Micossi, Stefano, (2013), “How the EZ crisis is permanently changing EU institutions”, The Centre for Economic Policy Research, Policy Insight, N. 65.
The Eurozone crisis has elicited oceans of comment and analysis related to crisis management. Much less noticed is the crisis’ deep impact on EU institutions. A series of decisions taken at crisis summits massively centralised EU executive power over national economic policymaking. These decisions also shifted the institutional power balance –strengthening the European Council’s role as top executive power and diminishing the European Commission’s traditional role as agenda setter and initiator of legislation. The Commission, however, has seen an important bolstering of its role in surveillance and rule enforcement.