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Political legitimacy in a non-optimal currency area

[working paper]

Scharpf, Fritz W.

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Corporate Editor 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.
Keywords Euro; crisis; financial crisis; currency policy; monetary union; EU policy; economic policy; monetary policy; inflation; European integration; economic development (on national level)
Classification Economic Policy; European Politics
Free Keywords political legitimacy; democratic deficit
Document language English
Publication Year 2013
City Berlin
Page/Pages 34 p.
Series KFG Working Paper Series, 52
ISSN 1868-7601
Status Published Version; peer reviewed
Licence Deposit Licence - No Redistribution, No Modifications