This chapter traces the evolution and institutionalisation of the European Union (EU)‘s financial assistance regime, showing how temporary crisis responses have accumulated into a durable architecture of solidarity, conditionality and borrowing capacity. Beginning with modest borrowing facilities in the 1950s, the chapter reconstructs the trajectory through the balance-of-payments mechanisms of the 1970s–90s up to the critical junctures of the Eurozone crisis, Covid-19 pandemic and Russian invasion of Ukraine. It highlights how successive crises left institutional legacies that consolidated into a multilayered regime. Particular attention is given to the politics of conditionality, the hybrid balance between intergovernmental coordination and supranational delegation and the blurring of internal–external and economic–security boundaries. The chapter argues that financial assistance has moved from the margins to the centre of European integration, emerging as a constitutive element of the EU’s governance system and a key instrument of financial stabilisation, economic recovery and common security.

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The European Integration of Financial Assistance: The Institutionalisation of a Financial Assistance Regime

  • Andrea Capati

摘要

This chapter traces the evolution and institutionalisation of the European Union (EU)‘s financial assistance regime, showing how temporary crisis responses have accumulated into a durable architecture of solidarity, conditionality and borrowing capacity. Beginning with modest borrowing facilities in the 1950s, the chapter reconstructs the trajectory through the balance-of-payments mechanisms of the 1970s–90s up to the critical junctures of the Eurozone crisis, Covid-19 pandemic and Russian invasion of Ukraine. It highlights how successive crises left institutional legacies that consolidated into a multilayered regime. Particular attention is given to the politics of conditionality, the hybrid balance between intergovernmental coordination and supranational delegation and the blurring of internal–external and economic–security boundaries. The chapter argues that financial assistance has moved from the margins to the centre of European integration, emerging as a constitutive element of the EU’s governance system and a key instrument of financial stabilisation, economic recovery and common security.