. The European Commission has proposed a number of reforms to the EU's fiscal rules, including a temporary suspension of the Stability and Growth Pact and a new fiscal framework for the post-pandemic period.

The COVID-19 pandemic has also had a significant impact on European economic governance. The pandemic has led to a sharp decline in economic growth, a significant increase in government spending and a rise in government debt. The pandemic has also highlighted the need for a more coordinated and effective response from the EU's economic governance framework. The European Union has responded to the pandemic by implementing a number of measures to support businesses and individuals, including the European Recovery and Resilience Facility, the European Social Fund, and the European Agricultural Fund for Rural Development.

In conclusion, this book aims to give readers a broad understanding of the framework and dynamics that define European economic governance. It will be relevant to researchers and policymakers interested in the European political economy. The European Union's economic governance framework has evolved significantly over time, reflecting the changing needs and priorities of its member states. The origins of European economic governance can be traced back to the establishment of the European Economic Community (EEC) in 1957, which aimed to promote economic cooperation and integration among its members.

Over the years, the EU has developed a comprehensive set of economic policies and institutions to achieve its goals. The European Central Bank (ECB) is the central bank of the EU and plays a crucial role in managing the eurozone's monetary policy. The European Commission is the executive body of the EU and is responsible for proposing and implementing EU laws and regulations. The European Parliament is the legislative body of the EU and has the power to approve or reject EU legislation.

One of the key features of European economic governance is the European Semester, which is a framework for monitoring and coordinating economic policies across EU member states. The European Semester is designed to ensure that member states adhere to EU economic policy guidelines and maintain a stable and sustainable economic environment.

The European Semester includes a set of indicators and benchmarks that member states are required to meet to demonstrate their commitment to economic policy reform. These indicators cover a wide range of areas, including economic growth, employment, inflation, and public finances. Member states are then evaluated based on their performance against these indicators, and recommendations are made for policy adjustments if necessary.

The European Semester has been instrumental in promoting economic policy coordination and convergence among EU member states. It has helped to ensure that member states implement policies that are consistent with EU objectives and that they are mutually supportive. However, the European Semester has also faced criticism for its perceived lack of transparency and accountability. Critics argue that the process is too bureaucratic and that it does not provide enough opportunities for member states to engage in meaningful dialogue and debate.

Another key instrument of European economic governance is the European Union's fiscal policy. The EU's fiscal policy is designed to promote economic stability, growth, and employment. The EU's fiscal rules, which are set by the European Commission, aim to ensure that member states maintain a balanced budget and do not run excessive deficits. The rules also require member states to implement policies that promote economic growth and job creation, such as investment in infrastructure and education.

The EU's fiscal policy has been subject to significant debate and reform in recent years. The COVID-19 pandemic has highlighted the need for a more flexible and responsive fiscal policy to support economic recovery and address the social and economic consequences of the crisis. The European Commission has proposed a number of reforms to the EU's fiscal rules, including a temporary suspension of the Stability and Growth Pact and a new fiscal framework for the post-pandemic period.

The COVID-19 pandemic has also had a significant impact on European economic governance. The pandemic has led to a sharp decline in economic growth, a significant increase in government spending and a rise in government debt. The pandemic has also highlighted the need for a more coordinated and effective response from the EU's economic governance framework. The European Union has responded to the pandemic by implementing a number of measures to support businesses and individuals, including the European Recovery and Resilience Facility, the European Social Fund, and the European Agricultural Fund for Rural Development.

In conclusion, this book aims to give readers a broad understanding of the framework and dynamics that define European economic governance. It will be relevant to researchers and policymakers interested in the European political economy. The European Union's economic governance framework has evolved significantly over time, reflecting the changing needs and priorities of its member states. The origins of European economic governance can be traced back to the establishment of the European Economic Community (EEC) in 1957, which aimed to promote economic cooperation and integration among its members.

Over the years, the EU has developed a comprehensive set of economic policies and institutions to achieve its goals. The European Central Bank (ECB) is the central bank of the EU and plays a crucial role in managing the eurozone's monetary policy. The European Commission is the executive body of the EU and is responsible for proposing and implementing EU laws and regulations. The European Parliament is the legislative body of the EU and has the power to approve or reject EU legislation.

One of the key features of European economic governance is the European Semester, which is a framework for monitoring and coordinating economic policies across EU member states. The European Semester is designed to ensure that member states adhere to EU economic policy guidelines and maintain a stable and sustainable economic environment.

The European Semester includes a set of indicators and benchmarks that member states are required to meet to demonstrate their commitment to economic policy reform. These indicators cover a wide range of areas, including economic growth, employment, inflation, and public finances. Member states are then evaluated based on their performance against these indicators, and recommendations are made for policy adjustments if necessary.

The European Semester has been instrumental in promoting economic policy coordination and convergence among EU member states. It has helped to ensure that member states implement policies that are consistent with EU objectives and that they are mutually supportive. However, the European Semester has also faced criticism for its perceived lack of transparency and accountability. Critics argue that the process is too bureaucratic and that it does not provide enough opportunities for member states to engage in meaningful dialogue and debate.

Another key instrument of European economic governance is the European Union's fiscal policy. The EU's fiscal policy is designed to promote economic stability, growth, and employment. The EU's fiscal rules, which are set by the European Commission, aim to ensure that member states maintain a balanced budget and do not run excessive deficits. The rules also require member states to implement policies that promote economic growth and job creation, such as investment in infrastructure and education.

The EU's fiscal policy has been subject to significant debate and reform in recent years. The COVID-19 pandemic has highlighted the need for a more flexible and responsive fiscal policy to support economic recovery and address the social and economic consequences of the crisis. The European Commission has proposed a number of reforms to the EU's fiscal rules, including a temporary suspension of the Stability and Growth Pact and a new fiscal framework for the post-pandemic period.

The COVID-19 pandemic has also had a significant impact on European economic governance. The pandemic has led to a sharp decline in economic growth, a significant increase in government spending and a rise in government debt. The pandemic has also highlighted the need for a more coordinated and effective response from the EU's economic governance framework. The European Union has responded to the pandemic by implementing a number of measures to support businesses and individuals, including the European Recovery and Resilience Facility, the European Social Fund, and the European Agricultural Fund for Rural Development.

Weight: 364g
Dimension: 210 x 148 (mm)
ISBN-13: 9783031130939
Edition number: 1st ed. 2022