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Democratic Politics in a European Union Under Stress$
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Olaf Cramme and Sara B. Hobolt

Print publication date: 2014

Print ISBN-13: 9780198724483

Published to Oxford Scholarship Online: December 2014

DOI: 10.1093/acprof:oso/9780198724483.001.0001

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Political Legitimacy in a Non-Optimal Currency Area

Political Legitimacy in a Non-Optimal Currency Area

(p.19) 2 Political Legitimacy in a Non-Optimal Currency Area
Democratic Politics in a European Union Under Stress

Fritz W. Scharpf

Oxford University Press

On the basis of a brief reconstruction of the causes and consequences of the euro crisis, this chapter explores whether the new euro regime, insisting on fiscal austerity and supply-side reforms, could have prevented the crisis and whether it is able to deal with its disastrous economic and social impact. A comparison with the likely impact of transfer-based Keynesian reflation suggests that, in both cases, economic success is uncertain, while both approaches are likely to produce severely negative side effects. In light of such dismal policy choices, attempts to politicize European election campaigns are more likely to provoke unmanageable political conflict than to overcome the input-oriented democratic deficit of European economic governance.

Keywords:   monetary union, integration, legitimacy, democracy, Optimal Currency Area

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