How the EZ crisis is permanently changing EU institutions?

A nice piece by Stefano Micossi of College of Europe.

He sums up the various policies taken by policymakers in Europe which have led to deep institutional changes in Europe. So it has this nice list of all those 2 packs, 6 packs, fiscal compacts and what they mean and the changes they bring. The common thing across these changes is loss of sovereignty.  He proposes how we can make these changes more democratic and accountable..

Four main conclusions stand out from the preceding analysis.

  • The centralisation under way in executive powers for economic policymaking cannot be seen as a temporary device to deal with the crisis
  • While the Eurozone is emerging as the centre of enhanced integration of economic policymaking within the Union, it is not a foregone result that the broader EU-wide framework will be relinquished
  • The European Council is likely to remain the top executive power in the EU, with the European Commission playing a central role in the implementation of common policies, rather than initiating or deciding them.
  • The mechanisms and institutions that will be needed to restore adequate legitimacy and accountability to economic-policy decision making will require stronger involvement of national parliament in legitimising commitments taken by national governments in European Council deliberations, and some forms of direct accountability of the European Council to the European Parliament.

Nice read..




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