LAUSR

ABSTRACT This contribution looks at asymmetries in terms of French and German influence on EMU’s governance reforms during the two decades since the start of EMU in 1999. Drawing on the literature dealing with the sources of power and influence in EU decision-making, this contribution investigates key moments of the evolution and reform of EMU – the establishment and reform of fiscal rules, the creation of fiscal instruments and institutions of risk mutualizing including risk sharing pillars of the Bank Union. It makes a contribution to the literature by providing an account of the asymmetry of German and French influence and power in EMU governance reforms and, most importantly, their variations over time. Furthermore, it contributes to our understanding of the lasting nature of asymmetry in EMU.