Balancing Pressures analyses how the economy, national politics, and supranational politics shape economic policymaking in the European Union. Economic theories alert policymakers of the problems associated with policy initiatives. Economic uncertainties shape political positioning during negotiations, while actual economic conditions affect both negotiations and implementation. National pressures to win office and pursue policies systematically influence negotiating positions, implementation patterns, and outcomes. Supranational pressures are associated with membership in the euro area, the expected and actual patterns of compliance, or the context of negotiations. Spanning the period of 1994 to 2019, this book analyses how these pressures shaped the definition of the policy problems, the controversies surrounding policy reforms, the outcome, timing, and direction of reforms, the negotiations over preventive surveillance, the compliance with recommendations, and the use and effectiveness of the procedure to correct excessive fiscal deficits. It concludes by assessing the effectiveness, fairness, and responsiveness of the policy.

‘Franchino and Mariotto masterfully combine insights from several different theoretical perspectives to explain the supranational governance of economic policy in the European Union since the Maastricht Treaty. Anyone who wants to understand the policy choices taken in this period, which included the Euro Crisis, and why the EU's economic framework evolved the way it did, should read this book.'

Mark Hallerberg - Dean of Research and Faculty and Professor of Public Management and Political Economy, the Hertie School

‘A completely new way of thinking about how economic policies work in Europe that will transform research and teaching on this topic for many years to come. Franchino and Mariotto show how the combination of incentives and constraints lead to policy outcomes that, overall, are effective, responsive to the public and balance the interests of smaller and larger countries.'

Simon Hix - Stein Rokkan Chair in Comparative Politics, European University Institute

‘A landmark contribution to the analysis of economic policymaking in the European Union. This book is not only essential reading for all students of European Union Politics, it is also a model for political scientists and economists alike seeking to contribute to our understanding of policymaking in advanced democracies.'

Bjørn Høyland - Professor of Political Science, University of Oslo

‘This path-breaking book offers a new theoretical framework to examine European public policymaking. By looking at ideas, cleavages, negotiations, timing, political ideology, public opinion and more, the authors provide a detailed analysis of the policy process that is sophisticated and informative: a must-read for anyone who seeks to understand the intersection of comparative politics and international relations in Europe.'

Amy Verdun - Professor of Political Science, University of Victoria