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Critically assess the EU’s response to the Eurozone crisis.

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ASSESSMENT 2: Students will submit a 3000 word essay.   Essay title:"Critically assess the EU’s response to the Eurozone crisis. To what extent does it resemble certain authoritarian principles of ordoliberalism?” [Answer by taking into account the crisis Treaties of the Fiscal Compact and the European Semester; the key features of ordoliberalism and European integration in a historical perspective; and the way in which ordoloberalism, and to a certain extent neoliberalism, attempt at achieving the de-politicisation of the economic sphere hollowing out democracy at national level]   Students are expected to discuss 15-20 sources, which must include books and journal articles that are dealing with the theme of globalization/financialization. It would be ideal if st

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Eurozone Crisis

            Fro|m 2010, th|e e|u|ro z|o|ne is f|ace|d with an e|co|no|mi|c crisis li|nke|d t|o th|e pub|lic de|bt o|f th|e State|s that co|mpo|se it. Fro|m 2007, th|e subpri|m|e crisis (v|a|riab|le rate mo|rtgag|e loans) fo|rce|d th|e mai|n i|ndustria|lize|d countrie|s, who|se p|ubli|c de|bt has b|een ve|ry l|a|rg|e fo||r a lo|ng tim||e, t||o spend lo|t t|o sa|ve th|e banks an|d suppo|rt econo|mic ac|ti|vity (L|a|pa|vitsas, 2012). In th|e eu|ro ar|ea, this incr|ease i|n spendi|ng fu|rth|e|r i|ncr|ease|s p|ubli|c de|bt. So|m|e countrie|s see|m le|ss an|d le|ss ab|le t|o r|e|pa|y th|ei|r de|bts, an|d th|e wo|rld fi|nanc|ia|l o|rgan|izatio|ns d|oubt th|e po|ssi|bi|litie|s of i|nte|rventio|n a|v|ai|l|ab|le t|o th|e E|u|ro|pean Centra|l Bank. Th|e f|ac|t that de|c|isio|ns i|n th|e E|u|ro|pean Un|io|n ha|ve t|o b|e ta|ken unan|i|mously i|ncr|ease|s th|ei|r co|nce|rn. Lendi|ng t|o ce|rtai|n E|u|ro|pean state|s see|ms i|ncr|easi|ngly risky (Frie|den, an|d Wa|lte|r, 2017, 20). Th|e le|ss r|e|liab|le a bo|rrow|e|r is, th|e mo|r|e th|e i|nte|r|e|st rate|s cha|rg|e|d t|o hi|m fo|r lendi|ng hi|m agai|n i|ncr|ease. This fu|rth|e|r i|ncr|ease|s his expense|s an|d his de|bt.

I|n 2010, Gr|ee|ce r|e|qu|e|sts e|m|e|rg|ency suppo|rt fro|m th|e E|u|ro|pean Un|io|n an|d th|e I|nte|rnatio|na|l Mo|ne|ta|ry Fund, whi|ch pa|y it ve|ry l|a|rg|e sums. I|n r|e|tu|rn, this country is e|mba|rki|ng o|n a po|li|cy of

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