Economic Governance: Old Wine in New Bottles?

Brigid Laffan

European Governance: The Eurozone crisis led to crisis interventions in a number of troubled member states (crisis management) and to significant initiatives in the area of economic governance (crisis prevention). The regulatory framework was tightened with agreement on the 'Six Pack', 'Two Pack' and Fiscal Compact which together involve more intrusion into core areas of domestic policy making. The framework is enchased in the European Semester process which establishes a cycle of engagement between each member state and the EU as a collective. Although the enhanced regulatory framework is relatively recent, it is timely to ask a number of key questions that relate to the role of EU level institutions, the responses of the member states and what these developments tell us about shifting power balances in the EU governance.

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