Political legitimacy in a non-optimal currency area

Abstract: 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 sideeffects. 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

Object Details

• Location: Deutsche Nationalbibliothek Frankfurt am Main
• Extent: Online-Ressource, 34 S.
• Language: Englisch
• Notes: Veröffentlichungsversion ; begutachtet (peer reviewed)

References and Relationships

• Bibliographic citation: KFG Working Paper Series ; Bd. 52

Classification and Topics

• Classification: Wirtschaft
• Keyword: Europäische Union ; Schuldenkrise ; Governance ; Legitimität ; Eurozone

Contributors, Places and Time

• Event: Veröffentlichung
• (where): Berlin
• (when): 2013
• Creator: Scharpf, Fritz W.
• Contributor: Freie Universität Berlin, FB Politik- und Sozialwissenschaften, Otto-Suhr-Institut für Politikwissenschaft Kolleg-Forschergruppe "The Transformative Power of Europe"

Further information

• URN: urn:nbn:de:0168-ssoar-372281
• Rights: Open Access unbekannt; Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
• Last update: 25.03.2025, 1:52 PM CET