Supranational Agency and Indirect Governance After the Euro Crisis: ESM, ECB, EMEF and EFB

CERiM Online Paper Series Paper, 13/2018

28 Pages Posted: 17 Nov 2018

See all articles by Tobias Tesche

Tobias Tesche

European University Institute

Date Written: October 26, 2018

Abstract

This article categorizes newly created and proposed EMU institutions according to a new typology that broadens the well-established agent-trustee distinction to include cooptation and orchestration as two additional modes of indirect governance. Four empirical cases from the realm of EMU governance are provided, i.e. the European Stability Mechanism (ESM), the European Central Bank (ECB), the proposed European Minister of Economics and Finance (EMEF) and the European Fiscal Board (EFB). The article asks how we can explain that the institutional response to the euro area crisis has produced such diverse governance arrangements. Empirically, it shows that supranational actors like the European Commission can bypass states through enlisting existing authority to deepen European integration.

Keywords: EMU Institutions, Cooptation, Orchestration, ESM, ECB, EMEF, EFB

JEL Classification: F00

Suggested Citation

Tesche, Tobias, Supranational Agency and Indirect Governance After the Euro Crisis: ESM, ECB, EMEF and EFB (October 26, 2018). CERiM Online Paper Series Paper, 13/2018. Available at SSRN: https://ssrn.com/abstract=3266019

Tobias Tesche (Contact Author)

European University Institute ( email )

Via dei Roccettini 9
San Domenico di Fiesole
Florence, 50014
Italy

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