The JCMS Annual Review Lecture. The Shattering of Illusions – And What Next?*

Institutional Architecture of the Euro Area

“…The institutional architecture of the euro area had been conceptualized in a number of earlier reports that were issued in response to the sovereign debt crisis and the difficulties that various EU member states faced following the onset of the financial crisis (Ioannou et al ., ). Whether articulated by scholars (De Grauwe, ; Featherstone, ; Tsoukalis, ) or in EU reports on the matter (Juncker et al ., ; Van Rompuy, ), EMU was incomplete. The EU needed to develop paths for deepening EMU.…”

The EU's Socio-Economic Model(s) and the Crisi(e)s Any Perspectives?

“…18 This renewed EU scepticism is mirrored in academic writing, where an EU sceptic position seems on the rise generally. (Tsoukalis, 2011;Usherwood and Startin, 2013) a…”

The Eurozone in 2011

“…The idea that the Commission and Council should offer a view on Member States' draft budgets before national parliaments have had a chance to do so has understandably reignited concerns about a democratic deficit at the heart of economic and monetary union (EMU) 6 . Such criticisms assume that recommendations issued under the European Semester will be ‘more or less binding’ (Tsoukalis, 2011, p. 29), but this surely exaggerates the significance of the new arrangements, with Member States subject to the same non‐binding recommendations from the Commission and the Council as before. A key question for the evolution of the European Semester is how willing the EU executive and EU finance ministers will be to apply peer pressure through this process and how Member States might respond to such naming and shaming.…”