Numerous scholars have argued that economic governance in the European Union (EU) has undergone an undemocratic shift as part of the crisis, with accountability moving from parliamentary to executive powers. This paper challenges this view, arguing that the crisis has led to a shift from economic to political accountability. I define economic accountability as the market-led accountability regime enshrined in EU Treaties and contrast it to the current political accountability regime, by which creditor states and monetary institutions have supplanted markets as a forum for rewarding and disciplining market actors. This ‘substitution effect’ has been sustained by European Court of Justice (CJEU) jurisprudence, with the CJEU positing a functional equivalence between market-driven pressures and political conditionality.
EU Economic Governance after the Crisis: Revisiting the Accountability Shift
in EU Economic Governance, Journal of European Public Policy 26 (2019), 1354-
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