Question Preview

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 students can discuss primary sources, such as the Fiscal Com

Answer Preview

Overview of Eurozone Crisis

            The debt crisis in Europe first appeared at the end of 2009 - 2010 and escalated in mid-2011. The immediate event that made him talk about it was the threat of a default in Greece, which entered the eurozone back in 2001 and had a government debt of 130% of GDP (Bulmer, 2014). There is no single point of view on the causes of modern crisis phenomena in the EU economy. According to most domestic and foreign researchers, the negative trends in the EU economy were a consequence and development of th|e glo|ba|l fi|nanc|ia|l an|d e|co|no|mi|c crisis that b|e|gan i|n 2008 (L|a|pa|vitsas, 2012). So|m|e|ti|m|e|s, th|e de|bt crisis i|n th|e e|u|roz|o|ne is de|fi|ne|d as th|e se|co|nd wa|ve of th|e past. The debt crisis in the eurozone countries has been raging for two years and there are no signs that it is coming to naught. The measures that European countries are taking are not radical and cannot cure the eurozone crisis. E|u|roz|o|ne countrie|s ha|ve vio|l|ate|d th|ei|r own rule|s fo|r budg|e|t de|fi|c|its cr|eate|d t|o pro|te|ct th|e e|u|ro, an|d a|r|e head o|ve|r hee|ls stuck i|n e|ve|r-i|ncr|easi|ng de|bts (Tu|o|ri, & Tu|o|ri, 2014). I|nstead of fo|cu|si|ng o|n co|rr|e|cti|ng mista|ke|s, E|u|ro|pean countrie|s ha|ve endle|ss th|eo|r|e|ti|ca|l discussio|ns abou|t a|uste|rity m|easu|r|e|s an|d th|ei|r i|mpac|t o|n e|co|no|mi|c growth, no|t r|ea|lizi|ng that it is i|mpo|s

Get solution