National economic policy and sovereign debt crisis: will a crisis of democracy follow?
Abstract
Ever since the creation of EMU, important aspects of economic policy-making have been removed from elected governments. This was acceptable during the 'good years' of sufficient economic growth, low inflation and low interest rates, when the systemic weaknesses of the edifice were hidden from view, as well as the imbalances which accumulated between 'North and 'South'. As the tide has changed, however, and programmes of reform and austerity have been 'forced' upon electorates in Greece, Ireland, and Portugal- with Cyprus and Spain negotiating their own packages, important transformations are beginning to take place in their domestic policy settings. Are the relationships between electorates and elected leaders being re-shaped? Is political legitimacy becoming obsolete, as necessary 'external' adjustment becomes inevitable? The possibility of the sovereign debt crisis turning into a crisis of democracy can no longer be discarded.
Article Details
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Παναγιωταρέα Ε. (2017). National economic policy and sovereign debt crisis: will a crisis of democracy follow?. Greek Political Science Review, 39, 84–105. https://doi.org/10.12681/hpsa.14547
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