Forced Structural Convergence in the Eurozone

Scharpf, Fritz W.

doi:10.1093/oso/9780198866176.003.0005

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Forced Structural Convergence in the Eurozone

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Scharpf, Fritz W.
Globale Strukturen und ihre Steuerung, MPI for the Study of Societies, Max Planck Society;

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https://doi.org/10.1093/oso/9780198866176.003.0005
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Citation

Scharpf, F. W. (2021). Forced Structural Convergence in the Eurozone. In A. Hassel, & B. Palier (Eds.), Growth and Welfare in Advanced Capitalist Economies: How Have Growth Regimes Evolved? (pp. 161-200). Oxford: Oxford University Press. doi:10.1093/oso/9780198866176.003.0005.

Cite as: https://hdl.handle.net/21.11116/0000-0007-E410-5

Abstract

The euro crisis has been a consequence of the structural divergence between the export-oriented growth models of Northern political economies and the domestic-demand oriented growth models of Southern political economies. In response to the crisis, the Monetary Union has established a regime of compulsory structural convergence on the Northern model that has asymmetrically imposed huge economic and social costs on its Southern member states. In economic terms, enforced structural transformation may perhaps work, but its distributional asymmetry that cannot be democratically legitimated undermines the regime’s political sustainability.