Arbeitspapier
Political legitimacy in a non-optimal currency area
On the basis of a brief reconstruction of the causes and impacts of the euro crisis, this paper explores, counterfactually and hypothetically, whether the new euro regime, insisting on fiscal austerity and supply-side reforms, could have prevented the rise of the crisis or is able to deal with its disastrous economic and social impact. A comparison with the likely impact of transfer-based Keynesian reflation suggests that, in both cases, economic success is uncertain, while both approaches are likely to produce severely negative side-effects. In light of such dismal policy choices, attempts to politicize European election campaigns are more likely to provoke unmanageable policy conflict than to overcome the input-oriented, democratic deficit of European economic governance.
- Sprache
- 
                Englisch
 
- Erschienen in
- 
                Series: MPIfG Discussion Paper ; No. 13/15
 
- Klassifikation
- 
                Sozialwissenschaften, Soziologie, Anthropologie
 
- Ereignis
- 
                Geistige Schöpfung
 
- (wer)
- 
                Scharpf, Fritz W.
 
- Ereignis
- 
                Veröffentlichung
 
- (wer)
- 
                Max Planck Institute for the Study of Societies
 
- (wo)
- 
                Cologne
 
- (wann)
- 
                2013
 
- Handle
- Letzte Aktualisierung
- 
                
                    
                        10.03.2025, 11:42 MEZ
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Objekttyp
- Arbeitspapier
Beteiligte
- Scharpf, Fritz W.
- Max Planck Institute for the Study of Societies
Entstanden
- 2013
 
             
        
    