Abstract:The original constitution of Economic and Monetary Union (EMU) rested on a neoliberal approach to interstate federalism à la Hayek. This approach appealed to political elites at the time of the Maastricht Treaty, promising to overcome the so-called 'crisis of governability' of the 1970s and early 1980s by constraining the capacity of Member States to respond to democratic demands, without at the same time constructing a comprehensive governmental apparatus at the European level. The original EMU thus sought to… Show more
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