This paper contributes to the ongoing debate on fiscal consolidation and the questionable effectiveness of the Stability and Growth Pact by addressing the problem of economic governance in the EMU with a game-theoretic principal-agent approach. Following the theory of delegation, we develop a...

This paper focuses on roots of strain in the European Monetary Union (EMU). It argues that there is need for a thorough reform of the governance structure of the Union in conjunction with radical changes in the regulation and supervision of financial markets. Financial intermediation has gone...

Analytical dialectics, rationality, and trust -- Law as credibility-basic traits -- The Eurozone : accession, exit, and expulsion-revisited -- The ECB and European monetary policy -- The European framework of financial regulation and supervision : towards a banking union -- The stability and...

Do parliamentary parties politicize compliance within the European Semester? If so, which conflict lines organize parliamentary debates? In order to address these questions, this discussion paper analyses national parliamentary participation in two budgetary cycles of the European Semester (2014...

This paper explores how legitimate are the new governance mechanisms adopted in the context of the Economic and Monetary Union for addressing the economic crisis. To that aim, the relation between governance mechanisms and democratic legitimacy is explored, distinguishing between governance as...

This paper deals with the origin and the evolution of the European system of fiscal rules and discusses the perspectives for future developments. The early debate about the design of establishing a monetary union in a not optimal currency area, with decentralized fiscal policies, is...