Die Politik der inneren Abwertung: Erzwungene Lohnsenkungen und ihre 
Alternativen

Höpner, Martin

doi:10.1007/978-3-658-27043-8_29

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Die Politik der inneren Abwertung: Erzwungene Lohnsenkungen und ihre Alternativen

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Höpner, Martin
Politische Ökonomie der europäischen Integration, MPI for the Study of Societies, Max Planck Society;

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https://doi.org/10.1007/978-3-658-27043-8_29
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引用: https://hdl.handle.net/21.11116/0000-0004-5121-B

要旨

Departing from Klaus Armingeon‘s insights on the politics of internal devaluation, this contribution discusses the option of a flexibilization of the Eurozone. In Europe, nominal currency rate adjustments to align inflation differentials are impossible. At the same time, however, the political-institutional force of inflation is unevenly distributed across the Euro area. The politics of internal devaluation should compensate for the renouncement of nominal currency rate adjustments. However, this is afflicted by specific problems: It disperses the burden of adjustment asymmetrically, allowing for the collapse of domestic demand due to delayed transformation of wage into price reductions, and, when mandated through international organizations, it ruins citizen’s confidence in democracy and political institutions. A flexibilization of the Eurozone could offer an alternative to the politics of internal devaluation, thereby giving affected countries an opportunity to return to the mode of democratic choice between competing policy options.