The chapter analyses the impact of EMU on the European social dimension and its relationship with the EMU. The analysis starts from elaborating a working definition of the notion of ‘European social dimension’, identifying its main constitutive elements, and then tracking its evolution within the EU legal framework. Subsequently, the chapter looks at the early debate about the potential impact that the creation of the EMU could have had on the European social dimension. The analysis then turns to the materialization of early concerns with the post-crisis reform of the European economic governance, by focusing on the structure and the functioning of the European Semester and the recourse to conditionality in the context of financial assistance programmes. In particular, this part of the chapter considers the impact of these measures on the content and function of the European social dimension. The chapter also deals with the implications of the above-described evolution on the EU institutions’ exercise of redistributive functions, by examining the relationship between Structural and Investment Funds and the pursuit of EMU-related objectives. Lastly, the chapter concludes by critically engaging with recent attempts aimed at strengthening the social dimension within the EMU.
The EMU and the European Social Dimension
Francesco Costamagna
2020-01-01
Abstract
The chapter analyses the impact of EMU on the European social dimension and its relationship with the EMU. The analysis starts from elaborating a working definition of the notion of ‘European social dimension’, identifying its main constitutive elements, and then tracking its evolution within the EU legal framework. Subsequently, the chapter looks at the early debate about the potential impact that the creation of the EMU could have had on the European social dimension. The analysis then turns to the materialization of early concerns with the post-crisis reform of the European economic governance, by focusing on the structure and the functioning of the European Semester and the recourse to conditionality in the context of financial assistance programmes. In particular, this part of the chapter considers the impact of these measures on the content and function of the European social dimension. The chapter also deals with the implications of the above-described evolution on the EU institutions’ exercise of redistributive functions, by examining the relationship between Structural and Investment Funds and the pursuit of EMU-related objectives. Lastly, the chapter concludes by critically engaging with recent attempts aimed at strengthening the social dimension within the EMU.
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