Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform

<span class="abs_content">The article considers the long-standing limits of the Economic and Monetary Union (EMU) through the lenses of Next Generation EU (NGEU) pandemic response evidencing how Covid-19 exacerbated EMU shortcomings are (not) overcome. We evaluate whether NGEU is onl...

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Autores principales:	Matilde Ceron, Carlo Maria Palermo
Formato:	article
Lenguaje:	EN
Publicado:	Coordinamento SIBA 2021
Materias:	conference on the future of europe covid-19 emu european integration fiscal union ngeu Political science (General) JA1-92
Acceso en línea:	https://doaj.org/article/5a063291fcaa48f2aded31849d418bb8
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spelling	oai:doaj.org-article:5a063291fcaa48f2aded31849d418bb82021-11-21T15:11:43ZOvercoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform1972-76232035-660910.1285/i20356609v14i3p1274https://doaj.org/article/5a063291fcaa48f2aded31849d418bb82021-11-01T00:00:00Zhttp://siba-ese.unisalento.it/index.php/paco/article/view/24493https://doaj.org/toc/1972-7623https://doaj.org/toc/2035-6609<span class="abs_content">The article considers the long-standing limits of the Economic and Monetary Union (EMU) through the lenses of Next Generation EU (NGEU) pandemic response evidencing how Covid-19 exacerbated EMU shortcomings are (not) overcome. We evaluate whether NGEU is only a palliative stop-gap fix to structural problems and how for Covid-19 to be considered as a breaking point for EU economic governance permanent ambitious (Treaty) reform is an essential and so far not uncontested step. A qualitative systematic review of weaknesses of EMU and proposed reforms informs a scoreboard evaluation of NGEU. Results confirm that while the symmetric crisis allowed suspending risk-sharing and solidarity vetoes, deep structural asymmetries and unfitness of (intergovernmental) decision-making cannot be addressed through NGEU temporary emergency mechanism. Hence Covid-19 so far cannot be narrated as sparking a revolutionary deviation from the architecture and guiding principle of the supranational fiscal framework. At the same time, the pandemic opened a (short-lived) window of opportunity for completing the EMU, requiring permanent structural institutional (Treaty) reform. A timely finding – grounded in copious extant literature on the EMU – highlighting the high stakes of the ongoing Conference of the future of Europe, whose success can only materialise through an ambitious (federal) agenda.</span><br />Matilde CeronCarlo Maria PalermoCoordinamento SIBAarticleconference on the future of europecovid-19emueuropean integrationfiscal unionngeuPolitical science (General)JA1-92ENPartecipazione e Conflitto, Vol 14, Iss 3, Pp 1274-1296 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	conference on the future of europe covid-19 emu european integration fiscal union ngeu Political science (General) JA1-92
spellingShingle	conference on the future of europe covid-19 emu european integration fiscal union ngeu Political science (General) JA1-92 Matilde Ceron Carlo Maria Palermo Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform
description	<span class="abs_content">The article considers the long-standing limits of the Economic and Monetary Union (EMU) through the lenses of Next Generation EU (NGEU) pandemic response evidencing how Covid-19 exacerbated EMU shortcomings are (not) overcome. We evaluate whether NGEU is only a palliative stop-gap fix to structural problems and how for Covid-19 to be considered as a breaking point for EU economic governance permanent ambitious (Treaty) reform is an essential and so far not uncontested step. A qualitative systematic review of weaknesses of EMU and proposed reforms informs a scoreboard evaluation of NGEU. Results confirm that while the symmetric crisis allowed suspending risk-sharing and solidarity vetoes, deep structural asymmetries and unfitness of (intergovernmental) decision-making cannot be addressed through NGEU temporary emergency mechanism. Hence Covid-19 so far cannot be narrated as sparking a revolutionary deviation from the architecture and guiding principle of the supranational fiscal framework. At the same time, the pandemic opened a (short-lived) window of opportunity for completing the EMU, requiring permanent structural institutional (Treaty) reform. A timely finding – grounded in copious extant literature on the EMU – highlighting the high stakes of the ongoing Conference of the future of Europe, whose success can only materialise through an ambitious (federal) agenda.</span><br />
format	article
author	Matilde Ceron Carlo Maria Palermo
author_facet	Matilde Ceron Carlo Maria Palermo
author_sort	Matilde Ceron
title	Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform
title_short	Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform
title_full	Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform
title_fullStr	Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform
title_full_unstemmed	Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform
title_sort	overcoming the limits of emu through covid? next generation eu against the unaddressed needs for ambitious structural reform
publisher	Coordinamento SIBA
publishDate	2021
url	https://doaj.org/article/5a063291fcaa48f2aded31849d418bb8
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Overcoming the Limits of EMU Through Covid? Next Generation EU Against the Unaddressed Needs for Ambitious Structural Reform

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