Date: 2019
Type: Article
EU economic governance after the crisis : revisiting the accountability shift in EU economic governance
Journal of European public policy, 2019, Vol. 26, No. 9, pp. 1354-1372[ADEMU]
STEINBACH, Armin, EU economic governance after the crisis : revisiting the accountability shift in EU economic governance, Journal of European public policy, 2019, Vol. 26, No. 9, pp. 1354-1372[ADEMU] - https://hdl.handle.net/1814/66116
Retrieved from Cadmus, EUI Research Repository
Numerous scholars have argued that economic governance in the European Union (EU) has undergone an undemocratic shift as part of the crisis, with accountability moving from parliamentary to executive powers. This paper challenges this view, arguing that the crisis has led to a shift from economic to political accountability. I define economic accountability as the market-led accountability regime enshrined in EU Treaties and contrast it to the current political accountability regime, by which creditor states and monetary institutions have supplanted markets as a forum for rewarding and disciplining market actors. This 'substitution effect' has been sustained by European Court of Justice (CJEU) jurisprudence, with the CJEU positing a functional equivalence between market-driven pressures and political conditionality.
Additional information:
Published online: 13 Sep 2018
Cadmus permanent link: https://hdl.handle.net/1814/66116
Full-text via DOI: 10.1080/13501763.2018.1520912
ISSN: 1350-1763; 1466-4429
Series/Number: [ADEMU]
Publisher: Routledge Journals, Taylor & Francis Ltd
Keyword(s): Economic and political accountability European court of justice European debt crisis democratic control political conditionality
Sponsorship and Funder information:
ADEMU project, 'A Dynamic Economic and Monetary Union' - European Union's Horizon 2020 Program
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