European Parliament Library

EU fiscal policy coordination in hard times, free riders on the storm, Charlotte Rommerskirchen - hardcover

Summary
What happens to European Union (EU) fiscal policy coordination in hard times? Recent accounts of the EU have portrayed the union as plagued by an austerity regime and rampant moral hazard. Charlotte Rommerskirchen provides an alternative account of economic cooperation in Europe during the great recession and the European debt crisis. Drawing on Mancur Olson's theory of collective action, this volume combines evidence from statistical analysis and extensive interviews with key players. This book reaches an unexpected conclusion regarding the state of collective action in times of crises: free riding was not rife. Despite heated accusations, member states crisis policies matched their fiscal room for manoeuvre. The real collective action failure is instead diagnosed in the inability to sanction free riders at the EU level and empowering erratic bond markets to discipline governments
Table Of Contents
List of figures -- List of tables -- List of abbreviations. 1 Introduction: the perfect storm -- A tale of two crises -- Methods of the book -- Outline of the book. 2 Fiscal policy coordination: a primer: before the storm -- A faulty centerpiece -- The European economic recovery plan -- After the crisis -- Conclusion. 3 Theorizing fiscal policy coordination: the marriage plot -- Theorizing collective action -- Get over it -- Research hypotheses -- Conclusion. 4 Policy needs politics: convergence, diversity, and coordination -- Let's get fiscal -- Data and methods -- The drivers of fiscal policy hard times -- Conclusion. 5 Beggar-thy-neighbors: a patriotic stimulus -- Analyzing free riding -- Fiscal space -- Free riding: facts and fiction -- Conclusion. 6 Discretion rather than rules: rules and rulers -- Rules in crisis -- Appealing exception -- Conclusion. 7 Market discipline: meet the bond gods -- Market discipline -- Overcoming group latency -- Original sin revisited -- Conclusion. 8 Exit stimulus: The consolidation years -- The austerity delusion -- Consolidation and fiscal space -- Drivers of fiscal consolidation -- Consolidation. 9 Free riding beyond hard times: key findings -- Containing first-order free riding -- Market scapegoats -- Macroeconomic policy coordination goes global -- Black box market discipline. Appendix 1: operationalizing fiscal space -- Appendix 2: data definitions and sources -- Appendix 3: research interviews -- Appendix 4: supplementary tables. Bibliography -- Index
Language
eng
Literary Form
non fiction
Physical Description
xviii, 210 pages, illustrations, 24 cm
Isbn
9780198829010

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