Centralization of rule-making versus embeddedness in the Eurozone

Maja Savevska

Centralization of rule-making versus embeddedness in the Eurozone

Maja Savevska

Political Science and International Relations Department

Research output: Contribution to journal › Article › peer-review

2 Citations (Scopus)

Abstract

A new consensus has emerged which stipulates that the Eurozone problems are caused by a lack of embeddedness of the euro in proper financial and fiscal unions. This paper reviews the debates on the Eurozone’s state of disembeddedness and argues that it is not enough to embed the monetary union in scaled-up financial and fiscal unions. For the euro problems to disappear it needs to be embedded in social Europe. The transfer of policy prerogatives at the supranational level does not make the structure embedded, but the substance of the policy measures. From a Polanyian perspective, the extent of the Eurozone dis/embeddedness depends not on the level of centralization of policymaking, but on the interplay between the two forgotten Polanyian principles: improvement and habitation. This paper tries to assess the extent of dis-embeddedness through these two principles.

Original language	English
Article number	https://www.tandfonline.com/doi/full/10.1080/14782804.2020.1784110
Pages (from-to)	449-463
Number of pages	15
Journal	Journal of Contemporary European Studies
Volume	28
Issue number	4
Publication status	Published - Dec 2020

Funding

This work was supported by Erasmus + Programme under a Jean Monnet Grant [number 586930-EPP-1-2017-1-KZ-EPPJMO-MODULE]. I would like to thank Alison Johnson for her valuable feedback at the 15th Biennial European Union Studies Association Conference in Miami, Florida and Matthew Watson and David Canon for their continuous mentorship.

Funders	Funder number
Erasmus +	586930-EPP-1-2017-1-KZ-EPPJMO-MODULE

Keywords

Eurozone
Polanyi
banking union
disembedded
embedded currency area

ASJC Scopus subject areas

Cultural Studies
Sociology and Political Science
Political Science and International Relations

Cite this

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Centralization of rule-making versus embeddedness in the Eurozone

Abstract

Funding

Keywords

ASJC Scopus subject areas

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