Diversified Economic Governance in a Multi-Speed Europe: a Buffer against Political Fragmentation?

Abstract:
As it turns 60, the European Union appears engulfed in a crisis. In response to this, political actors have recently advocated a multi-speed Europe. A metaphor for the central idea is the integration highway: since member states are already moving with different speeds, countries need to be separated into different lanes to avoid a major accident.

Although the idea of a multi-speed Europe has been criticised as an abatement of the initial dream of simultaneous European integration, this commentary views it as a realpolitik that will allow for greater flexibility in decision-making at times when a fast response to financial, humanitarian and security challenges is imperative.

To illustrate this, a scenario is presented on how a multi-speed Europe policy can be applied within the Eurozone to shape two parallel common currency zones. A meticulous application of the multi-speed Europe principle to the Eurozone could address the shortcomings of the initial monetary integration plan and protect the long-term interests of the continent and beyond.

Further information

The JCER is an open-access journal published by the University Association for Contemporary European Studies (UACES) in association with the UACES Student Forum.

The JCER invites submissions from scholars who are experts in any subject area delivering analysis that relates to Europe. This includes, but is not limited to, Politics/International Relations, Area Studies, European Integration, Economics, Law, History, Culture and Learning & Teaching. The journal publishes the work of established academics alongside that of PhD students and early career researchers.

• Primary Source

JCER, Vol.13, No.4 (2017): Complete Issue https://www.jcer.net/index.php/jcer/issue/view/52

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