from Part III - Implementing Economic Governance
Published online by Cambridge University Press: 02 May 2025
The concluding chapter begins by summarizing the main findings of how politicians balance pressures arising from the economy, national politics, and supranational politics when they design and implement the economic policy of the European Union. With different emphasis, these pressures resurface across time and cut across the entire policy cycle, from the formation of preferences to the negotiations over legislative and executive measures, the timing and direction of reforms, and the patterns of compliance. The chapter then draws some tentative, yet interesting, insights about the effectiveness, fairness, and responsiveness of the policy. The record of effectiveness is mixed. Long-term trends appear reasonably reassuring, but these dynamics hide large cross-country differences, which, rather worryingly, characterize mainly the euro area. There are, however, no glaring indications of unfairness. Concerns about negative externalities have trumped the influence of raw economic power in implementation. Moreover, the policy is not insensitive to changes in public opinion and governmental positions. The chapter concludes by highlighting the usefulness of this theoretical framework.
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