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Germany, the problem of leadership, and institution-building in EMU reform

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  • Magnus G. Schoeller

Abstract

This article examines the extent to which Germany has provided leadership in creating institutions to overcome the euro area crisis. Under which conditions does Germany act as a driver of institutional change, and what are the implications for the Economic and Monetary Union? Germany’s leadership record is mixed: while it took the lead in enhancing austerity, it refrained from fostering burden-sharing. As a result, EMU faces a persistent imbalance between enhanced institutions of supervision and insufficient institutions of financial assistance. Moreover, the article points out that current conditions for the emergence of German leadership in the euro area are unfavourable.

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  • Magnus G. Schoeller, 2020. "Germany, the problem of leadership, and institution-building in EMU reform," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 23(3), pages 309-324, July.
    • Handle: RePEc:taf:jpolrf:v:23:y:2020:i:3:p:309-324
    DOI: 10.1080/17487870.2018.1541410
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    Cited by:

    1. Płóciennik Sebastian, 2021. "Germany’s attitude towards the enlargement of the eurozone," Economics and Business Review, Sciendo, vol. 7(1), pages 47-67, March.

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