This book a study on the work of the Eurogroup—monthly informal meetings between euro area finance ministers, the Commission and the European Central Bank. It demonstrates how this small, secretive circle of senior decision-makers shapes European economic governance through a routinised informal policy dialogue. Although the role of the Eurogroup has been contested since before the group's creation, its actual operation has never been subject to systematic evaluation. This book opens the doors of the meeting room and shows how an understanding of the interplay of formal provisions and informal processes is pivotal to the analysis of euro area governance. The book advances the conceptual understanding of informal negotiations among senior European and national decision-makers, and provides an in-depth analysis of historical episodes of policy coordination. As other areas of European decision-making rely increasingly on informal, voluntary policy coordination amongst member states, the Eurogroup model can be seen as a template for other policy areas.
Liberal reform and the creation of new conflict economies
Jenny H. Peterson
privatisation remains as a key strategy in installing a liberal peace, both
guiding and operational actors within the DSI initially took a very cautious
approach to privatising in Kosovo. However, such cautiousness was not a
function of a limited commitment to liberal ideology, but rather a fear of the
legal and personal ramifications for operational staff. Once legal concerns
were addressed, the commitment to free market ideologies and technologies of
economicgovernance was revived and implemented at rapid pace. The
renewed commitment to this cornerstone of neo
solely on the grounds that it is liberal.
It should be judged in terms of its effectiveness in meeting locally identified
needs and the degree to which it is seen as legitimate by the local population.
It is when programmes find legitimacy from above, from external internatioal
agendas, that reforms need to be questioned and local or alternative modes of
political and economicgovernance considered.
The ideological bias towards liberal ideals and institutions in post-conflict
and transformation programming is strong – policies which form the foundation of liberal peace
The informal Eurogroup, comprising the finance ministers of the euro
area, plays a central role in the economicgovernance set-up of Economic
and Monetary Union (EMU). This might seem surprising given that the
group is deprived of any formal decision-making competences and keeps
a low official profile. The group is the smallest coordination forum known
in Brussels. Only the ministers themselves attend the meetings and they
find no administrative infrastructure at their disposal. In fact, the
Why does EMU require informal
So, one might ask what is then the function of the Eurogroup? Obviously
the function of the Eurogroup is, while this system [of economicgovernance
in EMU] on paper looks clear enough and does not necessitate anything like
the Eurogroup, nevertheless it is quite clear that there is scope for some kind
of, I do not know if coordination is a good word, I think dialogue is a better
word, in order to avoid misunderstandings, in order to have people more or
less to see the things in the
Oh yes, in the absence of the Eurogroup the evolution of EMU would probably have been a lot more disruptive. It is really a question of governance.
We can say that the Eurogroup is the core of EU economicgovernance.
(Anonymous interview, participant C)
The Eurogroup generates informal resources which guide policy-makers
in the absence of formal provisions or form the basis of formal resources
such as Treaty provisions, Council decisions at the EU level or cabinet
decisions at the national level. The Eurogroup
The informal working method
Against the background of the account on the institutional and historicalpolitical sources of informal governance this chapter introduces the
features of the Eurogroup’s peculiar working method. It is within this
institutional setting that the euro area’s top decision-makers address the
challenges to economicgovernance in Stage 3. The actual work of the
group is not regulated through legal provisions. Informal governance
within the Eurogroup is built on a set of routinised practices and shared
government to engage in contingency planning with measures ranging from preparations for stockpiling food and critical medical supplies to provisions for the deployment of the military in the event of the collapse of order. Contributors to this volume, then, have attempted to assess the consequences of Brexit for the Single Market and economicgovernance in the EU, on the legal order and social construction of the European Union, and on the future external orientation and institutional forms of the EU without knowledge of what the final stages of the Brexit process will
Karl Polanyi (1886–1964) returned to public discourse in the 1990s, when the Soviet Union imploded and globalization erupted. Best known for The Great Transformation, Polanyi’s wide-ranging thought anticipated twenty-first-century civilizational challenges of ecological collapse, social disintegration and international conflict, and warned that the unbridled domination of market capitalism would engender nationalist protective counter-movements. In Karl Polanyi and Twenty-First-Century Capitalism, Radhika Desai and Kari Polanyi Levitt bring together prominent and new thinkers in the field to extend the boundaries of our understanding of Polanyi's life and work. Kari Polanyi Levitt's opening essay situates Polanyi in the past century shaped by Keynes and Hayek, and explores how and why his ideas may shape the twenty-first century. Her analysis of his Bennington Lectures, which pre-dated and anticipated The Great Transformation, demonstrates how Central European his thought and chief concerns were. The next several contributions clarify, for the first time in Polanyi scholarship, the meaning of money as a fictitious commodity. Other contributions resolve difficulties in understanding the building blocks of Polanyi's thought: fictitious commodities, the double movement, the United States' exceptional development, the reality of society and socialism as freedom in a complex society. The volume culminates in explorations of how Polanyi has influenced, and can be used to develop, ideas in a number of fields, whether income inequality, world-systems theory or comparative political economy. Contributors: Fred Block, Michael Brie, Radhika Desai, Michael Hudson, Hannes Lacher, Kari Polanyi Levitt, Chikako Nakayama, Jamie Peck, Abraham Rotstein, Margaret Somers, Claus Thomasberger, Oscar Ugarteche Galarza.
European economicgovernance to incorporate objectives related to growth. Certain authorities envisage an EU without the euro, Höpner states that ‘Europe would be better off without the Euro’ and commends the European monetary system of 1979–98 ( 2014 : 665), yet implementation difficulties mean that most favour reform of the euro. A number of strategies have been outlined; ideas such as Eurobonds, growth orientated monetary and fiscal policies and transfer payments to periphery countries are commonly suggested. The fortification of social integration, including the