Patterns of pooling and delegation after the crisis: old and new asymmetries

Abstract

ABSTRACTInterpretations of the nature of integration since the outbreak of the euro crisis differ greatly. Either observers see a full restoration of national control or they find a substantial upgrade of supranational autonomy. In light of these contradicting perspectives, this article searches for general patterns of crisis-driven integration. To this end, it analyses the key institutions of the reformed European economic governance. The findings show that control over risk-reducing and market-making institutions have been delegated to supranational institutions whereas control over all risk-sharing and market-correcting institutions has remained in the hands of the member states. This pattern of pooling and delegation of competences reflects the superior bargaining power of creditor states during the crisis. As a consequence, crisis-driven integration has deepened the structural asymmetry between market-making and market-correcting of European integration.