IDEAS home Printed from https://ideas.repec.org/p/sko/wpaper/bep-2018-06.html

The sensitive swings of the European pendulum: Ordoliberal and Neo-Keynesian competitive theories of European integration

Author

Listed:
  • Dimitris P. Skalkos

    (Department of Economics, University of Peloponnese, School of Management and Economics, Tripolis Campus, 22100, Greece)

Abstract

Òhe continuing problematic management of the 2010 European economic crisis is the cause and the result of the two contrasting philosophies within the European Union regarding its institutional architecture. The first approach highlights key assumptions about the tradition of German Ordoliberalism, such as the emphasis on respect for rules, on fiscal accountability, on financial solvency and on economic austerity policies. The second approach combines Neo-Keynesian theories, with common features such as flexible and adaptive rules, solidarity, and credit expansion policies. The paper approaches the European Union's crisis of the crisis management in the light of these two competitive philosophies.

Suggested Citation

  • Dimitris P. Skalkos, 2018. "The sensitive swings of the European pendulum: Ordoliberal and Neo-Keynesian competitive theories of European integration," Bulgarian Economic Papers bep-2018-06, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria // Center for Economic Theories and Policies at Sofia University St Kliment Ohridski, revised May 2018.
    • Handle: RePEc:sko:wpaper:bep-2018-06
    as

    Download full text from publisher

    File URL: https://www.uni-sofia.bg/index.php/eng/content/download/194439/1333121/file/BEP-2018-06.pdf
    File Function: First version, 2018
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Markus K. Brunnermeier & Harold James & Jean-Pierre Landau, 2016. "The Euro and the Battle of Ideas," Economics Books, Princeton University Press, edition 1, number 10828, December.
    2. Glasner, David, 2017. "Rules versus discretion in monetary policy historically contemplated," Journal of Macroeconomics, Elsevier, vol. 54(PA), pages 24-41.
    3. Blyth, Mark, 2013. "Austerity: The History of a Dangerous Idea," OUP Catalogue, Oxford University Press, number 9780199828302.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Barkhausen David & Teupe Sebastian, 2025. "The German Inflation Trauma: Weimar’s Policy Lessons Between Persistence and Reconstruction," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 245(3), pages 269-332.
    2. Guter-Sandu, Andrei & Murau, Steffen, 2022. "The Eurozone’s evolving fiscal ecosystem: mitigating fiscal discipline by governing through off-balance-sheet fiscal agencies," LSE Research Online Documents on Economics 109790, London School of Economics and Political Science, LSE Library.
    3. Pühringer, Stephan & Ötsch, Walter, 2019. "Die Wirkmacht der "Liebe zum Markt": Zum anhaltenden Einfluss ordoliberaler ÖkonomInnen-Netzwerke in Politik und Gesellschaft," Working Paper Serie des Instituts für Ökonomie Ök-45, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    4. Nils Redeker & Stefanie Walter, 2020. "We’d rather pay than change the politics of German non-adjustment in the Eurozone crisis," The Review of International Organizations, Springer, vol. 15(3), pages 573-599, July.
    5. Stephan Puehringer & Walter Oetsch, 2019. "Die Wirkmacht der 'Liebe zum Markt'. Zum anhaltenden Einfluss ordoliberaler OekonomInnen-Netzwerke in Politik und Gesellschaft (The 'love for markets'. On the persistent political and societal impact of networks of ordoliberal economists)," ICAE Working Papers 92, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    6. Stefan Kolev, 2020. "Besieged by the left and the right: The order of liberal globalism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(4), pages 521-533, December.
    7. Lea Heyne & Rubén Ruiz-Rufino, 2025. "Crisis management and attitudes towards democracy: The case of the COVID-19 recovery plan in Europe," European Union Politics, , vol. 26(3), pages 552-572, September.
    8. Jürgen Wandel, 2019. "Prospects for an ordoliberal reform of the European Union," Economic Affairs, Wiley Blackwell, vol. 39(1), pages 28-43, February.
    9. Andreozzi, Luciano & Tamborini, Roberto, 2019. "Models of supranational policymaking and the reform of the EMU," Journal of Policy Modeling, Elsevier, vol. 41(5), pages 819-844.
    10. Achim Truger, 2015. "Implementing the golden rule for public investment in Europe," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 138, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    11. Jörg Bibow, 2018. "How Germany’s anti-Keynesianism has brought Europe to its knees," International Review of Applied Economics, Taylor & Francis Journals, vol. 32(5), pages 569-588, September.
    12. Mark Setterfield, 2024. "Managing the Discontent of the Losers Redux: A Future of Authoritarian Neoliberalism or Social Capitalism?," FMM Working Paper 98-2024, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    13. Fraccaroli, Nicolò & Giovannini, Alessandro & Jamet, Jean-François & Persson, Eric, 2022. "Ideology and monetary policy. The role of political parties’ stances in the European Central Bank’s parliamentary hearings," European Journal of Political Economy, Elsevier, vol. 74(C).
    14. Ivo Arnold, 2021. "An Interest Stabilisation Mechanism to Unburden the ECB," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(5), pages 274-277, September.
    15. Costa Cabral, Nazare, 2022. "The European Monetary Integration Trap: incomplete sovereignty and the State-mimicking method," MPRA Paper 115245, University Library of Munich, Germany.
    16. Sebastian Blesse & Pierre C Boyer & Friedrich Heinemann & Eckhard Janeba & Anasuya Raj, 2019. "European Monetary Union reform preferences of French and German parliamentarians," European Union Politics, , vol. 20(3), pages 406-424, September.
    17. Clément Fontan & François Claveau & Peter Dietsch, 2016. "Central banking and inequalities," Politics, Philosophy & Economics, , vol. 15(4), pages 319-357, November.
    18. Samuel Brazys & Aidan Regan, 2016. "These Little PIIGS Went to Market: Enterprise Policy and Divergent Recovery in European Periphery," Working Papers 201517, Geary Institute, University College Dublin.
    19. Lars P. Feld & Ekkehard A. Köhler, 2023. "Standing on the shoulders of giants or science? Lessons from ordoliberalism," Public Choice, Springer, vol. 195(3), pages 197-211, June.
    20. Kovács, Olivér, 2023. "Az intézmények fejlődése és a fejlődés intézményesülése. Benczes István: Gazdasági növekedés és versenyképesség intézményi perspektívában. Ludovika Kiadó, Budapest, 2022, 264 o [The evolution of institutions and the institutionalisation of develop," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 1043-1051.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sko:wpaper:bep-2018-06. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Prof. Teodor Sedlarski (email available below). General contact details of provider: https://edirc.repec.org/data/fesofbg.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.