Title: A SOCIAL DIMENSION FOR THE EMU: WHY AND HOW?
Abstract: SUMMARY The debate on a social dimension for the Economic and Monetary Union (EMU) is not a new one, yet social considerations have been put on the top of the European political agenda again in the context of deep economic recession and of the reform of EMU’s architecture. As citizens across many member states perceive that the European project is suffering from a real “social deficit”, the Heads of State and Government are expected to define the elements of this new “social dimension of the EMU” at the European Councils of next October and December. The purpose of this policy paper is to shed some light on how a social dimension for the common currency area could and should look like today. In a general manner, the paper argues that social considerations must be placed at the core of European integration and mainstreamed into all EU policies and initiatives. However, European action in the field of social policy should be pursued only when it is necessary and justifiable. The first part of the policy paper addresses an important question of whether a reinforced social dimension is needed at the EMU17 or at the EU28 level. The policy paper argues that undoubtedly it is desirable to reinforce the social dimension of the EU as a whole, mainly for three reasons: (i) the ongoing deepening of the single market and the risks of “race to the bottom” often associated with it; (ii) the declining citizen support for the European project and thus its overall legitimacy; and (iii) the need to deal with social consequences of the current economic crisis in the short run.
Publication Year: 2013
Publication Date: 2013-01-01
Language: en
Type: article
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