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The Double Democratic Deficit

In: Financial Crisis Management and Democracy

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  • Bettina De Souza Guilherme

    (IRELAC
    European Parliament)

Abstract

This chapter will sketch how the EU has reacted to the financial crisis and in particular to the unfolding sovereign debt crisis, revealing major flaws in EMU’s architecture. It will not only address these design flaws but attempt to evaluate the underlying causes, reasons and motives of the architects and decision takers by comparing the more “federalist” Werner Plan with the more “intergovernmental” blueprint of the EMU of the Maastricht Treaty, connect it with the paradigm change on economic governance discussed by Schulmeister in Chap. 2 and show the consequences for the crisis and its management in terms of efficiency, equity and democratic accountability.

Suggested Citation

  • Bettina De Souza Guilherme, 2021. "The Double Democratic Deficit," Springer Books, in: Bettina De Souza Guilherme & Christian Ghymers & Stephany Griffith-Jones & Andrea Ribeiro Hoffmann (ed.), Financial Crisis Management and Democracy, edition 1, chapter 0, pages 75-109, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-54895-7_4
    DOI: 10.1007/978-3-030-54895-7_4
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