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Political legitimacy in a non-optimal currency area

[working paper]

Scharpf, Fritz W.

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... 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


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© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.