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  No Exit from the Euro-rescuing Trap?

Scharpf, F. W. (2014). No Exit from the Euro-rescuing Trap? MPIfG Discussion Paper, 14/4.

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Item Permalink: https://hdl.handle.net/11858/00-001M-0000-0017-97ED-3 Version Permalink: https://hdl.handle.net/21.11116/0000-0009-EAC3-3
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http://hdl.handle.net/11858/00-001M-0000-0027-AFD2-D (Supplementary material)
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New source: Scharpf, Fritz W. (2015). No Exit from the Euro-rescuing Trap? In Volker Schneider, & Burkard Eberlein (Eds.), Complex Democracy: Varieties, Crises, and Transformations (pp. 135-154). Cham: Springer.
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 Creators:
Scharpf, Fritz W.1, Author           
Affiliations:
1Globale Strukturen und ihre Steuerung, MPI for the Study of Societies, Max Planck Society, ou_1214547              

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 Abstract: This paper attempts a normative assessment of the input and output-oriented legitimacy
of the present euro-rescuing regime on the basis of policy analyses examining
the causes of present crises, the available policy options, and the impact of the policies
actually chosen. Concluding that the regime lacks input-oriented legitimacy and that
its claim to output-oriented legitimacy is ambivalent at best, the paper explores potential
– majoritarian or unilateral – exits from the present institutional constellation that
is characterized by the synthesis of a non-democratic expertocracy and an extremely
asymmetric intergovernmental bargaining system.
 Abstract: Die hier präsentierte normative Bewertung der input- und outputorientierten Legitimität
des gegenwärtigen Euro-Rettungs-Regimes stützt sich auf empirisch fundierte
Aussagen zu den Ursachen der Eurokrise, den prinzipiell verfügbaren Politik-Optionen
und den Wirkungen der gewählten Politik. Im Ergebnis wird eine inputorientierte Legitimation
verneint, während die outputorientierte Bewertung höchst ambivalent erscheint.
Im Schlussteil untersucht der Text mögliche – majoritäre oder einseitige – Auswege
aus einer institutionellen Konstellation, die ein nicht demokratisches Expertenregime
mit einem extrem asymmetrischen intergouvernementalen Verhandlungsregime
verbindet.

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Language(s): eng - English
 Dates: 2014-04
 Publication Status: Issued
 Pages: IV, 19
 Publishing info: Köln : Max-Planck-Institut für Gesellschaftsforschung
 Table of Contents: 1 The end of legitimacy intermediation in the euro crisis
What has changed
Input-oriented legitimacy of the euro-rescuing regime
2 Problem-oriented analysis: What went wrong
Centralized monetary policy in a non-optimal currency area
The impact of the international financial crisis
3 Basic policy options
Tough luck under Maastricht rules
Solidaristic burden sharing
Rescue credits, austerity, and structural reforms
4 Output-oriented legitimacy of the euro-rescuing regime
Immediate goals
Fragile improvements
Unequal distributive effects
Ambivalent problem-solving effectiveness
5 Potential exits from the euro-rescuing trap
Majoritarian democracy
Unilateral action
6 To conclude
References
 Rev. Type: Internal
 Identifiers: -
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Title: MPIfG Discussion Paper
Source Genre: Series
 Creator(s):
MPI for the Study of Societies, Max Planck Society, Editor              
Affiliations:
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Publ. Info: -
Pages: - Volume / Issue: 14/4 Sequence Number: - Start / End Page: - Identifier: ISSN: 0944-2073
ISSN: 1864-4325