The EU economic governance needs to be improved

Journal title ARGOMENTI
Author/s Sebastiano Fadda
Publishing Year 2014 Issue 2014/41
Language Italian Pages 17 P. 5-21 File size 90 KB
DOI 10.3280/ARG2014-041001
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Globalisation has not been accompanied by an effective governance of economic activity. Two principal problems have arisen: the inefficiency and ineffectiveness of international regulation bodies, and their compatibility with the sovereignty of individual nation states. Supra-national institutions appear to lack two fundamental features of democracy: participation of people and accountability of policy makers. The measures taken by the EU to cope with the crisis, are inadequate owing to some incorrect views about the working of the economy and to the lack of proper European economic governance - the decisions being dependent either on the interests of some of the most influential member States or on the financial establishment. In fact the European monetary Union is a hybrid: neither a federal State nor an international organization of States. It’s doubtful whether Europe is converging towards a federal State and whether this is at all possible at the present time.

Keywords: Global economic governance, European governance and democracy, European economic crisis, globalization and democracy

Jel codes: F550, H770, O520.

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Sebastiano Fadda, Unione Europea. Una governance economica da cambiare in "ARGOMENTI" 41/2014, pp 5-21, DOI: 10.3280/ARG2014-041001