Abstract
This chapter charts the second phase, as the debt crisis began to grip Europe. It shows how the focus rapidly changed from structural reform to primarily being targeted at restoring budget discipline and sound money. It shows how this drive began in Germany with the constitutional reform of 2009 and transitioned into renewed depoliticisation at the European level.
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Notes
On methodological nationalism, see Gore (1996) and the concluding chapter of this book.
This involved increasing the effectiveness of the public administration, stepping up pension and healthcare reform, improving labour-market functioning and the effectiveness of the wage-bargaining system, enhancing product-market functioning and the business environment, and maintaining banking and financial sector stability.
I am grateful to Paul Cammack for highlighting this point.
It should also be noted that the Commission had made the case for deeper and broader economic coordination repeatedly, including at the 2009 Annual Statement on the Euro Area, and the 2008 Communication on EMU@10.
Emphasis added. This was, of course, disingenuous, given the US growth was debt-fuelled, consumption-based, and the source of the entire crisis itself.
Jean-Claude Trichet, for example, warned that current oversight of EU states’ budgets is too lax, and called for a board of ‘wise men and women’ to watch over budget discipline.
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© 2013 Huw Macartney
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Macartney, H. (2013). From Debt Crisis to Depoliticisation. In: The Debt Crisis and European Democratic Legitimacy. Palgrave Pivot, London. https://doi.org/10.1057/9781137298010_4
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DOI: https://doi.org/10.1057/9781137298010_4
Publisher Name: Palgrave Pivot, London
Print ISBN: 978-1-349-45223-1
Online ISBN: 978-1-137-29801-0
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