Under capitalism two realms of authority existed where there had formerly been only one a realm of political governance for such purposes as war or law and order and a realm of economic governance over the processes of production and distribution.
"The democratic legitimacy of all our processes of economic governance is the big question — not just of the E.C.B. but of the euro zone," said Sylvie Goulard, a liberal French member of the E.U. legislature's economic and monetary affairs committee.
Constitutive domains include political settlement and regime, security, rule of law, administrative governance; while output domains include service delivery (health, education, utilities, etc)., justice system and processes and economic governance.
Ngaire Woods, professor of global economic governance at Oxford, last week compared this process to "designing their summerhouse while their house is burning around them".
The Union "has already embarked on making far-reaching changes to its economic governance," and the commission will "associate enlargement countries to this process" because that will "boost the resilience of their economies and create favorable conditions for growth and jobs before they join," Mr. Fule said.
The possibility of promoting economic development into the territories subjected to metropolization processes, from sub-national governments, is conditioned by the ability of public economic governance.
But the picture is very different on economic governance.
There is no chance of succeeding without better economic governance.
But the "economic governance" is also being felt elsewhere.
Manifestly, there have been serious deficiencies in global economic governance.
