Economic Governance in the European Union

Peter Ludlow's latest analysis on the Spring European Council of 2005 covers the four major themes of the meeting: reform of the stability and growth pact, the overhaul of the Lisbon strategy, sustainable development and climate change. Drawing on sources beyond as well as in the public domain, Mr Ludlow analyses the making of the Conclusions against the background of lively and at times heated debate in the Council and noisy protests on the streets.

In an opening section, Mr Ludlow places the events of the past few months in a broad historical and conceptual framework. The agreements that were eventually arrived at in Ecofin and the European Council are undoubtedly flawed.

This is not particularly surprising, given the complex balance between centralised and decentralised decision-making required by the treaties.

The shrill, tabloid-style articles that appeared in supposedly serious newspapers proclaiming the death of both the stability and growth pact and the Lisbon strategy are therefore entirely inappropriate.

The changes to both the pact and the strategy that were agreed by the Spring Council improved both. In a system in which the pace of all is heavily conditioned by the speed of the larger states, there can however be no major advance until the governments of Germany and France are willing and able to carry out the economic reforms that both so obviously need.

The EU, working through the revamped Lisbon process and by other means, can apply pressure. The vital decisions can only however be taken in Berlin and Paris.

• Publisher: EuroComment Diffusion
• Author: Peter Ludlow
• Language: English
• Type: Paperback

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