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Political legitimacy in a non-optimal currency area

[Arbeitspapier]

Scharpf, Fritz W.

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-372281

Weitere Angaben:
Körperschaftlicher Herausgeber Freie Universität Berlin, FB Politik- und Sozialwissenschaften, Otto-Suhr-Institut für Politikwissenschaft Kolleg-Forschergruppe "The Transformative Power of Europe"
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.
Thesaurusschlagwörter Euro; crisis; financial crisis; currency policy; monetary union; EU policy; economic policy; monetary policy; inflation; European integration; economic development (on national level)
Klassifikation Wirtschaftspolitik; Europapolitik
Freie Schlagwörter political legitimacy; democratic deficit
Sprache Dokument Englisch
Publikationsjahr 2013
Erscheinungsort Berlin
Seitenangabe 34 S.
Schriftenreihe KFG Working Paper Series, 52
ISSN 1868-7601
Status Veröffentlichungsversion; begutachtet (peer reviewed)
Lizenz Deposit Licence - Keine Weiterverbreitung, keine Bearbeitung
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