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Why was the Eurozone crisis 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 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 within countries, among different socioeconomic groups.
Financial crises --- Eurozone --- Global Financial Crisis, 2008-2009. --- Political aspects --- History --- Global Economic Crisis, 2008-2009 --- Subprime Mortgage Crisis, 2008-2009 --- Euro area --- Euro zone --- Monetary unions --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- 2000-2099 --- Europe. --- Council of Europe countries --- Eastern Hemisphere --- Eurasia
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The long-term sustainability of the euro and the Economic and Monetary Union (EMU) depends heavily on their ability to attract widespread public support. The public support shown for the euro throughout its first three decades has helped to shield it against populist attempts at the national level to dismantle the common currency. It has granted political legitimacy to the presidents of the European Central Bank to do “whatever it takes” when the euro has faced a crisis. Public Support for the Euro is the second of two Open Access volumes presenting a selection of the author’s essays on Labor Productivity, Monetary Economics, and the Political Economy, which represent the second part of his habilitation in economics. This second volume brings together eleven of the author’s essays, selected with a view to provide an overview of the evolution of his research on public support for and the economics and the political economy of the euro and EMU. .
Economics. --- Macroeconomics. --- International economic relations. --- Political Economy and Economic Systems. --- Macroeconomics and Monetary Economics. --- International Economics. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Economics --- Economic theory --- Political economy --- Social sciences --- Economic man --- EMU --- Euro --- Euro area crisis --- Unemployment --- Inflation
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