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EMU’s Asymmetrical Institutional Design

  • Pierre Schlosser
Chapter

Abstract

EMU features an inherent imbalance between a centralized monetary policy and decentralized fiscal policies. This singular regime has however been subject to changing expectations over the decades preceding the creation of the euro. Whilst early blueprints recommended the simultaneous creation of a monetary union and of a fiscal union, this institutional symmetry vanished with the advent of the Maastricht Treaty. This chapter retraces the build-up of EMU with a view to canvassing the chief steps of its evolution. For that, its distinctive fiscal nature as well as its key actors and instruments are described. The chapter sets out the institutional equilibrium that EMU had reached before the euro crisis hit the continent.

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Copyright information

© The Author(s) 2019

Authors and Affiliations

  • Pierre Schlosser
    • 1
  1. 1.European University InstituteFlorenceItaly

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