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Europa Briefing:
Economic government: What kind of coordination for the Eurozone?
How are decisions made in the euro area? And how democratic are they? These questions moved to the centre of the debate during the euro crisis. Under tremendous time pressure, solutions had to be found for stabilising the euro. New institutions and rules were created such as the European Stability Mechanism, the Banking Union and the Fiscal Compact. Who makes the decisions in the Eurozone today? Is there a democratic deficit? Does the currency union need better control mechanisms – or are the old ones good enough?
Understandably, the countries in the Eurozone want to be able to decide upon their economic policy autonomously. In a monetary union, however, a certain degree of steering is necessary to shape policy coherently and to achieve compliance with rules. Therefore, the gradual strengthening of European institutions is important to improve the governance of the Eurozone – even if it is difficult.
Dr. Katharina Gnath, Bertelsmann Stiftung
About our publication series “Europa Briefing”
In the publication series “Europa Briefing”, the Bertelsmann Stiftung and the Jacques Delors Institut – Berlin cover key topics of European politics and present possible scenarios: What is the problem? What might happen next? And what can politics do now?
More details about our project and all the Europa briefings can be found here: www.strengthentheeuro.eu
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