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Beyond the CrisisThe Governance of Europe's Economic, Political and Legal Transformation$
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Mark Dawson, Henrik Enderlein, and Christian Joerges

Print publication date: 2015

Print ISBN-13: 9780198752868

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198752868.001.0001

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Political Legitimacy, Credible Commitment, and Euro Governance

Political Legitimacy, Credible Commitment, and Euro Governance

(p.185) 12 Political Legitimacy, Credible Commitment, and Euro Governance
Beyond the Crisis

Albert Weale

Oxford University Press

Deepening economic governance and the crisis of the eurozone underscore the issue of political legitimacy in the EU. Analytically, legitimacy may be understood by reference to modern social contract theory, which states the conditions under which actors can credibly commit to one another for their mutual advantage. The same theory also shows that when a promised commitment is broken, various instruments of monitoring and compliance will be introduced, a pattern that has been observed in reforms to eurozone governance. Yet, in understanding such a contract, attention needs to be paid to context. The depoliticisation of money involves an affirmation of some types of political responsibility and the denationalisation of money is not credible unless it can secure continuing domestic political support. Given the constraint on political developments, the greater inclusion of national parliaments in the European policy process is essential.

Keywords:   political legitimacy, social contract theory, depoliticisation of money, national parliaments, eurozone crisis, credible commitment, euro governance

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