European Economic Governance: Past Errors and Future Promises
The eurozone crisis marked a real failure of European Union (EU) policy, which led to mediocre economic performance and the erosion of its political legitimacy among the populations of member states.
The crisis caused by the Covid-19 pandemic, on the other hand, after some initial wavering, showed its capacity to respond, in particular by taking on common debt. This fresh start for the EU nonetheless needs to be confirmed both politically and institutionally.
Vivien Schmidt is a Jean Monnet Professor of European Integration at Boston University.
Article published in Politique étrangère, Vol. 86, No. 4, Winter 2021.
Available in:
Regions and themes
Share
Download the full analysis
This page contains only a summary of our work. If you would like to have access to all the information from our research on the subject, you can download the full version in PDF format.
European Economic Governance: Past Errors and Future Promises
Author(s)
Find out more
Discover all our analyses
The Future of Europe in the Context of Sino-American Competition
This special issue of Politique étrangère focuses on the proceedings of the Conference organized by the French Institute of International Relations (Ifri) for its 40th anniversary, held on April 10th, 2019, in Sorbonne University's Grand Amphithéâtre.
The Waning of Universalism
During the 19th century, Westerners provided ideological justifications for their colonization, namely spreading the Enlightenment across the globe. This project was received favorably until the second half of the 20th century. Over the last 20 years, it has met new hostility. The “universal values” promoted by the West are viewed today as a form of imperialism to be opposed – especially by China, Russia and Turkey.
The Future of the International Monetary and Financial System
Following the collapse of the Bretton Woods system, the international community sought new stability in the financial system and the assurance of sustained growth. The crisis that began in 2007-2008 has revealed weaknesses that affected advanced economies first and foremost. Efforts have since been made to consolidate the international financial architecture, to coordinate macroeconomic policy, and to improve foreign exchange relations, even if this latter objective has proven complex.
International trade disagreements: Beyond Trump
The trade war between the United States and China is not only due to Donald Trump’s impulsiveness. Its roots are in fact profound and follow three structural changes in the multilateral trading system: the reversal of comparative advantages, the now central role of certain developing countries, and the re-balancing of power that makes coordination between states difficult. In this context, the future of world trade has yet to be written.