Dermot Hodson

The European Union's small, balanced budget is commonly considered to be one of the most important constraints on the Union's powers. However, the EU has always borrowed, and it is now borrowing on the scale of a large state to aid member states' economic recovery from the COVID-19 pandemic and to support Ukraine. This book tells the story of how the EU became a sovereign-style borrower from Jean-Monnet's 'American Loan' in 1954 to the operation of the Recovery and Resilience Facility seven decades later. Drawing on archival analysis and elite interviews, the book charts the origins and evolution of the European Commission, the European Investment Bank, the European Bank for Reconstruction and Development, and the European Stability Mechanism as European-level borrowers and asks how these bodies' accountability to parliaments, auditors, citizens, and civil society groups can be improved. The EU's evolution as a sovereign-style borrower has been driven by a combination of gradual institutional change and hard bargaining between member states with high and low borrowing costs, we find. Since the 1990s, European-level borrowing has also been increasingly shaped by concerns over the EU's legitimacy crisis. Borrowing is not simply a technocratic issue, but one that raises fundamental questions about what sort of polity the EU is and how it could develop in the future. This is an open access title available under the terms of a [CC BY-NC-ND 4.0 International] licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations.

A compelling new history of the EU and the people who sought to shape and challenge it—from Maastricht to today The European Union is the most ambitious, and one of the most contentious, international organizations ever created. Decisions made in Brussels shape the lives of over 500 million Europeans, and its laws and policies resonate around the world. But how has the EU endured over three turbulent decades marred by crises at home and abroad? In this major account, Dermot Hodson traces the development of the EU from its establishment in 1993 through to Brexit, Covid-19, and the invasion of Ukraine. Hodson shows how the union has been held together not by faceless technocrats but national leaders who stood together in times of turmoil despite a fierce backlash from a new generation of right-wing populists. Circle of Stars offers a rich appraisal of Europe’s troubled past and turbulent present—focusing on the people who built the EU as we know it today.

A compelling new history of the EU and the people who sought to shape and challenge it—from Maastricht to today The European Union is the most ambitious, and one of the most contentious, international organizations ever created. Decisions made in Brussels shape the lives of over 500 million Europeans, and its laws and policies resonate around the world. But how has the EU endured over three turbulent decades marred by crises at home and abroad? In this major account, Dermot Hodson traces the development of the EU from its establishment in 1993 through to Brexit, Covid-19, and the invasion of Ukraine. Hodson shows how the union has been held together not by faceless technocrats but national leaders who stood together in times of turmoil despite a fierce backlash from a new generation of right-wing populists. Circle of Stars offers a rich appraisal of Europe’s troubled past and turbulent present—focusing on the people who built the EU as we know it today.

Treaty making is a site of struggle between those who claim the authority to speak and act on the international stage. The European Union (EU) is an important test case in this respect because the manner in which the Union and its member states make treaties has shifted significantly over the last six decades. Drawing insights from EU law, comparative constitutionalism and international relations, this book shows how and why parliaments, the people and courts have entered a domain once dominated by governments. It presents qualitative and quantitative evidence on the importance of public trust and political tactics in explaining this transformation of EU treaty making and challenges the idea that EU treaties are too rigid. Analysing legal developments in the EU and each of its member states, this will be essential reading for those who wish to understand the EU's controversial experiment in treaty making and its wider significance.

Treaty making is a site of struggle between those who claim the authority to speak and act on the international stage. The European Union (EU) is an important test case in this respect because the manner in which the Union and its member states make treaties has shifted significantly over the last six decades. Drawing insights from EU law, comparative constitutionalism and international relations, this book shows how and why parliaments, the people and courts have entered a domain once dominated by governments. It presents qualitative and quantitative evidence on the importance of public trust and political tactics in explaining this transformation of EU treaty making and challenges the idea that EU treaties are too rigid. Analysing legal developments in the EU and each of its member states, this will be essential reading for those who wish to understand the EU's controversial experiment in treaty making and its wider significance.

Can the euro area survive without a more centralized economic policy? What lessons can be drawn from Economic and Monetary Union about new modes of policy-making in the European Union? Have euro area members spoken with one voice on the international stage and what does this mean for the European Union's ambitions to be a global actor in its own right? This book explores these three key questions through an in-depth analysis of euro area governance from the launch of the single currency in 1999 to the sovereign debt crisis of 2010. Drawing insights from the study of European Union politics, comparative political economy and international political economy, it examines: Economic and Monetary Union's break from the Community method of policy-making; the European Central Bank's ambivalence about the pursuit of ever closer union; the Eurogroup's rise and fall as a forum for economic policy coordination; the interplay between national fiscal institutions and the stability and growth pact; the broad economic policy guidelines' failure to apply peer pressure; the European Union's influence within the G20 and the International Monetary Fund at the height of the global financial crisis; euro diplomacy towards China and other rising powers; and current debates about the fate of EMU and the reform of euro area governance in the aftermath of the global financial crisis. The book's conclusions challenge claims that the euro area is in crisis because of its decentralized approach to decision-making alone and the corollary that the euro can be saved only through a further transfer of sovereignty to the supranational level.