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Political Legitimacy in a Non-optimal Currency Area

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  • Vera van Hüllen
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    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 disastrous economic and socialimpact. 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 morelikely to provoke unmanageable policy conflict than to overcome the input-oriented, democratic deficit ofEuropean economic governance

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    File URL: http://userpage.fu-berlin.de/kfgeu/kfgwp/wpseries/WorkingPaperKFG_52.pdf
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    Bibliographic Info

    Paper provided by Free University Berlin in its series KFG Working Papers with number p0052.

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    Date of creation: 17 Oct 2013
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    Handle: RePEc:erp:kfgxxx:p0052

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    Web page: http://www.transformeurope.eu/

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    Keywords: fiscal policy; Euro; European elections; legitimacy; currency; governance;

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    1. Hans-Werner Sinn & Timo Wollmershäuser, 2011. "Target Loans, Current Account Balances and Capital Flows: The ECB’s Rescue Facility," CESifo Working Paper Series 3500, CESifo Group Munich.
    2. Barry Eichengreen & Jeffry Frieden, 1993. "The Political Economy Of European Monetary Unification: An Analytical Introduction," Economics and Politics, Wiley Blackwell, Wiley Blackwell, vol. 5(2), pages 85-104, 07.
    3. Philip Ducaju & Erwan Gautier & Daphné Momferatou & Mélanie Ward-Warmedinge, 2008. "Institutional features of wage bargaining in 23 European countries, the US and Japan," Working Paper Research, National Bank of Belgium 154, National Bank of Belgium.
    4. Blyth, Mark, 2013. "Austerity: The History of a Dangerous Idea," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780199828302, October.
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