EU economic governance and globalization

Abstract:

The European Union may be heading towards 'superstate' stature within which the Member States might bathe in the reflective glow that shines out of unity, but will it fit them for a future in an increasingly competitive and globalised economy? Has this gradual evolution equipped the economic institutions of the European Union with the powers and the strength to shake up the rigid national economies of some Member States? This work addresses those issues and by concentrating on key sectors such as telecommunications, air transport, currency competition, taxation, transatlantic relations and monetary policy the contributors seek to provide some answers.

Organised over seven chapters, the book opens with a chapter focussed on the model of EU governance and the dangers of the 'two level game' - pursuit of deepening and widening. Chapter two explores the notion of governance quality, that is the extent to which EU governance has delivered 'public goods' such as tax harmonisation, air transport and telecommunications. Globalisation and liberalisation in the air transport industry have strongly influenced EU member governments towards extended policy co-ordination and negated the impact of head to head competition, and these aspects are examined in chapter three. This has not been the case in telecommunications, which is discussed in chapter four. The writers find that the Commission has driven the EU telecoms governance regime towards more liberalisation. The EU's international economic relations, particularly those with the US, are the focus of chapter five, whilst chapter six shifts the focus to the European Central Bank and the relationship with ECON (Committee on Economic and Monetary Affairs) of the European Parliament. That discussion is progressed further in the final chapter which offers a perspective of the ECB being prepared to respond to the demands of economic governance, and to moderate its monetary stance.

The work will interest scholars and students of European studies as well as political scientists and economists, policy and decision makers in public and private executive bodies in Europe and the USA.

Miriam L. Campanella is in the Faculty of Political Science at the University of Turin and Advisor to the Ministry of Economy in Rome.

Sylvester C.W. Eijffinger is Professor of European Financial and Monetary Integration at Tilburg University, The Netherlands and Research Fellow at the Centre for Economic Policy Research (CEPR) in the UK.