Understanding the Political Economy of the Eurozone Crisis
@article{Frieden2016UnderstandingTP, title={Understanding the Political Economy of the Eurozone Crisis}, author={Jeffry A. Frieden and Stefanie Walter}, journal={ERN: Economic \& Political Integration (Topic)}, year={2016} }
The Eurozone crisis constitutes a grave challenge to European integration. This article presents an overview of the causes of the crisis and analyzes why it has been so difficult to resolve. We focus on how responses to the crisis were shaped by distributive conflicts both among and within countries. On the international level, debtor and creditor countries have fought over the distribution of responsibility for the accumulated debt; countries with current account surpluses and deficits have…
127 Citations
The Politics of Bad Options
- Economics, Political Science
- 2020
The introductory chapter lays out the main research questions and puzzles motivating the book: Why did the Eurozone crisis prove so difficult to resolve? Why were adjustment burdens distributed so…
The Political Geography of the Eurocrisis
- EconomicsWorld Politics
- 2020
abstract:The European Union provided a mixed response to the 2008 financial crisis. On the one hand, it refused to pursue fiscal integration through a common budget; on the other, it introduced…
Comparing the Politicisation of EU Integration during the Euro and Schengen Crises
- Political Science, Economics
- 2019
Although European integration has become an increasingly salient and controversial topic in domestic politics, the consequences of this politicisation of the European Union for the integration…
The political economy of the German current account surplus
- EconomicsThe European Social Model under Pressure
- 2019
This chapter discusses a long-standing feature of Germany's political economy, namely its persistent current account surplus. While it has been criticized by many of the country's trading partners as…
The management of the Eurozone in crisis times: Actors, institutions and the case of bailout packages
- Economics, Political ScienceEuropean Journal of Industrial Relations
- 2021
The adjustment to the financial crisis was particularly brutal for Eurozone countries targeted by private bondholders. Financial assistance through the newly created Eurozone governance system was…
Solidarity and Responsibility in the Euro Area: Foes or Friends?
- EconomicsThe Economists’ Voice
- 2018
Abstract The recent debate on the reform of the economic governance in the euro area has been marred by a stark disagreement on the correct sequence between risk-reduction (responsibility) and…
Smoke with fire: Financial crises and the demand for parliamentary oversight in the European Union
- EconomicsThe Review of International Organizations
- 2020
The handling of the 2008 financial crisis has reinforced the conviction that the European Union (EU) is undemocratic and that member states are forced to delegate overwhelming power to a…
Work Values in Politics: The European Union Debt Crisis as a Case Study
- EconomicsThe ANNALS of the American Academy of Political and Social Science
- 2019
The European debt crisis has had significant political and economic implications throughout the Eurozone, particularly for its peripheral South. These were especially obvious for Greece, which had to…
Varieties of capitalism in light of the euro crisis
- Economics
- 2018
ABSTRACT This article examines the implications of the euro crisis for theories of political economy associated with ‘varieties of capitalism’, considering how those theories help explain the origins…
We’d rather pay than change the politics of German non-adjustment in the Eurozone crisis
- Economics
- 2020
Germany’s large current account surplus has been widely criticized, especially against the backdrop of the role of macroeconomic imbalances in the Eurozone crisis. We argue that Germany’s resistance…
References
SHOWING 1-10 OF 123 REFERENCES
The Economics and Politics of the Euro Crisis
- Economics
- 2012
This article addresses puzzles raised by the Euro crisis: why was EMU established with limited institutional capacities, where do the roots of the crisis lie, how can the response to the crisis be…
The Euro Crisis
- Economics
- 2010
The crisis in Greece and other mainly southern Eurozone countries has been discussed primarily as a fiscal issue. Current account deficits of the same countries have received less attention in spite…
Crisis Politics in Europe
- Economics, Political Science
- 2016
When countries face balance-of-payments crises, their policy responses vary widely. This article argues that the choice between the two main options of internal adjustment (i.e., austerity and…
Economic causes of the Eurozone crisis: the analytical contribution of Comparative Capitalism
- Economics
- 2016
The article discusses advances and limitations of Comparative Capitalism scholarship on the causes of the Eurozone crisis. It explains the crisis by highlighting four basic mechanisms: first, the…
Economic Hardship and Policy Preferences in the Eurozone Periphery
- Economics
- 2016
What is the impact of economic suffering on support for euro membership and austerity policies in the Eurozone periphery? This article uses original public opinion and firm surveys conducted in Spain…
The Political Economy of the Euro Crisis
- Economics
- 2016
This article introduces the special issue on the political economy of the Euro crisis, which aims to improve our understanding of the causes, consequences, and implications of the highly unusual…
Failing Forward? The Euro Crisis and the Incomplete Nature of European Integration
- Economics
- 2016
The European Union (EU) project of combining a single market with a common currency was incomplete from its inception. This article shows that the incompleteness of the governance architecture of…
The Euro Crisis’ Theory Effect: Northern Saints, Southern Sinners, and the Demise of the Eurobond
- Economics
- 2015
Abstract Of the multiple narratives EU policymakers could have chosen at the onset of the euro crisis, why did austerity and structural reform win out over other plausible cures for member states’…
External conditionality and the debt crisis: the ‘Troika’ and public administration reform in Greece
- Political Science
- 2015
ABSTRACT Levering domestic reform via external conditionality has become crucial to the rescues of European Union member states in the context of the eurozone crisis. This article examines a critical…
The Political Economy of the Eurozone Crisis
- Economics
- 2015
We begin with the wider context of our study, the economic crisis of the EU, since many of the recently heightened political and institutional problems relating to the UK which we cover elsewhere in…