Abstract

Europe's economic constitution is obviously affected in a very fundamental way. There is every reason to depart from an historical reconstruction of the origins of the economic constitution in the early 1920s, to consider its remarkable renaissance in postwar Germany, and to explore against this background its emigration to the European level of governance as well as its development and metamorphosis in the integration process. This chapter focuses on the Economic and Monetary Union (EMU), which, once hailed as the crowning achievement of Europe's market building and the precursor of a more truly political Union, has become the epicenter of the present crisis. Ordoliberalism and the social‐market economy managed to coexist peacefully and dominated public opinion. The chapter also discusses the practices of Europe's crisis management and the specifics of the governance modes that they are generating.