Η ισχύς εν τη πιστώσει: η Γερμανία και το έλλειμμα ηγεσίας της Ευρωζώνης

Abstract

Following two years of intense efforts, the failure of European governments and institutions to deal with the debt crisis has raised concerns over the sustainability of the European Economic and Monetary Union (EMU). This article examines one of the most important causes for this failure, Eurozone's leadership deficit. Analysis will focus on the role of Germany, which has risen as the undisputed economic hegemon of Europe. It will be argued that the economic power of Germany and the political clout that follows from it have not been converted into political leadership capable of restoring economic stability and growth to the Eurozone. On the contrary, Germany has been reluctant to assume the responsibility of leadership and the cost that this entails. The article examines the reasons for Germany's stance and attempts to outline its consequences for EMU.