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EU Economic Governance and Globalization

Edited by Miriam L. Campanella and Sylvester Eijffinger

It is through a gradual evolution, rather than by grand design, that the somewhat fragmented economic policies of the EU now appear to be heading towards a rather more robust and coherent economic governance. EU Economic Governance and Globalization considers the following crucial question as the EU enters its final stage of institution-building; will the economic institutions of the EU push ahead to reform its rigid national economies and open them up to globalization and international competition?
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Chapter 1: EU enlargement and flexible integration*

Michele Fratianni


1. EU enlargement and flexible integration* Michele Fratianni THE ISSUES Enlargement in the European Union (EU) threatens to stall the objective of integration deepening. Deepening and enlargement are conflicting goals. The main point of this chapter is that to resolve the conflict between deepening and enlargement the EU must introduce more flexible rules of integration; the chapter also explores how governance must evolve to allow a much larger and more diverse EU. The original European Community (EC) was conceived primarily as a trade bloc. While it is true that the Treaty of Rome has articles defining external equilibrium, full employment, price stability and exchange rate stability as common objectives, these are too vague and cannot in any way be interpreted as a blueprint for monetary union, let alone political union. Economic and monetary union (EMU) was elevated to an objective of the EC by European leaders in the Hague Summit of 1969, three years before the accession of Denmark, Ireland and the United Kingdom. Over the years, the EC invested a great deal of its political capital in EMU. The Treaty on European Union (TEU) made a great leap forward with respect to the Treaty of Rome,1 by imbedding the great aspirations of most EU members to be not only an economic union, but also a monetary union and ultimately, although in an as yet unspecified way, a political union. EMU is now a reality. Two more steps have to be taken to complete the...

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