The <scp>E</scp>urozone in 2012: ‘Whatever It Takes to Preserve the <scp>E</scp>uro'?

Hodson, Dermot

doi:10.1111/jcms.12044

Cited by 35 publications

(31 citation statements)

References 21 publications

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“…Second, the OMT is subject to strict conditionality (of fiscal consolidation and economic reform). Member States seeking to benefit from it must first seek financial support from the EU and from the IMF (for a discussion see Hodson 2013). 8.…”

Section: Notesmentioning

confidence: 99%

Political leadership of the European Central Bank

Verdun

2017

Journal of European Integration

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What role did the European Central Bank (ECB) play in EU governance, regarding the financial, the economic and sovereign debt crises? How should we understand ECB leadership from a theoretical perspective? Based on speeches, literature review and interviews, this contribution concludes that by using policies such as the Securities Market Programme and by promising to do whatever it takes (e.g. Outright Monetary Transactions the ECB supported the euro-area faced with an unprecedented crisis. Its two presidents during the crisis periods were leaders in that they managed to get the ECB followers (its Governing Council; EU member states) willing to take part in a common enterprise solving the sovereign debt crisis with the bank using exceptional monetary policy tools. This contribution argues that both Presidents Jean-Claude Trichet and Mario Draghi exercised transformative leadership and were willing to take action when no other leaders were willing or able to lead.

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Section: Notesmentioning

confidence: 99%

Political leadership of the European Central Bank

Verdun

2017

Journal of European Integration

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“…There is little reason to assume that SGP III will exert more substantial Europeanization pressures. The current experience of the SGP's Excessive Deficit Procedure (EDP) shows that member states are cautious not to escalate the procedure and avoid moving it up to the newly introduced reversed majority voting (Hodson 2013). Since (re-)opening a wave of EPDs in 2008/2009, the already delayed deadlines for correction the excessive deficit have been further set and revised copiously, which involves commending EDP countries for having 'complied' with Article 126 (7) recommendations.…”

Section: Resultsmentioning

confidence: 99%

An empirical investigation into the Europeanization of fiscal policy

LeMay-Boucher

Rommerskirchen

2014

Comp Eur Polit

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We investigate the Europeanisation of fiscal policy in the eurozone. So doing we empirically test the impact of a series of pertinent variables on eurozone Member States' fiscal policies during the 1984-2006 period. In addition to a host of usual-suspects, we introduce two new measurements to capture a country's Stability Culture -the effect of which has been not been addressed by previous empirical work. We find evidence that government debt is primarily driven by the state of the domestic economy. Virtually no empirical support for the claim that institutional, political or ideational factors influence the variations in gross debt can be provided. Specifically, our results show that neither a population's inflation aversion nor policy-makers' pledge to 'sound' public finances translate into lower deficits.

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“…Even with the recent financial crisis, the subsequent economic crisis, the sovereign debt crisis and the most recently the migration crisis, the EU's mode of governance seems dominated by deliberative intergovernmentalism (Bickerton, Hodson, & Puetter, 2014). Notwithstanding this descriptor of intergovernmentalism (or 'executive federalism'), the EU did end up creating a number of supranational (read: federal) institutions (Gocaj & Meunier, 2013;Verdun, 2015b) as well as permit one of its federal institutions, the European Central Bank, to play a more prominent role in dealing with the various crises (Hodson, 2013).…”

Section: Comparing the Eu To Canadamentioning

confidence: 99%

The Federal Features of the EU: Lessons from Canada

Verdun

2016

PaG

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There has been a rise and fall in interest in federalism in the context of European integration. This article assesses the federal nature of the EU. It draws in particular on the work of Michael Burgess who has been one of the key thinkers on this issue. Because there are many types of 'federalisms' available across the globe, it is helpful to make a comparison with another political system to offer a base line. In this article I explore to what extent the EU already has federal features. With the help of the work of Burgess I seek to look beyond the specific characteristics of the EU and reflect on how a comparison with this other polity can offer us insights into what is going on within the EU political system. Drawing on the comparison with Canada, I seek to identify the characteristics of the EU that are already those of a federation. Therefore, the guiding question of this article is: compared to Canada, what particular features does the EU have that reminds us of a federation and what features is it still lacking? It finds that the EU has a considerable amount of federal features (federation), but that a federal tradition, a federal ideology and advocacy to a federal goal (federalism) are mostly absent.

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The Eurozone in 2012: ‘Whatever It Takes to Preserve the Euro'?

Cited by 35 publications

References 21 publications

Political leadership of the European Central Bank

Political leadership of the European Central Bank

An empirical investigation into the Europeanization of fiscal policy

The Federal Features of the EU: Lessons from Canada

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