National states, transnational institutions, and hegemony in the EU

Lapavitsas, Costas; Cutillas, Sergi

Abstract

The institutional framework of the EU was altered by the pandemic shock of 2020, introducing greater discretion in both monetary and fiscal policy. The changes relate mostly to monetary policy and cast light on the theoretical debates regarding national states and transnational mechanisms in the EU. Some of the likely implications can be gauged through the balance sheet of the European Central Bank and the operations of the clearing mechanism of TARGET2. Fiscal policy was also transformed due to the threat posed by the pandemic for the euro, thus lifting the framework of austerity. It is notable that the emerging policy framework lacks clear rules, reflecting the peculiar character of German hegemony as well as deep divisions between core and periphery in the EU.

Citation

Lapavitsas, C., & Cutillas, S. (2022). National states, transnational institutions, and hegemony in the EU. Evolutionary and Institutional Economics Review, 19(1), 429-448. https://doi.org/10.1007/s40844-021-00227-z

• Journal Article Type: Article
• Acceptance Date: Oct 9, 2021
• Online Publication Date: Oct 31, 2021
• Publication Date: Apr 1, 2022
• Deposit Date: Dec 1, 2024
• Journal: Evolutionary and Institutional Economics Review
• Print ISSN: 1349-4961
• Electronic ISSN: 2188-2096
• Publisher: Springer
• Peer Reviewed: Peer Reviewed
• Volume: 19
• Issue: 1
• Pages: 429-448
• DOI: https://doi.org/10.1007/s40844-021-00227-z
• Keywords: EU, National state, Hegemony, Monetary union, Central bank, TARGET2
• Publisher URL: https://link.springer.com/article/10.1007/s40844-021-00227-z