Liberal Intergovernmentalism and the Establishment of the European Stability Mechanism

Pan, Wen, Hosli, Madeleine and Lantmeeters, Michaël (2019). Liberal Intergovernmentalism and the Establishment of the European Stability Mechanism. UNU-CRIS Working Papers. UNU Institute on Comparative Regional Integration Studies.

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  • Sub-type Working paper
    Author Pan, Wen
    Hosli, Madeleine
    Lantmeeters, Michaël
    Title Liberal Intergovernmentalism and the Establishment of the European Stability Mechanism
    Series Title UNU-CRIS Working Papers
    Volume/Issue No. W-2019/1
    Publication Date 2019
    Place of Publication Bruges
    Publisher UNU Institute on Comparative Regional Integration Studies
    Pages 28
    Language eng
    Abstract The European Union (EU) was both created by and developed through a combination of Treaties signed by participating nation states and supranational activity. This paper aims to use Liberal Intergovernmentalism (LI), an influential European integration theory to account for EU milestone developments and policy outcomes forged by intergovernmental negotiations among EU member states. The establishment of the European Stability Mechanism (ESM) — a permanent rescue mechanism purposely adopted to counter the Eurozone sovereign debt crisis — represents a typical case of crisis induced deepening of EU integration. Utilizing the research methods of congruence testing and process-tracing, this paper examines Liberal Intergovernmentalism’s (LI) analytical and predictive power in explaining the creation of the ESM. The research results show that the three-phase LI model works well in accounting for the highly state-driven formation of the ESM. Based on the case study of the ESM, however and partially drawing on alternative theoretical approaches, new factors and causal mechanisms are proposed as additions to the LI model.
    Keyword Liberal Intergovernmentalism
    European Stability Mechanism
    Euro crisis response
    Copyright Holder UNU Institute on Comparative Regional Integration Studies
    Copyright Year 2019
    Copyright type All rights reserved
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    Created: Tue, 09 Jul 2019, 21:09:14 JST by Masovic, Ajsela on behalf of UNU CRIS