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The New IntergovernmentalismStates and Supranational Actors in the Post-Maastricht Era$
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Christopher J. Bickerton, Dermot Hodson, and Uwe Puetter

Print publication date: 2015

Print ISBN-13: 9780198703617

Published to Oxford Scholarship Online: August 2015

DOI: 10.1093/acprof:oso/9780198703617.001.0001

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De Novo Bodies and the New Intergovernmentalism

De Novo Bodies and the New Intergovernmentalism

The Case of the European Central Bank

(p.263) 13 De Novo Bodies and the New Intergovernmentalism
The New Intergovernmentalism

Dermot Hodson

Oxford University Press

This chapter explores the integrationist preferences of what is perhaps the most important de novo institution created during the post-Maastricht period: the European Central Bank (ECB). Focusing on the period 1998–2013, it finds that the Bank did push for greater powers for itself in the regulatory domain while showing a reticence about increasing the EU’s powers in relation to stabilization and allocation and in relation to certain wider questions of European integration. This ambivalence is explained with reference to interests rather than identity. There is little evidence that those in the upper echelons of the ECB are negatively disposed towards the European project but the Bank has shown itself to be reluctant to support plans for ever closer union that have the potential to jeopardize price stability.

Keywords:   European Union, integration theory, integration paradox, new intergovernmentalism, European Central Bank, de novo institutions

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