European Economic Governance and Integration at a Crossroads

Dear Colleagues,

European integration is at a crossroads. With increasing fragmentation and competition worldwide, the shrinking and reshuffling of global value chains, the redesigning of strategic alliances for energy and critical raw materials, and the need to increase the European level of economic sovereignty and strengthen the common industrial policy, a major change is needed in both the instruments and governance of the European economy. The enlargement policy, which is key to stabilizing neighboring regions and strengthening European security, further demands a redesigning of integration architecture as a whole.

The instruments designed during the early days of the pandemic (in particular, the PEPP and the Next Generation EU) provided a rather efficient and innovative temporary framework for crisis management compared to those utilized in the previous decade. The following upset of the geopolitical and macroeconomic global framework exposed the incoherence of the slow rhythm of adjustment that the European Union allowed herself to pursue, as indicated by what occurred with the reform of the Stability and Growth Pact.

The aim of this Special Issue is to provide food for thought in view of the necessary changes in the European economic architecture in order for Europe to fully become a global actor. Among the topics to be explored, the following can be outlined: adjusting policy mixes and economic governance to become a global actor; the international role of the euro; completing the banking union and the European capital market; how to manage a multilayered economic policy; the role of the European Stability Mechanism; how to expand the budget (own resources) and what to use it for (European public goods); how to finance and govern the economy across green and digital transitions; and the future perspectives of trade and monetary agreements with Africa and Latina America.

Prof. Dr. Fabio Masini
Guest Editor

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• European economic governance
• economic and industrial sovereignty
• multilayered economy
• policy mix
• European public goods