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The protracted euro area crisis has led to a resurgence of academic interest in integration theories. In a recent piece in this journal, Bauer and Becker argue that the euro crisis allowed the European Commission to strengthen its role in economic governance, in particular with regard to its implementation powers. Contrary to Bauer and Becker’s claim, I contend that the euro crisis has resulted not in strengthening the Commission. Rather, the Commission is undergoing “subtle disempowerment”, that is, a gradual transfer of decision-making authority and resources from the Commission to the intergovernmental level and to the European Central Bank. I illustrate the Commission's subtle disempowerment along three dimensions: the creation of the intergovernmental European Stability Mechanism; enhanced oversight mechanisms of the Commission via the troika constellation; and the creation of the European System of Financial Supervision, Banking Union and Single Supervisory Mechanism under the aegis of the European Central Bank.
