Volltext herunterladen
(externe Quelle)
Zitationshinweis
Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):
https://doi.org/10.17645/pag.v9i2.3887
Export für Ihre Literaturverwaltung
Tug of War over Financial Assistance: Which Way Forward for Eurozone Stability Mechanisms?
[Zeitschriftenartikel]
Abstract This article analyses the development of financial assistance in the Eurozone since 2010. It argues that reforms to instruments and bodies, notably the European Financial Stability Facility, the European Stability Mechanism, and the current Covid-19 recovery fund, are best explained by a re-occurrin... mehr
This article analyses the development of financial assistance in the Eurozone since 2010. It argues that reforms to instruments and bodies, notably the European Financial Stability Facility, the European Stability Mechanism, and the current Covid-19 recovery fund, are best explained by a re-occurring pattern of negotiations between potential creditors and debtors based on common Eurozone interests and national cost-benefit considerations. Building on a liberal intergovernmentalist approach, this article shows how this pattern influenced the step-by-step reform of financial assistance in the Eurozone. The threat to Eurozone stability served as a constant factor encouraging member states to expand and deepen the assistance formula. Creditors’ cost-benefit considerations were key for retaining disincentives, a limited liability for common debt, and intermediary borrowing and lending within the financing design. However, on the back of common Eurozone interests, debtors were able to push for an increase in assistance, an expansion of assistance into areas of banking sector support, and a softening of moral hazard elements in the more recent Covid-19 pandemic. Due to creditors’ continuous insistence on safeguards and limited burden-sharing, reform outcomes were repeatedly unable to resolve the difficulties at hand.... weniger
Thesaurusschlagwörter
EU; Eurozone; Finanzpolitik; Finanzhilfe; Stabilitätspolitik
Klassifikation
Öffentliche Finanzen und Finanzwissenschaft
Europapolitik
Freie Schlagwörter
Covid-19; Euro crisis; European Financial Stability Facility; European Stability Mechanism; liberal intergovernmentalism
Sprache Dokument
Englisch
Publikationsjahr
2021
Seitenangabe
S. 173-184
Zeitschriftentitel
Politics and Governance, 9 (2021) 2
Heftthema
Reforming the Institutions of Eurozone Governance
ISSN
2183-2463
Status
Veröffentlichungsversion; begutachtet (peer reviewed)