European Control Bank?

Ida Klockmann & Jonathan Tybjerg

Studenteropgave: Semesterprojekt


“Within our mandate, the ECB is ready to do whatever it takes to preserve the euro, and believe me, it is enough.” This was the message from European Central Bank (ECB) president, Mario Draghi, at a business conference in the summer 2012. Before the financial crisis, this would have been a quite unusual message - a technocratic institution claiming to be the protector of the euro. This project places itself within Global Political Economy and has a Critical THeoretical approach. It conducts a Neo-gramscian analysis of why ECB’s role have changed during the financial crisis. With basis in three initiatives taken during the crisis - the crisis funds ESM/EFSF, the new fiscal policies and the Outright Monetary Transactions - the project interpret ECB as part of a disciplinary neoliberal hegemony within the EMU. To adopt to the current crisis the hegemony has needed to adjust, and this has involved a new constitutionalist development, where powers are transferred to ECB, because of its institutional capabilities, depolitisized character and monetarist ideas.

UddannelserGlobal Studies, (Bachelor/kandidatuddannelse) Bachelor el. kandidat
Udgivelsesdato31 jan. 2013
VejledereLaura Horn


  • European Central Bank
  • New Constitutionalism
  • European Stability Mechanism
  • EMU
  • Disciplinary neoliberalism
  • European Financial Stability Facility
  • Stephen Gill
  • Neo-gramcian
  • Six-Pack
  • Mario Draghi
  • Critical Theory
  • Outright Monetary Transactions
  • Fiscal Compact
  • Global Political Economy
  • Process Tracing
  • Jens Weidmann