From one crisis to another: changes in the governance of the Economic and Monetary Union (EMU)

Abstract

The article examines the evolution of the Economic and Monetary Union (EMU) in the aftermath of COVID-19 and compares the current crisis with the previous one (the financial crisis of 2008–2013). It does so by looking at the way interests, ideas and institutions have evolved over the last decade. It looks at the possible changes in European economic governance in the light of three different models of European integration. The goal is not only to describe the differences between the two periods of crisis but also to understand the amplitude of those changes. In the actor-centred ‘institutionalism’ approach of this article, particular attention is paid to conflicts and tensions including inside the EU institutions. This allow for the elements of continuity and rupture to be highlighted and for speculation on the possibility of a new paradigm emerging.