Understanding the Political Economy of the Eurozone Crisis

  title={Understanding the Political Economy of the Eurozone Crisis},
  author={Jeffry A. Frieden and Stefanie Walter},
  journal={ERN: Economic \& Political Integration (Topic)},
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… 
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