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The introduction of the euro is accompanied by an independent European Central Bank (ECB) which is solely responsible for monetary policy in the euro zone. No European institution will be introduced to flank the ECB. This particular institutional design is problematic. This article argues that Economic and Monetary Union (EMU) suffers moderately from a democratic deficit. However, the case of Germany illustrates that it is not the independence of the ECB that should be cause for concern, but the absence of specific domestic features and a government. It is unclear which political authority will be held responsible if EMU leads to an uneven distribution of costs and benefits across the euro zone. Economic literature suggests that under EMU distortions could well occur and that a different design could deal better with these imperfections. The historical process leading to EMU explains the reasons for its particular design. Although imperfect, EMU is an improvement over the pre-EMU status quo in which Germany de facto dominated monetary policy. Nevertheless, the design of EMU remains suboptimal.

Examines whether economic and monetary union (EMU) and the European Central Bank (ECB) causes a democratic deficit problem; non-majoritarian forms of policymaking, democratic accountability, economic theories for institutional design, and why an economic government was absent from the EMU project. Some focus on lessons from Germany about the role of an independent central bank.

The challenges that have been facing the European Union in recent years have given rise to the question: who leads the EU? This book offers a systematic analysis of political leadership in the EU. This volume offers a theoretical and conceptual analysis of political leadership in the EU. It deals with questions such as what kind of leadership is there in the different domains (such as climate change or central banking). It also examines how various EU institutions (European Commission, European Parliament) exert or have exerted leadership. Furthermore, it examines the role of the presidents of some of these institutions, such as the European Commission the European Council, the European Central Bank, but also of selected national leaders. Although the book does not advance a single leadership concept, the findings of the individual case studies show that the EU is by no means leaderless. The chapters originally published as a special issue in the Journal of European Integration.

By examining the various policy subfields of European economic integration such as agriculture, trade, banking, economic governance and sustainability this book offers a comprehensive and wide-ranging analysis of that developments that have taken place in the past five years aimed at exploring the path of economic integration in Europe.

Over the past five years Europe has continued its growth towards closer financial ties and economic integration. Through specific policies on subfields including agriculture, trade, competition, banking and economic governance the economic fortunes of individual European countries are more closely tied than ever. The aim of this comprehensive collection is to provide an overview of these policy developments for those who wish to gain an understanding of European economic integration without assuming prior knowledge of economics or using technical terms but rather is written in an accessible style and geared towards a wider-readership. On top of this, the volume also deals with many of the current issues that the European economic integration is faced with such as the global financial economic and sovereign debt crisis.