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Emmanuel Mourlon-Druol (European University Institute, Fiesole/Florenz): 
“Federal Anathema: How European Policymakers Shelved Economic Union in the Making of the Euro” 

The term “Economic and Monetary Union” (EMU) is, in many ways, a misleading label. European policymakers established a monetary union in 1992 with the Treaty of Maastricht but failed to create the accompanying economic union necessary to support it. The key items missing at the time are well-known and primarily focus on three policy areas: a substantial redistributive central budget, common supervision of banks and effective coordination of economic policies. However, rich debates related to the “E” of EMU occurred before 1992. This presentation will uncover some of the proposals European policymakers put forward in the long history of EMU discussions.

While numerous factors have contributed to shelving these proposals, I argue that resistance to increased centralization – defined as the transfer of more authority to a supranational European institution – has been the predominant factor explaining it and continues to pose challenges for the EU today. This presentation will highlight specific examples from the three relevant policy areas.

Programm WISO Abendkolloquium und WU Kolloquium SoSe 2025 (pdf)