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

Author

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  • 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
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    File URL: https://www.uni-sofia.bg/index.php/eng/content/download/194439/1333121/file/BEP-2018-06.pdf
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    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.
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    Keywords

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    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

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