The sovereign debt crisis made it clear that, to be sustainable and serve its initial purpose (notably price stability), EMU would require enhanced policy coordination, increased sovereignty-and risk-sharing and further centralisation at the EU level of various competencies. In the crisis context, the ECB has emerged as an anchor of stability and confidence within a highly fragmented political system. It started to focus on the sustainability of EMU as its foremost objective, engaging in more active (and non-standard) policies and wider economic policy debates than otherwise required from a traditional central bank. This article departs from a gap in the literature with respect to the legitimacy of delegations to a supranational and independent institution like the ECB. It adopts an interdisciplinary view, bringing together various concepts (broad categories) of legitimacy and various types constraints that the common monetary authorities face. The framework is applied to examine the ECB's rationale to act strategically and its quest to legitimate its strategic political role through a renewed monetary dialogue with the EP.

This article puts forward that the European Green Deal (EGD) is more than just another initiative for green growth. Instead, it adds a building block to the European economic model, alongside the single market and economic and monetary union. The pandemic crisis would therefore need to be addressed also through the EGD framework. We find that the Covid-19 crisis provided a missing link between the EGD's long-term objectives and conducive short-term policies. We discuss to what extent economic governance changes reinforce the role of the EGD as a pillar of the European Union economic model, contributing also to creating strong (political, institutional and society) dynamics in favour of sustainability and promoting integration.

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This paper considers what will be required to make Economic and Monetary Union (EMU) sustainable following the successive crises of recent years. It starts by laying out the policy benchmark, namely the successive "President Reports" produced by EU institutions. It then suggests three dimensions of sustainable integration relevant to EMU, namely the pursuit of sustainable growth, the need to take into account what we call "varieties of modernization" and the 'ownership' of democratically sustainable reforms. It then evaluates the recasting of EMU governance against the benchmark of sustainable integration.

Quality of National Institutions and "Objective 1" Status

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte.

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