The euro crisis remains unresolved even as financial markets may seem calm for now. The current euro regime is inherently flawed, and recent reforms have failed to turn this dysfunctional regime into a viable one. Our investigation is informed by the "cartalist" critique of traditional "optimum...

The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus on how responses to the crisis were shaped by distributive conflicts both among and within...

This contribution reflects on the prospects of various forms of "political union" in the EU in the wake of the Eurozone crisis. To do so, it uses a theory of institutional change operating along three dimensions: functional, political, and cultural/ideological. The chapter recognizes that the...

As my work has argued previously, European integration enjoys an “administrative, not constitutional” legitimacy. This view is in obvious tension with the deeply-rooted conceptual framework — what we might call the “constitutional, not international” perspective — that has dominated...

The European Monetary Union is an unprecedented event in economic history: it is based on an institutional model characterized by a combination of a single monetary policy, mandated by sovereign states to an independent supranational institution, the European Central Bank, and decentralized...