The Eurozone Crisis and the Transformation of EU Governance: Internal and External Implications PDF
Preview The Eurozone Crisis and the Transformation of EU Governance: Internal and External Implications
The eurozone Crisis and The TransformaTion of eu GovernanCe The EU is once again in transformation, experimenting with reforms of its internal and external governance in response to the Euro crisis. No one knows yet how this reform process will play out, but its consequences are sure to be momentous, not only for the EU itself, but also for the wider global order. To analyse these developments, Rodrigues and Xiarchogiannopoulou have assembled a stellar group of scholars, whose kaleidoscopic reflections will be of compelling interest to anyone concerned with the future of European governance. Jonathan zeitlin, university of amsterdam, The netherlands Connecting the Euro crisis and EU governance issues, this book is as timely as social science volumes get! Gerda falkner, university of vienna, austria There could be no better moment for the publication of a book like this. Europe is in deep transformation and this edited volume presents a collection of outstanding assessments of the different transformation processes that are currently on their way. The authors present a fascinating mix between the analysis of current policy debates in the context of the recent crisis and theoretical considerations related to scholarship on the European multi-level governance. The chapter selection is impressive: the strength of the volume is that it brings together scholarship at the border between politics, economics, social politics, welfare analysis, and international relations. henrik enderlein, Professor of Political economy, director of Jacques delors institut, hertie school of Governance, Berlin Globalisation, europe, multilateralism institutionally supported by the institute for european studies at the université libre de Bruxelles mario TeLÒ, series editor ([email protected]) International Editorial Board salma Bava, Jnu, new delhi shaun BresLin, university of Warwick Theofanis eXadaKTYLos, university of surrey andrew GamBLe, university of Cambridge Peter KaTzensTein, Cornell university robert o. Keohane, Princeton university Christian LeQuesne, Ceri, Paris Leonardo morLino, Luiss-Guido Carli, rome Ben rosamond, university of Copenhagen vivien sChmidT, Boston university Beth simmons, harvard university Karen smiTh, Lse, London Jan zieLonKa, university of oxford michael zÜrn, WzB, Berlin zhu Liqun, Cfau, Beijing frederik PonJaerT, uLB, series manager ([email protected]) The institut d’etudes européennes de l’université Libre de Bruxelles (iee-uLB) is a leading research institution, with a large global collaborative university network. as part of successful research consortia, the iee-uLB was awarded two eu funded programmes. The first is an international multidisciplinary doctoral programme in Globalisation, Europe, multilateralism funded by the dG Culture and education eu Commission. over a seven year period, this programme will fund up to 50 Phd students as well as hosting Phd school seminars on every continent. The second programme is Gr:een (Global reordering: evolving european networks), funded by dG research eu Commission. This is an integrated research project including 16 universities on five continents. The remarkable quality of these senior and junior scholars included in the project allows extensive research both in eu studies and in global governance. volumes in this series share innovative research objectives around Globalisation, the eu’s evolution within it, the changing multilateral cooperation, and the role of transnational networks; emergent multipolarity and international order; comparative regionalism and interregionalism; eu’s foreign policy and external relations. The series includes collaborative volumes, research based monographs and textbooks with the aim of contributing to the innovation of european integration and international studies. Every book is reviewed by an international referees process, scientific workshops discussing the first drafts, anonymous referees and advice by the International editorial board members. other titles in the series can be found at the back of this book. The eurozone Crisis and the Transformation of eu Governance internal and external implications Edited by maria JoÃo rodriGues Université Libre de Bruxelles, Belgium eLeni XiarChoGiannoPouLou Université Libre de Bruxelles, Belgium © maria João rodrigues, eleni Xiarchogiannopoulou and the contributors 2014 all rights reserved. no part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior permission of the publisher. maria João rodrigues and eleni Xiarchogiannopoulou have asserted their right under the Copyright, Designs and Patents Act, 1988, to be identified as the editors of this work. Published by ashgate Publishing Limited ashgate Publishing Company Wey Court east 110 Cherry street union road suite 3-1 farnham Burlington, vT 05401-3818 surrey, Gu9 7PT usa england www.ashgate.com British Library Cataloguing in Publication Data a catalogue record for this book is available from the British Library The Library of Congress has cataloged the printed edition as follows: The eurozone crisis and the transformation of eu governance : internal and external implications / edited by maria João rodrigues and eleni Xiarchogiannopoulou. pages cm.—(Globalisation, europe, multilateralism series) includes bibliographical references and index. isBn 978-1-4724-3307-7 (hardback)—isBn 978-1-4724-3310-7 (pbk)—isBn 978- 1-4724-3308-4 (ebook)—978-1-4724-3309-1 (epub) 1. european union countries— economic conditions—21st century. 2. european union countries—Politics and government—21st century. 3. Global financial Crisis, 2008–2009—Political aspects— european union countries. 4. european union countries—economic policy. 5. financial crises—european union countries. i. rodrigues, maria João, author, editor of compilation. ii. Xiarchogiannopoulou, eleni, author, editor of compilation. hC240.e895 2014 337.1’42—dc23 2013045819 isBn 9781472433077 (hbk) isBn 9781472433107 (pbk) isBn 9781472433084 (ebk – Pdf) isBn 9781472433091 (ebk – ePuB) V Printed in the united Kingdom by henry Ling Limited, at the dorset Press, dorchester, dT1 1hd Contents List of Figures and Tables vii List of Contributors ix List of Abbreviations xv Introduction 1 Maria João Rodrigues and Eleni Xiarchogiannopoulou Part I EuroPEan ModEs of GovErnancE: concEPts, rEcEnt trEnds and IntErnatIonal IMPlIcatIons 1 A Good or a Bad Crisis for the European Union? 11 Zoe Lefkofridi and Philippe C. Schmitter 2 Economic Crisis and the Internationalisation of EU Competition Policy 29 Michelle Cini 3 The Transformation of EU Governance, the Open Method of Coordination and the Economic Crisis 41 Susana Borrás and Claudio M. Radaelli Part II thE transforMatIon of EuroPEan EconoMIc GovErnancE 4 Beyond Intergovernmentalism: The Puzzle of European Economic Governance 59 Sergio Fabbrini 5 Europe Waiting for Hamilton: Assumption of State Debts, the Federal Leap 71 Christian Stoffaës 6 Political Lessons from the Economics of the Euro-crisis 85 Stefan Collignon vi The Eurozone Crisis and the Transformation of EU Governance 7 EU Financial Market Regulation and Stakeholder Consultations 107 Rainer Eising, Daniel Rasch and Patrycja Rozbicka Part III thE transforMatIon of EuroPEan socIal PolIcy GovErnancE 8 EU Social Policy Content and Governance: A Complex Relationship with EU Economic Integration Over Time 123 Janine Goetschy 9 The Euro-Crisis – Welfare State Conundrum 137 Anton Hemerijck 10 Game Change in EU Social Policy: Towards More European Integration 157 Caroline de la Porte and Elke Heins Part Iv thE IntErnatIonal dIMEnsIon of thE transforMatIon of Eu GovErnancE 11 The Eurozone Crisis and the Transformation of EU Economic Governance: From Internal Policies to External Action 173 Maria João Rodrigues 12 Assessing the EU’s ‘Social’ Trade Policy from an External Europeanization Perspective: The Case of the Generalised System of Preferences 191 Eleni Xiarchogiannopoulou 13 European Re-Regulation Meets Global Financial Governance: Constraint or Complement? 203 Daniel Mügge Conclusion 215 Maria João Rodrigues Appendices 223 Bibliography 229 Index 253 List of Figures and Tables Figures 1.1 Alternative actor strategies 13 1.2 Crisis-induced decision-making cycles 14 1.3 The ‘fourth’ or ‘transcending’ cycle of crisis decision-making 17 6.1 Debt-to-GDP ratios 92 6.2 Unit labour cost indices 98 6.3 Competitiveness index for selected Eurozone countries 99 7.1 The number of articles on the AIFM, DGS, ICS proposals in national newspapers 117 7.2 The types of actors involved in the formulation of the AIFM, DGS and ICS directives 118 9.1 Employment/population ratio, 1980–2007 143 9.2 Activity rates of women (1987–2007) 144 9.3 Employment rates of older workers (55–64), 1987–2007 144 9.4 Social investment spending and social (insurance) protection based spending in 1997 (top panel) and 2007 (bottom panel), per cent of GDP 145 Tables 3.1 Scope conditions for OMC usages 50 5.1 Champions of public debt in Europe (per cent of GNP) 80 5.2 Deterioration of public debt (per cent of GNP) 81 6.1 Over- and undervaluation of unit labour costs 100 9.1 Core differences between EMU’s social retrenchment policy regime and social investment policy 152 10.1 Typology of ‘integration’ 159 10.2 Excessive Deficit Procedures starting before 2008 162 viii The Eurozone Crisis and the Transformation of EU Governance 10.3 Excessive Deficit Procedures started after 2008 166 10.4 Integration effects of main EU fiscal and social instruments before and after the crisis 169 Conc.1 The central problems of the Eurozone 215 List of Contributors Susana Borrás is a professor on innovation and governance. She conducts research on the interaction between governments and innovation. As a social scientist expert on public policy, two of her leading questions concern what governments can do to foster and to improve socio-technical innovation in the economy, and what makes some decisions regarding socio-technical and innovation change democratically legitimate and others not. Her comparative analyses show the importance that socially and governmentally defined institutions have on innovation performance and on democratic legitimacy of science and technology. Her main attention is in the European Union, both at the supra-national level as well as national and local (cluster) levels. In particular she studies the complex interactions between public and private realms, which have been called ‘new modes of governance’. Susana Borrás has a part-time affiliation at CIRCLE, Lund University, Sweden, as Visiting Professor. She is a serving member of the Danish Research Policy Council and is the advisor to the Danish Minister. She is a board member of the EU- Spri Forum academic association, and a board member on the Danish European Community Studies Association (ECSA-DK), and the FORFI programme at the Norwegian Research Council. She was previously Director of the Jean Monnet Centre of Excellence at the Copenhagen Business School (2010–13). Michelle Cini is Professor of European Politics in the School of Sociology, Politics and International Studies at the University of Bristol. She is co-editor of the Journal of Common Market Studies, and co-edits the Oxford University Press textbook, European Union Politics. Her research has focused, among other things, on the politics of the European Commission and EU competition and state aid policy. Her current research is on public ethics and institutional change in EU institutions. Stefan Collignon has been Ordinary Professor of Political Economy at Sant’Anna School of Advanced Studies, Pisa, since October 2007, and International Chief Economist of the Centro Europa Ricerche (CER), Roma, since July 2007. He is the founder of the Euro Asia Forum at Sant’Anna School of Advanced Studies. Previously, he was Centennial Professor of European Political Economy at the London School of Economics and Political Science (LSE) from January 2001 to 2005. During 2005 to 2007 he was Visiting Professor at Harvard University, Faculty of Arts and Sciences, Government Department, and an associate of the Minda de Gunzburg Centre for European Studies at Harvard. He has also taught
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