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NUMERO 20 - 24/06/2020

 Reforming the EMU: Trying to Make Sense of the St Nicholas Proposal

Abstract [En]: This paper discusses the reform of the Economic and Monetary Union presented by the European Commission (St. Nicholas proposal) and its position within the overall EMU reform process. The author concentrates on the core of the proposals introduced by the Commission and its recent trends and evolution. This proposal seems at odds with the subsequent strategy and behaviour of the Member States, that decided to abandon the idea of bringing back the EMU post-crisis infrastructure in the Treaty framework and are now pursuing a strategy that provides for the use of Treaty and extra Treaty obligations.


Abstract [It]: Il presente articolo discute il tentative di riforma dell’Unione Economica e Monetaria presentato dalla Commissione Europea nel 2017. L’autore si concentra, in particolare, sul nocciolo del tentative di riforma e sulle ragioni che hanno portato, infine, ad un suo abbandono, mediante il perseguimento di una logica che prevede un rinnovato tentative di riforma mediante una combinazione di strumenti sia al di fuori che all’interno dello schema dei Trattati.


Table of contents: 1. The reform of the Economic and Monetary Union; 2. The recommendation on the future of the Economic and Monetary Union; 3. The TSCG back in the Treaty framework; 4. A European Minister for Economics and Finance? 5. From the European Stability Mechanism to the European Monetary Fund; 6. The risk of the reform: democratic accountability without constitutional reforms; 7. Contextualizing the Commission proposal in the wider picture of EMU reform; 8. Conclusion: understanding the rationale of the St Nicholas proposal.

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