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National states, transnational institutions, and hegemony in the EU

Author

Listed:
  • Costas Lapavitsas

    (SOAS)

  • Sergi Cutillas

    (University of Barcelona)

Abstract

The institutional framework of the EU was altered by the pandemic shock of 2020, introducing greater discretion in both monetary and fiscal policy. The changes relate mostly to monetary policy and cast light on the theoretical debates regarding national states and transnational mechanisms in the EU. Some of the likely implications can be gauged through the balance sheet of the European Central Bank and the operations of the clearing mechanism of TARGET2. Fiscal policy was also transformed due to the threat posed by the pandemic for the euro, thus lifting the framework of austerity. It is notable that the emerging policy framework lacks clear rules, reflecting the peculiar character of German hegemony as well as deep divisions between core and periphery in the EU.

Suggested Citation

  • Costas Lapavitsas & Sergi Cutillas, 2022. "National states, transnational institutions, and hegemony in the EU," Evolutionary and Institutional Economics Review, Springer, vol. 19(1), pages 429-448, April.
    • Handle: RePEc:spr:eaiere:v:19:y:2022:i:1:d:10.1007_s40844-021-00227-z
    DOI: 10.1007/s40844-021-00227-z
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    References listed on IDEAS

    as
    1. Scharpf, Fritz W., 2011. "Monetary union, fiscal crisis and the preemption of democracy," MPIfG Discussion Paper 11/11, Max Planck Institute for the Study of Societies.
    2. Alain Parguez, 2016. "Economic Theories of Social Order and the Origins of the Euro," International Journal of Political Economy, Taylor & Francis Journals, vol. 45(1), pages 2-16, January.
    3. Fritz W. Scharpf, 2011. "Monetary Union, Fiscal Crisis and the Preemption of Democracy," Europe in Question Discussion Paper Series of the London School of Economics (LEQs) 6, London School of Economics / European Institute.
    4. Scharpf, Fritz W., 2011. "Monetary union, fiscal crisis and the preemption of democracy," LSE Research Online Documents on Economics 53448, London School of Economics and Political Science, LSE Library.
    5. Fritz W. Scharpf, 2011. "Monetary Union, Fiscal Crisis and the Preemption of Democracy," LEQS – LSE 'Europe in Question' Discussion Paper Series 36, European Institute, LSE.
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    More about this item

    Keywords

    EU; National state; Hegemony; Monetary union; Central bank; TARGET2;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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