A Detour on the Working of the EU: The Asymmetric and Incomplete Build-Up of the Union

Bruno Dallago

Chapter 7 in One Currency, Two Europes:Towards a Dual Eurozone, 2016, pp 237-289 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Compared to ideal blueprints, reality always presents idiosyncratic features, and elements and processes of change are ridden with unforeseen events and unintended consequences. In spite of a shared ideal blueprint backed by strong political will and ideal and institutional commitment, the European move to economic and monetary unification was bumpy, sometimes ineffective and inefficient. So far, the outcome was both impressive and problematic, both forward looking and ridden with asymmetries and incompleteness. These contradictions may jeopardise the sustainability of the present setting and future developments, particularly if external tensions are strong and the situation of individual member countries is progressively polarised, thus creating important internal tensions. It is therefore necessary to take a detour and look at how the European integration evolved in different fields — from macro-institutional to micro-industrial — in order to understand how this could happen and why. This is important in order to assess consequences and problems and look for ways out.

Keywords: Crisis (International; European); Financial Crisis; Euro; European Policies; European Union; Eurozone; Institutions; Optimum Currency Area (search for similar items in EconPapers)
Date: 2016
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