The Unexpected Winner of the Crisis: The European Commission's Strengthened Role in Economic Governance

Since the latest financial and economic crisis took hold of the European Union (EU), its economic governance architecture has been undergoing crucial changes. Research into the institutional consequences of these reforms is still fragmented - especially with regard to the function of the European Commission. This article seeks to fill this void by analysing the supranational executive's role in the four areas that have witnessed the most important changes: financial stability support, economic policy surveillance, coordination of national polices and supervision of the financial sector. The empirical evidence suggests that the Commission continues to be a powerful player in EU economic governance, but its primary role is changing. While its agenda-setting power is decreasing, most decisions in economic governance depend on the Commission to make them work. With more and stronger implementation competences, it may be less visible. But it is not less important. This finding qualifies the degree of intergovernmentalism in economic governance.