IDEAS home Printed from https://ideas.repec.org/a/bla/jcmkts/v61y2023i5p1298-1317.html
   My bibliography  Save this article

NextGenerationEU and the Future of the European Monetary Union: Shifting Interests and New Fractures in the German Power Bloc

Author

Listed:
  • Etienne Schneider

Abstract

Based on joint borrowing and a significant transfer component, NextGenerationEU stands in contrast to Germany's longstanding rejection of a ‘debt’ and ‘transfer union’. This article probes into the determinants of this shift in Germany's European policy approach. Focusing on the conflicts in Germany over the ‘deepening’ of the Monetary Union through fiscal capacity building between 2015 and 2020, it investigates which actors, interests and strategies instigated this shift. The analysis is based on trade and exchange rate data, a qualitative document analysis of position papers as well as expert interviews with interest group representatives, parliamentarians and civil servants. Theoretically, the study draws on concepts from regulation theory, materialist state theory and neo‐Gramscianism. It argues that even though not a fundamental paradigm shift, Germany's push for NextGenerationEU indicates a strategic re‐orientation of parts of the German power bloc towards European fiscal integration, amplified by recent geopolitical dynamics and crisis tendencies.

Suggested Citation

  • Etienne Schneider, 2023. "NextGenerationEU and the Future of the European Monetary Union: Shifting Interests and New Fractures in the German Power Bloc," Journal of Common Market Studies, Wiley Blackwell, vol. 61(5), pages 1298-1317, September.
    • Handle: RePEc:bla:jcmkts:v:61:y:2023:i:5:p:1298-1317
    DOI: 10.1111/jcms.13465
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/jcms.13465
    Download Restriction: no
    File URL: https://libkey.io/10.1111/jcms.13465?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jcmkts:v:61:y:2023:i:5:p:1298-1317. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0021-9886 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.