From transparency to ambiguity: the impact of the ECB's unconventional policies on the EMU. Issue 4 (6th June 2016)

• Record Type: Journal Article
• Authors: Krampf, Arie
• Is Part Of: Journal of European integration. Volume 38:Issue 4(2016)
• Page Start: 455
• Page End: 471
• Publication Date: 2016-06-06
• Subjects: EMU -- ECB -- unconventional policies -- Eurozone crisis -- historical institutionalism -- governance gaps; European federation -- Periodicals; Political science -- Periodicals; Europe -- Economic integration -- Periodicals; 341.24205
• DOI: 10.1080/07036337.2016.1160078
• Languages: English
• ISSNs: 0703-6337

Abstract

Abstract: There is no disagreement that during the crisis the EMU has gone through an institutional change. However, there is no agreement concerning the type of change and its drivers. This article focuses on the impact of the ECB's unconventional policies on the EMU at large. The article draws on the historical institutional theory of gradual change, and argues that the ECBs policies led to processes of conversion and displacement in the EMU. The article concludes, therefore, that during the crisis the EMU was not simply 'completed' but it had its institutional path altered.