From Debt Crisis to Depoliticisation
Chapter
Abstract
This chapter charts the second phase, as the debt crisis began to grip Europe. It shows how the focus rapidly changed from structural reform to primarily being targeted at restoring budget discipline and sound money. It shows how this drive began in Germany with the constitutional reform of 2009 and transitioned into renewed depoliticisation at the European level.
Keywords
Euro Area Structural Reform Debt Crisis Sovereign Debt Crisis Constitutional Reform
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Notes
- 1.On methodological nationalism, see Gore (1996) and the concluding chapter of this book.Google Scholar
- 2.This involved increasing the effectiveness of the public administration, stepping up pension and healthcare reform, improving labour-market functioning and the effectiveness of the wage-bargaining system, enhancing product-market functioning and the business environment, and maintaining banking and financial sector stability.Google Scholar
- 3.I am grateful to Paul Cammack for highlighting this point.Google Scholar
- 4.It should also be noted that the Commission had made the case for deeper and broader economic coordination repeatedly, including at the 2009 Annual Statement on the Euro Area, and the 2008 Communication on EMU@10.Google Scholar
- 5.Emphasis added. This was, of course, disingenuous, given the US growth was debt-fuelled, consumption-based, and the source of the entire crisis itself.Google Scholar
- 6.Jean-Claude Trichet, for example, warned that current oversight of EU states’ budgets is too lax, and called for a board of ‘wise men and women’ to watch over budget discipline.Google Scholar
Copyright information
© Huw Macartney 2013