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European Economic
Governance
Theories, Historical
Evolution, and Reform
Proposals

Fabio Masini
European Economic Governance
 Fabio Masini

European Economic
Governance
Theories, Historical Evolution, and Reform
Proposals
Fabio Masini
Department of Political Science
Roma Tre University
Rome, Italy

ISBN 978-3-031-13093-9    ISBN 978-3-031-13094-6 (eBook)

https://doi.org/10.1007/978-3-031-13094-6

© The Author(s), under exclusive licence to Springer Nature Switzerland AG 2022

This work is subject to copyright. All rights are solely and exclusively licensed by the
Publisher, whether the whole or part of the material is concerned, specifically the rights of
translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on
microfilms or in any other physical way, and transmission or information storage and retrieval,
electronic adaptation, computer software, or by similar or dissimilar methodology now
known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are
exempt from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors, and the editors are safe to assume that the advice and information
in this book are believed to be true and accurate at the date of publication. Neither the
publisher nor the authors or the editors give a warranty, expressed or implied, with respect to
the material contained herein or for any errors or omissions that may have been made. The
publisher remains neutral with regard to jurisdictional claims in published maps and
institutional affiliations.

This Palgrave Macmillan imprint is published by the registered company Springer Nature
Switzerland AG.
The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
 To Laura and Ken,
for their unconditional support
in this endeavour
 Acknowledgements

This volume is the result of long-term research and teaching activities. Let
me first and foremost thank my students that, during the years, with their
wit remarks and inspiring questions, obliged me to think more carefully
about the links among facts, theories, and policies in the historical evolu-
tion of the economic governance in the European integration process.
Reconsidering commonplaces, exposing hidden (or shadowed) critical
knots, digging into the role of narratives, and much more.
I would also like to thank a few friends and colleagues that patiently
read and commented on previous drafts of the manuscript, allowing me to
reduce major shortcomings, blatant omissions, even trivial mistakes. All
the remaining ones are of course my own responsibility.

vii
 Contents

1 Introduction  1

2 Designing
 and Building a European Economy: From the
1930s to 1991  9

3 Fiscal
 Constraints and Supranational Money: From
Maastricht (1992) to Lisbon (2007) 43

4 Steering the Euro Across the Crises (2008–2019) 75

5 Reforming
 the European Economic Governance
(2020–2022)121

6 Concluding Remarks147

Index155

ix
 About the Author

Fabio Masini, MS in Economics and PhD in History of Economic

Thought, holds a Jean Monnet Chair in Theories and History of European
Economic Governance and is Professor of Theories and History of
International Political Economy at the University of Roma Tre. He is the
Managing Editor of the journal History of Economic Thought and Policy.

xi
 List of Abbreviations

CAP Common Agricultural Policy

EC European Commission
ECB European Central Bank
ECOFIN Economic and Financial Affairs Council
ECSC European Coal and Steel Community
EDC European Defence Community
EEC European Economic Community
EFB European Fiscal Board
EFSF European Financial Stability Facility
EIB European Investment Bank
EMS European Monetary System
EMI European Monetary Institute
EMU [European] Economic and Monetary Union
EPGs European Public Goods
EPU European Payments Union
ESM European Stability Mechanism
EU European Union
FED Federal Reserve System
GDP Gross Domestic Product
ICTs Information and Communication Technologies
IGCs Inter-governmental Conferences
IMF International Monetary Fund
MEP Member of the European Parliament
MSs [EU] Member States
NGEU Next Generation EU
OCA(s) Optimum Currency Area(s) [theory]

xiii
xiv LIST OF ABBREVIATIONS

OECD Organization for Economic Cooperation and Development

OMC Open Method of Coordination
SDRs Special Drawing Rights
UN United Nations [Organization]
 List of Figures

Fig. 4.1 Unemployment rates, euro-area and European Union,

2008–2022 (Feb.) 84
Fig. 4.2 Total investment in the EU, 1996–2019. Source: https://www.
ceicdata.com/en/indicator/european-­union/
investment%2D%2Dnominal-­gdp 96
Fig. 4.3 Target2 balance, 2008–2022 (Jan.). Source: ECB, https://sdw.
ecb.europa.eu/reports.do?node=1000004859105
Fig. 4.4 EU output gaps, EC and IMF estimates. Source: Tooze (2019) 107
Fig. 5.1 Official interest rate and HICP inflation rate, euro-area,
historical series. Source: ECB 127
Fig. 5.2 Unemployment (Y axis) and inflation (X axis) in the eurozone,
2000–2020. Source: Our elaboration from World Bank data 127
Fig. 5.3 Inflation and unemployment, euro area, 2000–2020. Source:
Data from the World Bank 128
Fig. 5.4 Eurobarometer surveys, 1919/2021. Note: Frugal countries
include Austria, Finland, The Netherlands, Sweden, and
Denmark. Source: Eurobarometer, Spring 2019/Spring 2021,
in Buti and Papacostantinou (2022) 132
Fig. 5.5 ECB assets and liabilities, 1999–2021. Source: https://www.
ecb.europa.eu/pub/annual/balance/html/index.en.html138

xv
 CHAPTER 1

Introduction

Abstract This chapter provides the rationale for the volume and the
methodology we shall be using to deal with the historical evolution of the
concepts and concrete proposals that inspired the making of the European
economic governance. It explains how, to grasp its complexity and under-
stand the main features of its recent developments, it is key to observe and
single out the never-ending connections among major historical events,
evolving economic theories, and public policies, highlighting the feed-
backs and signals that come to be established among them. Contrary to
most academic narratives on European integration, we shall concentrate
not only on success stories but also on failures, as we believe they may
prove key to avoiding previous mistakes and shortcomings of current proj-
ects for further integration, which are indeed very similar to past ones.

Keywords Economic integration • Rhetoric of success • Rhetoric

of failure

Crises and Challenges: Exploring the Past

and Future of the European Economic Governance
The dramatic crises induced by the Covid-19 pandemic and the war in
Ukraine triggered unprecedented reactions from European institutions,
accompanied by widespread calls for a comprehensive rethinking of the

© The Author(s), under exclusive license to Springer Nature 1

Switzerland AG 2022
F. Masini, European Economic Governance,
https://doi.org/10.1007/978-3-031-13094-6_1
2 F. MASINI

scope, instruments, and collective decision-making mechanisms of the

European Union (EU). During the last few months, both an academic
and public debate emerged demanding greater EU responsibility in key
policy areas and a major revision of its economic governance and tools.
Discussions before and during the pandemic ranged from the timing
and reforms for a return to the Stability and Growth Pact (among the
many: Hauptmeier & Leiner-Killinger, 2020; Truger, 2020; European
Fiscal Board, 2020; Giavazzi et al., 2021; Hauptmeier et al., 2022) to
rethinking the output gap as a benchmark to guide national fiscal policies
(Brooks & Fortun, 2019; Bodnár et al., 2020; Gros, 2020). From the
need to raise genuine EU-own resources in view of an autonomous supra-
national fiscal capacity (Giavazzi et al., 2021; Marimon & Wicht, 2021) to
finance European-wide public goods (Fuest & Pisani-Ferry, 2019) to
rethinking the concept of relevant market and allow for the building of a
European industrial policy (Petropoulos, 2019; Masini, 2019).
The recent conflict in Ukraine added renewed attention on the multi-­
layered—local (both sub-national and trans-national), national, and supra-
national—nature of a few but key collective goods such as security, defence,
energy, infrastructure; on the relationship between private and public
spending to push investment in the digital and green transitions; on the
urge to adapt the economic governance in the EU to a rapidly evolving
domestic and international framework.
Such issues may appear as brand new, suggesting that further, major
changes of the European economic and institutional architecture may be
ahead. In fact, most of them were already raised and tackled several times
in the past. For example, the ECSC in 1951 was already endowed with an
autonomous fiscal capacity; a common defence policy was agreed upon in
1953 with the EDC; the Spaak Report of 1956 pushed for a European
industrial policy and European-wide investments, as did the Delors’s
White Paper of 1993 (pointing, in particular, at a digital and green transi-
tion); the Rome Treaties signed in 1957 already envisaged a European
Investment Fund to assist the creation of EU-wide market strategies; the
McDougall Report in 1977 suggested the enlargement of the suprana-
tional budget and the outlining of a few European public goods. All of
them failed.
The rhetoric of success (according to which only success stories were the
building blocks of the narrative on regional integration in Europe) that
dominated the storytelling concerning European integration until the
2008–2012 crises, pushed such failures to the margins of collective
 1 INTRODUCTION 3

memory. Such narratives mainly relied on the (neo)functionalist ideas

(Haas, 1958, 1964), based on a deterministic spill-over from one sector to
another, picturing integration as a sort of (unavoidable and) increasing
progress. While European integration was increasingly pursued via inter-
governmentalism, with its clash among diverging national interests: hence
a process that, although narrated as a continuum, did not at all proceed
along any linear path.
This narrative veil has systematically hidden crossroads and failures,
which should be at least acknowledged not to fall into the same traps that
prevented, in the past, further evolution towards stronger European inte-
gration and global actorness. Neglecting such evidence means risking
overlooking that the current architecture of the EU and its economic
instruments and governance are the fragile result of choices and compro-
mises already made in the past.
History evolves, as well as external constraints and opportunities, but
past choices suggest that optimism in a radical change in the forthcoming
future may be misplaced. A robust historical awareness is key if we are to
avoid the danger of thinking about the future in deterministic terms. The
current system, being the outcome of several paths taken and not taken by
the European integration process during its evolution, is the result of con-
flicting intellectual forces, cultural backgrounds, and economic and politi-
cal interests.
As Steinmo (2016: 108) suggests: “history matters […] history pro-
vides experience and experience can change the beliefs and preferences of
citizens and their elites”. Path dependency matters (David, 2005), also for
the evolution of European integration (Pierson, 1996; Thatcher & Woll,
2016). Hence the need for a full historical knowledge of such crossroads,
that is, nonetheless, conflicting with the current state of public and aca-
demic debates, still mostly biased by dominant narratives (Shiller, 2019).
The goal of this book is much less ambitious than providing full histori-
cal knowledge. We only dare to help building greater awareness to cast
some light on the process of European economic integration and accom-
pany the forthcoming decisions on the future of Europe. We shall do it
digging behind the curtain of dominant narratives, exposing the untaken
roads of such integration with their related intellectual backgrounds, and
providing a less biased storytelling framework to analyse the evolution of
the European economic governance.
The scholarly literature offers a few attempts that acknowledge the rel-
evance of historical debates for current decision-making ( e.g. Maes, 2004,
4 F. MASINI

2010; Brunnermeier et al., 2016; Dyson & Maes, 2016); most of such
perspectives are nevertheless narrowed by the examination of success sto-
ries, highlighting the cultural traditions behind current economic policy
arrangements and structures. And the monumental works by Dyson and
Quaglia (2010) provide a wide-ranging commentary on the most impor-
tant documents that accompanied the making of the European economic
governance.
Our perspective here is different, inspired by the suggestion of Niels
Thygesen (2020), President of the European Fiscal Board, who recently
suggested an institutional change in the European economic governance,
with the creation of an EU Treasury, learning from the failures of similar
proposals in the past. What follows is an attempt to provide, with a (hope-
fully) fluid narrative open to a wide audience, an evolving framework—
organized in chronological terms—of the most relevant features of the
European economic governance, since its early stages until the recent
health and geopolitical crises; to highlight both successes and failures; and
review reform proposals that have been, and are being, discussed; and that
might shape the future of the European economy.
The methodology of enquiry is one of those prevailing in the subject
matter of the history of economic thought. Theories, events, and public
choices are closely interdependent factors in the processes of production
and circulation of ideas that are, in turn, key to forging public policies and
to determine how history evolves. Although a division of labour has
tended to emerge (Cairncross, 1996: 3) in the academic studies, where
each of the three factors has become the core object of study by special-
ized intellectuals, these features are inherently highly interdependent. And
cannot be studied separately without failing to grasp the general picture of
historical evolution.
This is the reason why this volume tries to focus on highlighting the
evolving and never-ending impulses and feedbacks among facts, theories,
and policies (Masini, 2013); trying to underline the extent and direction
of such feedbacks and causal relations; reconstructing the (changing) role
of each of these three components in the evolution of the European inte-
gration process as concerns its economic governance. This is the reason
why we selected arguments and threads that allowed us to underline such
interdependencies.
This book is devoted primarily to post-graduate university students,
and to under-graduate students that are familiar with basic macroeconom-
ics: they are the generation that will ultimately bear the consequences of
 1 INTRODUCTION 5

the choices that we now make (or avoid making) concerning the architec-
ture of the next years of the European integration. At least, they should be
aware of where we come from, how we arrived here, and what is at stake
in the forthcoming years. This book might also be of some help to scholars
in a variety of fields concerning economics, political science, and interna-
tional relations dealing with European integration, as it seeks to provide a
concise reconstruction of the origins and evolution of the European econ-
omy and its management.
The next chapter dwells on the emergence of Europe as an optimum
policy area, an experimental unit to attempt overcoming conflicting
national sovereignties and building a workable supranational and multi-­
layered democracy. An intellectual experiment first that attracted many
diverse cultural traditions, which then became mature during the years
soon before WWII, and would later provide the intellectual push and pol-
icy proposals for its first building blocks after the war. Under the Bretton
Woods regime and the Cold War, Europe thought the experiment might
take as much time as was necessary to compromise among conflicting
national interests and cultural backgrounds, thus mainly progressing
merely in economic and monetary integration.
The third chapter reconstructs the concrete steps made in building the
infrastructure of the European economic governance since the fall of the
Berlin Wall in 1989, which imposed an acceleration on history. Europe
needed to step up but was found largely unprepared. The response was the
Maastricht Treaty, with both its bright and dark sides. Fiscal constraints
were hoped to supplement the lack of collective political discretional
power, and the euro was born with inherent shortcomings that only
needed a major crisis to deflagrate.
Chapter 4 shows what happened when crises hit. First the US-led finan-
cial crisis; then the asymmetric, endogenous sovereign-debt crisis. Despite
ex-ante criticism to the theory of expansionary consolidation applied to
the fragile European institutional and decision-making architecture, an
increasing intergovernmental governance and further strengthening of fis-
cal rules led to divergent macroeconomic performance in the euro-area,
with a wide-ranging impact on public consensus towards European inte-
gration and the rise of euro-exit and euro-sceptic narratives that European
institutions were not able to address adequately.
Chapter 5 is almost chronicle. It shows how different the reaction of
European institutions was against the Covid-19 pandemic since Spring
2020. It shows that Europe is struggling to increase its global actorness in
6 F. MASINI

times of geopolitical earthquakes and to strengthen the institutional

mechanisms and policy areas of its supranational governmental level,
pending a more general rethinking of its material economic and political
constitution.
The final chapter draws some conclusions and highlights a few intel-
lectual and political challenges that still need to be addressed.

References
Bodnár, K., Le Roux, J., Lopez-Garcia, P., & Szörfi, B. (2020). The Impact of
COVID-19 on Potential Output in the Euro Area. ECB Economic
Bulletin, Issue 7.
Brooks, R., & Fortun, J. (2019, May 23). Campaign Against Nonsense Output
Gaps. Institute of International Finance. https://www.iif.com/Portals/0/
Files/4_IIF05232019_GMV.pdf
Brunnermeier, M. K., James, H., & Landau, J. P. (2016). The Euro and the Battle
of Ideas. Princeton University Press.
Cairncross, A. (1996). Economic Ideas and Government Policy. Contributions to
Contemporary Economic History. Routledge.
David, P. (2005). Evolution and path Dependence in Economic Ideas: Past and
Present. Edward Elgar.
Dyson, K., & Maes, I. (2016). Architects of the Euro. Intellectuals in the Making of
European Monetary Union. Oxford University Press.
Dyson, K., & Quaglia, L. (2010). European Economic Governance and Policies.
Commentary on Key Historical and Institutional Documents (2 Vols.). Oxford
University Press.
European Fiscal Board. (2020, September 28). Annual Report 2020. European
Commission.
Fuest, C., & Pisani-Ferry, J. (2019). A Primer on Developing European Public
Goods. Economic Policy Report. IFO Institute.
Giavazzi, F., Guerrieri, V., Lorenzoni, G., & Weymuller C. H. (2021). Revising
the European Fiscal Framework. Italian Government. https://www.governo.it/
s i t e s / g o v e r n o . i t / f i l e s / d o c u m e n t i / d o c u m e n t i / N o t i z i e -­a l l e g a t i /
Reform_SGP.pdf
Gros, D. (2020, April 5). EU Solidarity in Exceptional Times: Corona Transfers
Instead of Coronabonds. VOX CEPR Policy Portal.
Haas, E. B. (1958). The Uniting of Europe: Political, Social, and Economic Forces
19050-1957. Stanford University Press.
Haas, E. B. (1964). Beyond the Nation State. Stanford University Press.
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Hauptmeier, S., & Leiner-Killinger, N. (2020). Reflections on the Stability and

Growth Pact’s Preventive Arm in Light of the COVID-19 Crisis. Intereconomics,
55(5), 296–300.
Hauptmeier, S., Leiner-Killinger, N., Muggenthaler, P., & Haroutunian, S. (2022,
March). Post-COVID Fiscal Rules: A Central Bank Perspective. ECB Working
Paper Series, 2656.
Maes, I. (2004, August). Macroeconomic and Monetary Policy-Making at the
European Commission, from the Rome Treaties to the Hague Summit.
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Maes, I. (2010). Economic Thought at the European Commission and the
Creation of EMU (1957-1991). Storia del Pensiero Economico, 2, 63–80.
Marimon, R., & Wicht, A. (2021, June). Euro Area Fiscal Policies and Capacity in
Post-Pandemic Times. European Parliament.
Masini, F. (2013). Facts, Theories, and Policies in the History of Economics. An
Introductory Note. History of Economic Thought and Policy, 2(1), 5–16.
Masini, F. (2019). Competition Protection and European Industrial Policy. The
Federalist, LXI(Single Issue), 16–27.
Petropoulos, G. (2019, July 15). How should the relationship between competi-
tion policy and industrial policy evolve in the European Union? Bruegel.
Pierson, P. (1996). The Path toward European Integration: A Historical
Institutionalist Analysis. Comparative Political Studies, 29(2), 123–163.
Shiller, R. (2019). Narrative Economics. How Stories Go Viral & Drive Major
Economic Events. Princeton University Press.
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Historical Institutionalism (pp. 107–123). Oxford University Press.
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(Eds.), The Oxford Handbook of Historical Institutionalism (pp. 504–516).
Oxford University Press.
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Architecture of the Economic and Monetary Union (pp. 27–32). CEPR Press.
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 CHAPTER 2

Designing and Building a European

Economy: From the 1930s to 1991

Abstract This chapter reconstructs the major intellectual influences that

impacted the early designing, before WWII, and building, after the war, of
the European process of economic integration. We shall illustrate how the
failure to properly address the challenge of sharing national sovereignty
(upon which the European project was built) beyond coal and steel led
Europe to several, relevant failures that would impact the effectiveness of
the European economic action until the late 1980s. We shall reconstruct
the role of changing theoretical patterns in assisting and contrasting the
political will to proceed along monetary integration during the 1970s and
highlight the role of Padoa-Schioppa’s theory of the inconsistent quartet
as an agenda-setting mechanism to deepen European integration, eventually
leading to the launching of the single currency project.

Keywords Early European economic architecture • Neoliberalism •

Federalism • Monetary integration

The Early Designing of a European

Economic Architecture
The history of European economic and monetary integration starts well
before common institutions were born. Upscaling earlier, scattered, ideas
on how to build a European supranational actor, during the 1930s, many

© The Author(s), under exclusive license to Springer Nature 9

Switzerland AG 2022
F. Masini, European Economic Governance,
https://doi.org/10.1007/978-3-031-13094-6_2
10 F. MASINI

intellectuals were engaged in designing the forthcoming architecture of

the European regional integration that, they were convinced, would
sooner or later emerge from conflicts.
The collapse of the fragile European balance of power with WWI and
the emergence of a global actor in America prompted Europeans to make
an effort in imagination and think of Europe beyond its fragmentation
into nation-States, whose dimensions were becoming relatively and
increasingly smaller in global terms. The only way to contrast hegemonic
solutions to European fragmentation (as the attempts made by Napoleon
and Hitler) was to design mechanisms and an institutional framework that
might ensure strategic (regional) unity, at the same time preserving decen-
tralized (national) autonomy. An effort that engaged most European
intellectuals between the two World Wars.
On their part, also the most renown economists of those times started
to reflect on the optimum allocation of economic competences to be
attributed to national and supranational (European) institutions.1
Until those years, economists thought of the economy as a bi-­
dimensional problem: one related to domestic, the other to international
issues. The distinction passing from the fact that the domestic economy
was characterized by high internal factors mobility and substantial lack of
external mobility. A dichotomic theory that remained unchallenged, not-
withstanding the first wave of globalization under the hegemony of
Victorian England. It would take a few decades to fully grasp the implica-
tions of increasing global interdependence (Boulding, 1946). Increasing
international movements of goods (partly accompanied by greater capital
and labour trans-national mobility) only reinforced the belief—already
held by classical political economists—that, once two global public goods
like a stable international monetary standard and free trade were ensured,
global peaceful economic and political relations would result.
The dominant approach to international economic relations was a com-
bination of faith in such global public goods and a policy agenda whereby
pursuing democracy/socialism/liberalism from below, as Sally (1998)
would argue, would be beneficial to the whole humankind once each
country conformed to the ideals of each ideology. Hence, for example,
socialists struggled to impose socialist values in each nation, sure that,

1
Just to cite a few among them: William H. Beveridge, Attilio Cabiati, Edwin Cannan,
Luigi Einaudi, Friedrich A. von Hayek, Ludwig von Mises, Jean Monnet, François Perroux,
Lionel Robbins, Wilhelm Röpke, Jacques Rueff, Barbara Wootton.
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