Chapter 13 Differentiation and the European Central Bank
As the guardian of the euro, the European Central Bank (ECB) oversees a prime example of differentiated integration. Against the backdrop of the multiple crises of the euro’s second decade, this contribution asks how the ECB has dealt with differentiation. It analyses both the historical development...
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| Formatua: | Online |
| Hizkuntza: | ingelesa |
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Taylor & Francis
2022
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| Sarrera elektronikoa: | https://library.oapen.org/handle/20.500.12657/54471 |
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| _version_ | 1869525670313328640 |
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| author | Schulz, Daniel F. Verdun, Amy |
| author_browse | Schulz, Daniel F. Verdun, Amy |
| author_facet | Schulz, Daniel F. Verdun, Amy |
| author_sort | Schulz, Daniel F. |
| collection | Directory of Open Access Books |
| description | As the guardian of the euro, the European Central Bank (ECB) oversees a prime example of differentiated integration. Against the backdrop of the multiple crises of the euro’s second decade, this contribution asks how the ECB has dealt with differentiation. It analyses both the historical development of the ECB’s relationship with euro outsiders – discerning between ‘old’ opt-outs and ‘new’ accession countries in the context of EU enlargement – and how differentiation affects ECB policymaking across its various tasks. Specifically, we analyze three logics of ‘deepening’ and ‘widening’: (1) Is the ECB encouraging euro membership among the ‘outs’? (2) Does it seek to reduce the impact of differentiation by keeping the ‘outs’ on board as much as possible? (3) Or does the ECB further cement differentiation by excluding the ‘outs’ from decision-making or deepening integration among the ‘ins’ only? We find that, in the past, the ECB has been hesitant to support ‘more Europe’. When the sovereign debt crisis posed a potentially existential threat, however, the ECB started adopting a more proactive role through both monetary policies and discursive acts. The COVID-19 crisis appears to confirm that the ECB has shed its narrow technocratic focus in order to provide political leadership in the EU. Yet, in our view, this does not suggest that the ECB is a competence maximizer ‘hardwired’ to ever closer union. Rather, the evidence suggests that it merely accepted greater powers and a deepening of integration to avert the threat of (differentiated) disintegration. |
| format | Online |
| id | doab-20.500.12854ir-81749 |
| institution | Directory of Open Access Books |
| language | eng |
| publishDate | 2022 |
| publishDateRange | 2022 |
| publishDateSort | 2022 |
| publisher | Taylor & Francis |
| publisherStr | Taylor & Francis |
| record_format | ojs |
| spelling | doab-20.500.12854ir-817492025-02-05T15:06:08Z Chapter 13 Differentiation and the European Central Bank Schulz, Daniel F. Verdun, Amy European Central Bank; euro; ECB; differentiation; EU enlargement; euro membership; disintegration As the guardian of the euro, the European Central Bank (ECB) oversees a prime example of differentiated integration. Against the backdrop of the multiple crises of the euro’s second decade, this contribution asks how the ECB has dealt with differentiation. It analyses both the historical development of the ECB’s relationship with euro outsiders – discerning between ‘old’ opt-outs and ‘new’ accession countries in the context of EU enlargement – and how differentiation affects ECB policymaking across its various tasks. Specifically, we analyze three logics of ‘deepening’ and ‘widening’: (1) Is the ECB encouraging euro membership among the ‘outs’? (2) Does it seek to reduce the impact of differentiation by keeping the ‘outs’ on board as much as possible? (3) Or does the ECB further cement differentiation by excluding the ‘outs’ from decision-making or deepening integration among the ‘ins’ only? We find that, in the past, the ECB has been hesitant to support ‘more Europe’. When the sovereign debt crisis posed a potentially existential threat, however, the ECB started adopting a more proactive role through both monetary policies and discursive acts. The COVID-19 crisis appears to confirm that the ECB has shed its narrow technocratic focus in order to provide political leadership in the EU. Yet, in our view, this does not suggest that the ECB is a competence maximizer ‘hardwired’ to ever closer union. Rather, the evidence suggests that it merely accepted greater powers and a deepening of integration to avert the threat of (differentiated) disintegration. 2022-05-19T04:03:42Z 2022-05-19T04:03:42Z 2022-05-18T08:43:12Z 2022 chapter https://library.oapen.org/handle/20.500.12657/54471 9780367149659 9781032183824 https://directory.doabooks.org/handle/20.500.12854/81749 eng open access image/jpeg image/jpeg Attribution-NonCommercial-NoDerivatives 4.0 International Attribution-NonCommercial-NoDerivatives 4.0 International https://library.oapen.org/bitstream/20.500.12657/54471/1/9780367149659_10.4324_9780429054136-13.pdf https://library.oapen.org/bitstream/20.500.12657/54471/1/9780367149659_10.4324_9780429054136-13.pdf Taylor & Francis Routledge 10.4324/9780429054136-15 10.4324/9780429054136-15 fa69b019-f4ee-4979-8d42-c6b6c476b5f0 The Routledge Handbook of Differentiation in the European Union University of Victoria ab06dcee-1414-4f21-b117-49431e680179 9780367149659 9781032183824 Routledge 17 open access |
| spellingShingle | European Central Bank; euro; ECB; differentiation; EU enlargement; euro membership; disintegration Schulz, Daniel F. Verdun, Amy Chapter 13 Differentiation and the European Central Bank |
| title | Chapter 13 Differentiation and the European Central Bank |
| title_full | Chapter 13 Differentiation and the European Central Bank |
| title_fullStr | Chapter 13 Differentiation and the European Central Bank |
| title_full_unstemmed | Chapter 13 Differentiation and the European Central Bank |
| title_short | Chapter 13 Differentiation and the European Central Bank |
| title_sort | chapter 13 differentiation and the european central bank |
| topic | European Central Bank; euro; ECB; differentiation; EU enlargement; euro membership; disintegration |
| topic_facet | European Central Bank; euro; ECB; differentiation; EU enlargement; euro membership; disintegration |
| url | https://library.oapen.org/handle/20.500.12657/54471 |
| work_keys_str_mv | AT schulzdanielf chapter13differentiationandtheeuropeancentralbank AT verdunamy chapter13differentiationandtheeuropeancentralbank |