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No exit from the euro-rescuing trap?

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  • Scharpf, Fritz W.

Abstract

This paper attempts a normative assessment of the input and output-oriented legitimacy of the present euro-rescuing regime on the basis of policy analyses examining the causes of present crises, the available policy options, and the impact of the policies actually chosen. Concluding that the regime lacks input-oriented legitimacy and that its claim to output-oriented legitimacy is ambivalent at best, the paper explores potential - majoritarian or unilateral - exits from the present institutional constellation that is characterized by the synthesis of a non-democratic expertocracy and an extremely asymmetric intergovernmental bargaining system.

Suggested Citation

  • Scharpf, Fritz W., 2014. "No exit from the euro-rescuing trap?," MPIfG Discussion Paper 14/4, Max Planck Institute for the Study of Societies.
    • Handle: RePEc:zbw:mpifgd:144
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    Cited by:

    1. Denise Currie & Paul Teague, 2017. "The eurozone crisis, German hegemony and labour market reform in the GIPS countries," Industrial Relations Journal, Wiley Blackwell, vol. 48(2), pages 154-173, March.
    2. Zdenek Kudrna, 2014. "The future of the Euro: agreements to disagree and prospective scenarios from the 2014 Vienna debate," Working Papers of the Vienna Institute for European integration research (EIF) 3, Institute for European integration research (EIF).
    3. Niamh Hardiman & Spyros Blavoukos & Sebastian Dellepiane-Avellaneda & George Pagoulatos, 2016. "Austerity in the European periphery: the Irish experience," Working Papers 201604, Geary Institute, University College Dublin.
    4. Klaus Armingeon, 2021. "Fiscal solidarity: The conditional role of political knowledge," European Union Politics, , vol. 22(1), pages 133-154, March.

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