Abstract

The reforms addressing the European governance, which followed the sovereign debt crisis, have strengthened EU Institutions’ powers on economic policy. These reforms are necessary for the functioning of an institutional framework that is grounded on both supranational sharing of monetary policy and national powers over economic policy. However, that institutional arrangement severely affects national democratic processes. The essay argues that these reforms affect Member States’ ability to control their economic policies tearing apart the real economic policy-maker from those institutions democratically legitimised and politically accountable before their citizenry.