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    The Politics of Bad Options

    Why the Eurozone's Problems Have Been So Hard to Resolve

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    Author(s)
    Walter, Stefanie
    Ray, Ari
    Redeker, Nils
    Language
    English
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    Abstract
    Why did the Eurozone crisis prove to be so difficult to resolve? Why was it resolved in a manner in which some countries bore a much larger share of the pain than other countries? Why did no country leave the Eurozone rather than implement unprecedented austerity? Who supported and who opposed the different policy options in the crisis domestically, and how did the distributive struggles among these groups shape crisis politics? Building on macro-level statistical data, original survey data from interest groups, and qualitative comparative case studies, this book argues and shows that the answers to these questions revolve around distributive struggles about how the costs of the Eurozone crisis should be divided among countries, and among different socioeconomic groups within countries. Together with divergent but strongly held ideas about the “right way” to conduct economic policy and asymmetries in the distribution of power among actors, severe distributive concerns of important actors lie at the root of the difficulties of resolving the Eurozone crisis as well as the difficulties to substantially reform European Monetary Union (EMU). The book provides new insights into the politics of the Eurozone crisis by emphasizing three perspectives that have received scant attention in existing research: A comparative perspective on the Eurozone crisis by systematically comparing it to previous financial crises, an analysis of the whole range of policy options, including the ones not chosen, and a unified framework that examines crisis politics not just in deficit-debtor, but also in surplus-creditor countries.
    URI
    https://library.oapen.org/handle/20.500.12657/61000
    Keywords
    euro crisis, Eurozone, adjustment, austerity, bailout, conflict, burden sharing, interest groups, current account, crisis politics, rebalancing, distributive conflict
    DOI
    10.1093/oso/9780198857013.001.0001
    ISBN
    9780198857020, 9780198857013
    Publisher
    Oxford University Press
    Publisher website
    https://global.oup.com/
    Publication date and place
    2023
    Grantor
    • Universität Zürich
    Classification
    Political economy
    Economic and financial crises and disasters
    Political science and theory
    International economics
    Finance and the finance industry
    International institutions
    EU (European Union)
    Pages
    320
    Public remark
    Funder name: University of Zurich
    Rights
    https://creativecommons.org/licenses/by-nc-nd/4.0/
    • Imported or submitted locally

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    License

    • If not noted otherwise all contents are available under Attribution 4.0 International (CC BY 4.0)

    Credits

    • logo EU
    • This project received funding from the European Union's Horizon 2020 research and innovation programme under grant agreement No 683680, 810640, 871069 and 964352.

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