Jump to ContentJump to Main Navigation
The Future of the Euro$
Users without a subscription are not able to see the full content.

Matthias Matthijs and Mark Blyth

Print publication date: 2015

Print ISBN-13: 9780190233235

Published to Oxford Scholarship Online: March 2015

DOI: 10.1093/acprof:oso/9780190233235.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 18 July 2019

Europe’s New German Problem

Europe’s New German Problem

The Timing of Politics and the Politics of Timing

Chapter:
(p.187) 9 Europe’s New German Problem
Source:
The Future of the Euro
Author(s):

Wade Jacoby

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190233235.003.0009

This chapter adds an electoral and federal dimension to Germany’s euro crisis response that allows us to project future German policy by considering two distinct worlds. In the first world, where the “timing of politics” matters, German policymakers accept the need to act, but they want to pick the optimal time of intervention to maximize the efforts of private actors to deter moral hazard. In the second world, where “politics of timing” matters, German elites feel they cannot intervene until they have properly prepared their voters. These two worlds operate simultaneously, with the result that if one lives in the first world, patience is a virtue: elites should wait and minimize moral hazard. If one lives in the second world, patience is a vice: windows of opportunity for stemming the crisis slam shut. Living in both worlds at the same time leads to weak and inconsistent policy.

Keywords:   Germany, moral hazard, legitimacy, federalism, euro crisis

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .