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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. This form of assessment counts for 80% of the overall mark. The submission deadline is Tuesday7 April 2020, 12pm   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 incl

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Introduction

            The Eurozone crisis was registered in the year 2010. The Eurozone crisis started with the peripheral countries of the EU i.e. Greece, and Ireland. Gradually, it spread to the entire Euro area and became a stress test fo|r th|e E|u|ro|pean e|co|no|my. Th|e glo|ba|l fi|nanc|ia|l crisis has exace|rbate|d th|e E|U 's pro|ble|ms, thr|eaten|i|ng th|e ve|ry ex|istence of th|e E|u|roz|o|ne who|se f|ate co|nti|nu|e|s t|o hang i|n th|e ba|l|ance. At th|e sta|rt of th|e 2006 subpri|m|e (mo|rtgag|e cr|e|dit) crisis, few thought it would ha|ve th|e po|tentia|l t|o drag th|e e|co|no|my i|nt|o its wo|rst r|e|ce|ssio|n si|nce th|e po|st-wa|r pe|rio|d. Bu|t th|e situatio|n chang|e|d dra|mati|ca|lly when Lehman Bro|th|e|rs fi|le|d fo|r bankruptcy i|n Se|pte|mb|e|r 2008 (Aisen, Badi|ll|a, Jaqu|e, an|d Mo|r|eno, 2010, 83-93). Th|e Un|ite|d State|s, E|u|ro|pe an|d o|th|e|r r|e|gio|ns suffe|r|e|d a se|ve|r|e se|tback as many banks had i|nve|ste|d i|n asse|t-backe|d se|cu|ritie|s. Th|e US e|co|no|mi|c crisis spr|ead t|o E|u|ro|pe, whi|ch ca|use|d th|e r|e|ce|ssio|n i|n th|e E|u|roz|o|ne i|n 2009. How|e|ve|r, no o|ne thought that th|e subpri|m|e crisis it would r|e|sult i|n th|e mo|st se|ve|r|e crisis i|n po|st-wa|r E|u|ro|pe (A|lmun|ia, 2009). I|n 2009, th|e e|co|no|mi|c crisis i|n E|u|ro|pe tu|rne|d i|nt|o a crisis i|n itse|lf, th|e so-ca|lle|d E|u|ro crisis. Th|e E|u|ro crisis is mai|nly e|

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