Governance of the Eurozone. Towards the End of Democracy?

Abstract

The architecture of the European Union is permanently under construction and there is no agreement on the plans. More and more powers should be devolved at the EU level according to federalists, while inter-governmental functioning should remain the rule according to those in favour of a Europe of sovereign nations. The issue of democracy arises in both cases. EU countries specificities remain strong, both in terms of institutions, social and tax systems, short-term economic developments, structural issues and political debates. Can major decisions be made at the EU level, either by a EU government, a EU parliament or by heads of State without consulting (or even against the opinion of) the population concerned? This is the terrible lesson which can be drawn from the agreement imposed on Greece in Summer 2015. The paper provides a critical analysis of governance developments in the euro area.