National states, transnational institutions, and hegemony in the EU

Costas Lapavitsas () and Sergi Cutillas ()
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Costas Lapavitsas: SOAS
Sergi Cutillas: University of Barcelona

Evolutionary and Institutional Economics Review, 2022, vol. 19, issue 1, No 19, 429-448

Abstract: 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.

Keywords: EU; National state; Hegemony; Monetary union; Central bank; TARGET2 (search for similar items in EconPapers)
JEL-codes: E58 E61 F02 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s40844-021-00227-z

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