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Germany and the Euro-Zone Crisis: The European Reformation of the German Banking Crisis and the Future of the Euro


  • Helen Thompson


Analysis of the German response to the euro crisis has been framed around a narrative of the relationship between domestic sacrifice and hegemony and sustains an assumption that the German commitment to the euro is proven. Such analysis downplays the importance of the banking crisis in Germany in explaining the decision-making of the German government around the euro-zone debt crisis. Giving German interests in relation to the German banking crisis analytical weight can explain both the positions taken by the German government and their consequences for the underlying structural problems the euro-zone faces as a monetary union. Since the outcomes of German policy have advanced German interests, German handling of the euro-zone crisis cannot sustain a claim that Germany has demonstrated its commitment to the euro.

Suggested Citation

  • Helen Thompson, 2015. "Germany and the Euro-Zone Crisis: The European Reformation of the German Banking Crisis and the Future of the Euro," New Political Economy, Taylor & Francis Journals, vol. 20(6), pages 851-870, December.
  • Handle: RePEc:taf:cnpexx:v:20:y:2015:i:6:p:851-870
    DOI: 10.1080/13563467.2015.1041476

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    References listed on IDEAS

    1. C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis," Policy Briefs PB12-1, Peterson Institute for International Economics.
    2. Blyth, Mark, 2013. "Austerity: The History of a Dangerous Idea," OUP Catalogue, Oxford University Press, number 9780199828302.
    3. Michael Pettis, 2013. "The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy," Economics Books, Princeton University Press, edition 1, number 9936.
    4. C. Fred Bergsten & Jacob Funk Kirkegaard, 2012. "The Coming Resolution of the European Crisis: An Update," Policy Briefs PB12-18, Peterson Institute for International Economics.
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    Cited by:

    1. Eladio Febrero, 2019. "20 years of the euro. Taking stock and looking forward," Revista de Economía Crítica, Asociación de Economía Crítica, vol. 27, pages 1-4.
    2. Gerard Strange, 2018. "The euro crisis, euro reform, and the problem of hegemony," Asia Europe Journal, Springer, vol. 16(2), pages 125-139, June.

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