Existential Crisis, Incremental Response: The Euro-Zone's Dual Institutional Evolution 2007-2011

Journal of European Public Policy, Volume 19, Number 5, June 1, 2012 , pp. 665-681(17)

Posted: 9 Jul 2013

See all articles by Marion Salines

Marion Salines

European Central Bank (ECB) - Directorate General International and European Relations

Gabriel Glöckler

European Central Bank (ECB)

Zbigniew Truchlewski

Independent

Date Written: June 1, 2012

Abstract

We use an institutionalist approach to understand how the governance of the euro-zone has evolved in the wake of the multiple crises that erupted since 2007. We assess the impact of the crisis on the institutional development of EMU in light of three case studies: the role of the ECB during the crisis; the reform of the economic governance framework; the set-up of euro area financial assistance arrangements. Paradoxically, even when faced with an existential crisis, EMU continues to evolve through gradual change. Empirical evidence points to the existence of a dual process of change – layering and redirection.

Keywords: EMU governance reform, EMU institutional architecture, institutional change, sovereign debt crisis

Suggested Citation

Salines, Marion and Glöckler, Gabriel and Truchlewski, Zbigniew, Existential Crisis, Incremental Response: The Euro-Zone's Dual Institutional Evolution 2007-2011 (June 1, 2012). Journal of European Public Policy, Volume 19, Number 5, June 1, 2012 , pp. 665-681(17), Available at SSRN: https://ssrn.com/abstract=2291228

Marion Salines

European Central Bank (ECB) - Directorate General International and European Relations ( email )

Kaiserstrasse 29
D-60311 Frankfurt am Main
Germany

Gabriel Glöckler (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Zbigniew Truchlewski

Independent ( email )

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