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Edited by Dermot Hodson, Uwe Puetter, Sabine Saurugger, and John Peterson

The Institutions of the European Union is the key text for anyone wishing to understand the functions, powers, and composition of the EU’s institutions. Written and edited by a team of leading international experts, the text offers a comprehensive analysis and explanation of all the most important organizations and their roles in the governance and management of the EU. The fifth edition has been substantially revised, featuring a range of newly authored chapters and including coverage of the most important developments affecting the institutions of the European Union as they contend with the changing dynamics of European integration. Up-to-date chapters examine current challenges, including the rise of populism and how it is wielded by politicians to target EU institutions, the climate emergency, and the EU’s bold new policy commitments to make the Union climate neutral by 2050, as well as the response to the COVID-19 pandemic. Authoritative yet accessible, The Institutions of the European Union is the best guide to how institutions work together to provide political direction, manage the European Union, govern policies, and integrate contrasting interests within the EU.

Chapter

11. The institutions of Economic and Monetary Union:  

from the euro crisis to COVID-19

Dermot Hodson

Since 1999, a subset of EU member states—known collectively as the euro area—has delegated exclusive competence for monetary policy to the European Central Bank (ECB), while giving limited powers to the European Commission, ECOFIN, and the Eurogroup in other areas of economic policy. The euro crisis provided the first major test of the Economic and Monetary Union (EMU), as a sovereign debt crisis spread between member states and threatened to tear the single currency apart. The ECB and two new institutions—the European Stability Mechanism and Euro Summit—helped to keep the euro area together but at significant economic and political cost. EU institutions were better prepared for the initial economic consequences of the COVID-19 pandemic, but the crisis still produced important institutional changes. The COVID-19 recovery fund Next Generation EU gives the Commission and Council a major new role in economic policy, albeit a temporary one for now. The EMU illustrates three key dimensions of EU institutional politics: the tension between intergovernmental versus supranational institutions, leaders versus followers, and legitimacy versus contestation. It also reveals the explanatory power of new institutionalism among other theoretical perspectives.