Kiel Working Papers, Kiel Institute for World Economics
No 1217:
Germany in the European Union: Economic Policy under Ceded Sovereignty
Horst Siebert
Abstract: The member states of the European Union have given up
sovereignty in quite a number of policy areas and subjected themselves to
joint decisionmaking at the European level. Policy instruments are no
longer available nationally in many policy areas, including monetary
policy, trade policy, the more important part of competition policy,
subsidy control, and a large number of the regulations in the product
market, the environmental arena, and the capital market. The maneuvering
space for national economic policy-makers has been reduced considerably. In
quite a few areas in which decisions are taken with a qualified majority,
the member countries can be outvoted and have to accept the decisions taken
by others. This paper surveys the new decision space of economic policy of
a member state including the latest constitutional arrangement.
Keywords: European integration, sovereignty, EU constitution; (follow links to similar papers)
JEL-Codes: E58,; F15,; H77; (follow links to similar papers)
55 pages, July 2004
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