Tsoukalis and the Political Economy of European Integration

Abstract

Abstract This chapter is a review study of Loukas Tsoukalis’ published work on the political economy of European integration. A reverse chronological order is followed, its benchmarks being provided by Tsoukalis’ books; his journal articles and chapters in edited volumes are also reviewed, albeit selectively. Tsoukalis’ main research interests lie with the issues of money, monetary unification, and macroeconomic policy in the EU (and the euro area). Tsoukalis has especially been concerned with structural asymmetries, macroeconomic imbalances, and economic and social inequalities frustrating the European project, while being also reinforced by European economic integration and globalization. Yet, he has never confined his research within the limits of conventional economic analysis. Tsoukalis has, instead, sought to make sense of the political perplexities inherent in European economic integration; and he has constantly looked at the bigger picture. At the methodological level, Tsoukalis has been rather sceptical of mainstream economic theory; and he has often set himself free from the rigours of formal methodology, while having adopted an empirical approach. Sometimes he has embraced a normative rather than strictly analytical perspective, thereby articulating policy suggestions—and feeding ideas into the European political discourse. Tsoukalis has, thus, been influenced by Keynes’ ideal stereotype of economists as men of affairs: philosophers, politicians, and pragmatists. Above all, Loukas Tsoukalis has unequivocally been making the case for European integration, while also taking into account objective constraints and subjective sensibilities—a European idealist and a realist at one and the same time.