History, Morality, and the Triple Structural Dimension
This chapter reflects on the intellectual amnesia that surrounds debates about sovereign creditworthiness and the importance of historically-grounded political economy. It examines the triple structural dimensions of sovereign creditworthiness: the structural realities of external imbalances and their consequence for asymmetry of power over how this idea is understood; its historical nesting in the principle of sovereignty and the intergovernmental structures that reflect and support this principle; and the sui generis processes of European integration, in particular the two contending concepts of building a ‘new’ Europe as a ‘stability community’ and as a ‘community of shared destiny’. The chapter also considers the strategies by which debtor-state elites can offset their relative powerlessness and how the scope for these strategies varies with negotiating context.
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