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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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Emerging from the Euro Crisis: The Institutional Dilemmas of a Political Union

Emerging from the Euro Crisis: The Institutional Dilemmas of a Political Union

(p.94) 7 Emerging from the Euro Crisis: The Institutional Dilemmas of a Political Union
Beyond the Crisis

Sergio Fabbrini

Oxford University Press

The euro crisis has radically transformed the institutional and legal configuration of the European Union (EU) as formalised by the 2009 Lisbon Treaty. The EU emerging from the crisis is characterised first by the institutional and legal separation between eurozone and non-eurozone member states and, second, by an intergovernmental logic presiding over the functioning of the former. Regarding the separation between the two areas of member states, this chapter argues that it should be formalised in two different treaties, preserving at the same time the shared framework of the single market. Regarding the governance of the eurozone, it is necessary to create a political union based on an original form of separation of powers between executive and legislative institutions. A political union of demographically asymmetric and nationally differentiated states can function only by combining intergovernmental and supranational interests.

Keywords:   Lisbon Treaty, single market, eurozone governance, intergovernmental logic, political union, euro crisis, institutional dilemmas

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