From the SGP to the TSCG through the lenses of European integration theories. Bruges Political Research Papers 67/2018

Aumaitre, Ariane (2018) From the SGP to the TSCG through the lenses of European integration theories. Bruges Political Research Papers 67/2018. [Policy Paper]

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Abstract

The Euro crisis has been the biggest shock European economy has been through since the beginning of European integration. It made apparent a series of structural imbalances and failures in the design of the Economic and Monetary Union (EMU), putting into question its own nature and survival. In spite of the doubts that emerged, the response to the crisis eventually led to a deepening of economic integration within the EU. Which were the driving forces and key actors of this deepening in integration? This paper focuses on the strengthening of the fiscal and economic pillars of EMU, using three theories of European integration: Neofunctionalism, Liberal Intergovernmentalism and New Intergovernmentalism. The paper argues that the deepening of integration can be theorized as the result of asymmetrical interdependence and differences in bargaining power among member states, which decide to give up national sovereignty as a tool for reaching credible commitments.

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