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Austerity: European democracies against the wall. CEPS Paperbacks. July 2013

Bini Smaghi, Lorenzo (2013) Austerity: European democracies against the wall. CEPS Paperbacks. July 2013. Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks . UNSPECIFIED. ISBN 978-94-6138-330-3

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    Abstract

    The crisis in the eurozone has had a dramatic impact on the economic and social fabric of European countries. However important it may be, the economic dimension is only the symptom of a broader problem. The crisis is primarily political in nature. Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western democracies to solve problems that have been building for over two decades. He finds that democratically elected officials are loathe to take unpopular decisions that could jeopardise their re-election. Emergency thus becomes the engine of political action, and the justification for corrective measures vis-à-vis the voters. As a consequence, the cure in the form of austerity, administered belatedly and under pressure from the markets, becomes even more painful and unpopular, giving rise to populist movements and endangering democracy itself.

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    Item Type: Book
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on/reforms/economic governance
    EU policies and themes > Policies & related activities > political affairs > democracy/democratic deficit
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > CEPS Paperbacks
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 20 Mar 2014 11:04
    Number of Pages: 157
    Last Modified: 20 Mar 2014 11:04
    URI: http://aei.pitt.edu/id/eprint/47681

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