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The euro area crisis demonstrated how weak economic policy coordination and loose fiscal oversight could destabilize a monetary union. To prevent a recurrence of the crisis, economists, political actors and the “Blueprint” of the European Commission are asking for the construction of a deep and genuine economic and monetary union with reinforced governance architecture – beyond the recently adopted mechanisms.

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UNIVERSITY OF BASEL
UNIVERSITY OF EAST ANGLIA
CENTRAL EUROPEAN UNIVERSITY
UNIVERSITY COLLEGE DUBLIN
UNIVERSITY OF GRENOBLE
UNIVERSITY OF KONSTANZ
LUISS ‘GUIDO CARLI’ ROME
UNIVERSITY OF SALZBURG
UNIVERSITY OF STOCKHOLM

 

NETWORK OF EUROPEAN
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Consensus prevails that the EMU requires reforms. Instead of stretching, watering down, mutating or even circumventing the existing Treaty limits when pursuing further reforms Elisabeth Lentsch and Stefan Griller recommend to not only adjust the underlying constitutional EMU framework substantively, but address also the rigidity of the EU Treaties as such by de-constitutionalising EMU law.
While the economic woes of the crisis were certainly unevenly distributed, the legislative bargaining on EMU reforms left no states as unequivocal winners or losers. Contrary to general perceptions Germany did not dominate the decision-making.
France and Germany control the EU agenda and broker viable compromises. Yet, they do not dictate outcomes.
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