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The EMU that has emerged from a decade of overlapping crises is not the EMU is no longer the EMU agreed at Maastricht. Successive shocks - from the euro area crisis to the Covid-19 pandemic and the return of geopolitical tensions – have pushed EU institutions towards a more interventionist, resource-based mode of economic governance. Today, new fiscal instruments – including common borrowing, quantitative easing, or public investment protection schemes – sit alongside an architecture originally designed for monetary dominance and fiscal restraint. Yet the EMU’s transformation has also been partial, gradual and in key respects temporary. The recalibration of the EMU has occurred primarily through institutional layering rather than constitutional redesign, leaving old rules and new resources coexist in a hybrid mix. This development raises core questions for the study of EU economic governance: • How should we characterise the emerging EMU policy mix and its orientation? • Under what conditions do new fiscal and industrial interventions reshape distributive outcomes across and within member states? • What are the implications of these changes for the legitimacy of the common currency project and its contestation by political parties? This panel addresses these questions by examining the EMU’s evolving role in crisis management, investment promotion, and industrial upgrading, and by analysing the political consequences of this shift for EU-national relations, party competition, and citizen attitudes. Bringing together scholars from different perspectives, the panel moves beyond debates on functional (mis)fits in the EMU’s architecture to trace its evolving political economy, and, ultimately, to reflect on how these changes may reshape political ownership behind regional economic and monetary integration.
| Title | Details |
|---|---|
| The End of Monetary Dominance? Europe’s Search for Fiscal Power | View Paper Details |
| EMU Politics Redefined? Comparing national shifts in public attitudes towards the Euro (2004–2021) | View Paper Details |
| Strategic autonomy for whom? Assessing the EU’s industrial policy turn | View Paper Details |
| Beyond Conditionality: Substantive Representation and Gender Mainstreaming in Italy’s RRP | View Paper Details |