Explaining the European Central Bank’s limited reform ambition:ordoliberalism and asymmetric integration in the eurozone

Warren, Thomas (2020) Explaining the European Central Bank’s limited reform ambition:ordoliberalism and asymmetric integration in the eurozone. Journal of European Integration, 42 (2). pp. 263-279. ISSN 0703-6337

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Abstract

While the literature on the eurozone crisis has focused on the increasing primacy of intergovernmental decision-making, the transformation in the role played by the European Central Bank (ECB) from technocratic actor to key political decision-maker has been less well studied. A discursive institutionalist analysis is applied to explore the ECB’s interactions during the European Union (EU) negotiations on EU fiscal governance reform. As well as locating ideas at different levels of generality during the eurozone crisis, the important role of macroeconomic ideology in informing different integration scenarios within the Economic and Monetary Union (EMU) is made explicit. The dominance of ordoliberalism in framing the ECB’s diagnosis of the eurozone crisis, informing policy solutions, and in providing a decentralised integration path for officials to follow are key findings here. Finally, this article provides evidence that the key hypotheses of the new intergovernmentalism can be extended to include the ‘de novo’ institutions.

Item Type: Article
Uncontrolled Keywords: crisis,emu,european central bank,governance,intergovernmentalism,power,discursive institutionalism,eurozone crisis,integration theory,ordoliberalism
Faculty \ School: Faculty of Arts and Humanities > School of Politics, Philosophy, Language and Communication Studies
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Depositing User: LivePure Connector
Date Deposited: 15 Oct 2019 12:30
Last Modified: 09 Jul 2020 23:57
URI: https://ueaeprints.uea.ac.uk/id/eprint/72601
DOI: 10.1080/07036337.2019.1658753

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