Failing Forward? The Euro Crisis and the Incomplete Nature of European Integration

  title={Failing Forward? The Euro Crisis and the Incomplete Nature of European Integration},
  author={Erik Jones and R. Daniel Kelemen and Sophie Meunier},
  journal={Comparative Political Studies},
  pages={1010 - 1034}
The European Union (EU) project of combining a single market with a common currency was incomplete from its inception. This article shows that the incompleteness of the governance architecture of Europe’s Economic and Monetary Union (EMU) was both a cause of the euro crisis and a characteristic pattern of the policy responses to the crisis. We develop a “failing forward” argument to explain the dynamics of European integration using recent experience in the eurozone as an illustration… 

Failing forward in Economic and Monetary Union: explaining weak Eurozone financial support mechanisms

The ‘failing forward’ approach is applied to analyse the negotiations on and design of reforms to Eurozone economic governance to tackle the Covid-19-related crisis, which highlights both spill-overs from major asymmetries in EMU and weaknesses in the incomplete economic governance of the Eurozone.

Germany, the Eurozone crisis and the Covid-19 pandemic: Failing forward or moving on?

  • S. Bulmer
  • Economics
    Comparative European Politics
  • 2022
This article explores continuity and change in Germany’s policy towards economic and monetary integration, comparing its approach to the Eurozone crisis with its response to the economic challenges

Steps towards a European Fiscal Union: Has the revised Stability and Growth Pact delivered so far?

Since 2008-09, the European Union (EU) experienced two major economic crises revealing all the flaws of the existing model of economic governance. By leaving the majority of the countries with high

Failing forward in the Common Commercial Policy? Deep trade and the perennial question of EU competence

ABSTRACT The European Union’s (EU) Common Commercial Policy (CCP) is more fragile than the label ‘exclusive competence’ suggests. Ratification conflicts have increased since the 1980s and have

Understanding the Political Economy of the Eurozone Crisis

The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus

Failing forward in EU migration policy? EU integration after the 2015 asylum and migration crisis

ABSTRACT By advancing integration through incomplete agreements, the European Union (EU) has created the very conditions for the emergence of crises, and this has, in turn, spurred on further

Breaking up Is Hard to Do: Why the Eurozone Will Survive

Since revelations of the Greek fiscal deficit in the fall of 2009, the breakup of the Economic and Monetary Union (EMU) has moved from unthinkable to plausible. The debate over the future of the EMU

The Conundrum of Solving ‘Too Big to Fail’ in the European Union: Supranationalization at Different Speeds

In the aftermath of the international financial crisis, the European Union (EU) adopted a series of regulatory reforms concerning capital adequacy, bank structures and resolution in order to tackle

European integration and cross-border financial governance in the aftermath of the global financial crisis : challenges and prospects of post-crisis policy responses to systemic risk in the European Union

With the ripple effects of the global financial crisis of 2008 exhibiting enduring rifts in the global economy to date, an assessment of the crisis as being rooted in both market and regulatory

EMU Reform and Resilience in a Re-Dimensioned EU

Although significant progress has been made in various areas since the eruption of the financial and sovereign debt crises, EMU governance is still incomplete today. The incompleteness of EMU



European Financial Integration: Finally the Great Leap Forward?

The recent history of financial integration in Europe can generally be considered a success story, notwithstanding the crisis that has plagued financial sectors in Europe and elsewhere since 2007.

The Eurotower Strikes Back

The 2008 global financial crisis came with fears—and, for some, hopes—that a new wave of public mobilization would emerge in industrialized countries. Especially throughout the European Union (EU),

What difference does Euro membership make to stabilization? The political economy of international monetary systems revisited

ABSTRACT For many political economists, the loss of monetary sovereignty is the major reason why the Southern periphery fared so badly in the Euro area crisis. Monetary sovereignty here means the

The political economy of failure: The euro as an international currency

ABSTRACT How do international currencies get established and consolidated? What domestic and international political foundations support an international currency? And what kinds of macro-economic

Crisis Politics in Europe

When countries face balance-of-payments crises, their policy responses vary widely. This article argues that the choice between the two main options of internal adjustment (i.e., austerity and

The EU and financial regulation: power without purpose?

If the European Union (EU) has been an effective bulwark against ad hoc globalization in any economic domain, we may well find evidence from finance, the engine of cross-border economic activity. Yet

Sovereign Debt, Migration Pressure, and Government Survival

As soon as the sovereign debt crisis began, it was widely understood that Germany’s response would dictate its ultimate resolution. Whereas the initial round of bailouts stabilized markets and

European Financial Integration

Capital markets are affected at least as much as goods markets by the European Community's drive for greater economic integration. The removal of capital controls on 1 July 1990 has far-reaching

Time Will Tell: The EFSF, the ESM, and the Euro Crisis

Abstract The European Financial Stability Facility (EFSF), a slim and temporary bailout fund created by the European Union in May 2010 to quell a growing sovereign debt crisis in Europe, became the

Political Economy of Financial Integration in Europe: The Battle of the Systems

Few aspects of the great European integration project have been as difficult and fraught with political conflict as the creation of a single financial market and monetary union. It is clear, however,