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What is dead may never die – How the Stability and Growth Pact was remade during the Euro Crisis

Spielberger, L. (2016) What is dead may never die – How the Stability and Growth Pact was remade during the Euro Crisis.

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Abstract:Between 2010 and 2012, EU countries agreed on a significant deepening of the Stability and Growth Pact which restricts the authority over their national budgets and macro-economic policy.The new rules are widely controversial and their effectiveness is both publicly and academically disputed. How, then, can it be explained that so far-reaching reforms have been passed so quickly during the crisis? This study aims to explain how coalitions between countries formed in that period and how this effected the outcomes that were reached. During the crisis, ordo- and neo-liberal economic ideas were used to attack the previous institutional arrangement and to provide a comprehensive solution to the problems they identified. Those ideas united both affluent Northern European countries and Eastern European countries that had undergone internal devaluation voluntarily. Southern European countries were unable to formulate a broadly accepted alternative at the onset of the crisis and had to adopt the German paradigm. As soon as that changed in 2012, SGP reform progress stalled, even though institutional deficiencies persist.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:83 economics, 89 political science
Programme:Management Society and Technology BSc (56654)
Link to this item:http://purl.utwente.nl/essays/70527
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