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Liberal intergovernmentalism and the euro area crisis.
- Source :
-
Journal of European Public Policy . Feb2015, Vol. 22 Issue 2, p177-195. 19p. - Publication Year :
- 2015
-
Abstract
- Liberal intergovernmentalism explains the politics to cope with the euro area crisis by the constellation of national preferences and bargaining power and by institutional choices designed to commit euro area countries credibly to the currency union. National preferences resulted from high negative interdependence in the euro area and the fiscal position of its member states: a common preference for the preservation of the euro was accompanied by divergent preferences regarding the distribution of adjustment costs. These mixed motives constituted a ‘chicken game’ situation characterized by hard intergovernmental bargaining and brinkmanship. Whereas negotiations produced a co-operative solution averting the breakdown of the euro area and strengthening the credibility of member state commitments, asymmetrical interdependence resulted in a burden-sharing and institutional design that reflected German preferences predominantly. [ABSTRACT FROM PUBLISHER]
- Subjects :
- *INTERGOVERNMENTALISM
*LIBERALISM
*EUROPEAN Sovereign Debt Crisis, 2009-2018
*ECONOMICS & politics
*FINANCIAL crises
*CRISIS management
*INSTITUTIONAL choice
*MONETARY unions
*INTERNATIONAL economic relations
*TWENTY-first century
*ECONOMICS
*ECONOMIC history
ECONOMIC conditions in the Eurozone
Subjects
Details
- Language :
- English
- ISSN :
- 13501763
- Volume :
- 22
- Issue :
- 2
- Database :
- Academic Search Index
- Journal :
- Journal of European Public Policy
- Publication Type :
- Academic Journal
- Accession number :
- 100935750
- Full Text :
- https://doi.org/10.1080/13501763.2014.994020