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European Monetary Fund: The EU Commission’s Proposal—Construct Leaves Extensive Room for Maneuver

In: European Union and Monetary Union in Permanent Crisis II

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  • Dirk Meyer

Abstract

In December 2017, the European Commission announced “Further steps to complete the Economic and Monetary Union of Europe: a roadmap”. This includes five reform elements: a European Finance Minister as Chairman of the Eurogroup and Vice-President of the European Commission; a European Monetary Fund (EMF); the transfer of the Fiscal Pact as an international treaty into supranational EU law; a backstop for the Single Resolution Fund and three new budgetary/financing instruments to support convergence of accession-willing countries, stabilization in the event of asymmetric shocks and support for reforms. The institutional changes will increase the influence of the European Commission and the European Parliament, weaken technocratic rule-making through political influence and dissolve the principle of “aid for conditions” in favor of unconditional loans and transfers.

Suggested Citation

  • Dirk Meyer, 2022. "European Monetary Fund: The EU Commission’s Proposal—Construct Leaves Extensive Room for Maneuver," Springer Books, in: European Union and Monetary Union in Permanent Crisis II, chapter 0, pages 53-80, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38646-7_5
    DOI: 10.1007/978-3-658-38646-7_5
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