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Political legitimacy in a non-optimal currency area
[working paper]
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... view more
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.... view less
Keywords
monetary union; economic development (on national level); EU policy; Euro; economic policy; crisis; financial crisis; currency policy; monetary policy; inflation; European integration
Classification
European Politics
Economic Policy
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