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Economic policy, democracy and all that in times of crisis

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  • Sebastiano Fadda

Abstract

With globalization nation States have become unable to provide effective governance of economic activity; two problems arise: the inefficiency and ineffectiveness of international regulation bodies, and their compatibility with the sovereignty of individual nation States. Both formal and informal supra-national institutions appear to lack two fundamental features of democracy: participation of people and accountability of policy makers. The measures taken by the EU to cope with the crisis, areinadequate owning to some wrong views about the working of the economy and to the lack of proper European economic governance, the decisions being dependent either on the interests of some most influential member States or on the financial establishment. In fact the European monetary Union is an hybrid: not a federal State and not an international organization of States. It’s doubtful whether Europe is converging towards a federal State and whether this be at all possible at the present time.

Suggested Citation

  • Sebastiano Fadda, 2013. "Economic policy, democracy and all that in times of crisis," Departmental Working Papers of Economics - University 'Roma Tre' 0171, Department of Economics - University Roma Tre.
    • Handle: RePEc:rtr:wpaper:0171
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    Keywords

    Global economic governance; European governance and democracy; Europea economic crisis; globalization and democracy;
    All these keywords.

    JEL classification:

    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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