The crisis over ten years—stages
Marhold, Hartmut
The crisis over ten years—stages - 2018.
48
The financial, economic, and state debt crisis put an enormous strain on the EU and its member states, from 2008 onward. The reactions to this unprecedented and unexpected crisis are manifold and seem to be mostly ad-hoc answers, without a systemic logic. This article, however, argues that there is something like a plausible succession and structure of the EU’s dealing with the crisis, i) starting with (Keynesian) recovery programs, ii) ensued by measures to protect member states from the (speculating) financial markets, namely “rescue funds,” iii) alongside these measures, control mechanisms ensuring the system-conforming use of these funds, and iv) finally, attempts to regulate financial markets. On the whole, this sums up to a more or less reasonable system, which should, but does not, translate into a change of treaty—a constitutional legitimization of such a far-going crisis policy.
The crisis over ten years—stages - 2018.
48
The financial, economic, and state debt crisis put an enormous strain on the EU and its member states, from 2008 onward. The reactions to this unprecedented and unexpected crisis are manifold and seem to be mostly ad-hoc answers, without a systemic logic. This article, however, argues that there is something like a plausible succession and structure of the EU’s dealing with the crisis, i) starting with (Keynesian) recovery programs, ii) ensued by measures to protect member states from the (speculating) financial markets, namely “rescue funds,” iii) alongside these measures, control mechanisms ensuring the system-conforming use of these funds, and iv) finally, attempts to regulate financial markets. On the whole, this sums up to a more or less reasonable system, which should, but does not, translate into a change of treaty—a constitutional legitimization of such a far-going crisis policy.
Réseaux sociaux