Abstract
The financial crisis 2007+ proved that the incomplete architecture of the Economic and Monetary Union (EMU) is an accelerator of systemic instability and institutional shortcomings do not allow for effective risk management. Focusing on a single currency, without effective economic social and political governance in parallel reduces Member States’ resilience to exogenous shocks. The pandemic crisis provided an opportunity to continue the comprehensive changes in institutional governance at the supranational level. This time, COVID-19 has directly affected human beings, which additionally began to feel more strongly the negative effects of long-lasting climate change. Moreover, the economic impact of the pandemic has been exacerbated by multi-dimensional social problems. Therefore reactions at the EU level should adequately respond to the challenges of interdependence. The aim of the study is to identify whether and how changes in EMU governance influence the greater federalization of the EU. They are visible in the dimension of formal (monetary, fiscal, and social coordination) and informal (noticeable, as modification in the way of thinking about the interdependence of economic, social, and environmental issues) institutions. Attention is drawn to more effective implementation of the subsidiarity principle through greater correlation of governance at the national and supranational level. Research questions are as follows: how effective are the changes to the structure of the institutional governance of the EMU brought about by the pandemic crisis? What factors enhance their effectiveness in the long term?
Presenters
Justyna BokajłoAssistant Professor, Faculty of Social Science, Department of International Economic Relations and European Integration, University of Wroclaw, Dolnoslaskie, Poland
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
2021 Special Focus—The Opportunities of Crisis: Resilience and Change in World History
KEYWORDS
EMU, GOVERNANCE, SUSTAINABILITY, NEW INSTITUTIONAL ECONOMY, CRISIS, INTERDEPENDENCE
