The Double Democratic Deficit

Bettina De Souza Guilherme ()
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Bettina De Souza Guilherme: IRELAC

Chapter Chapter 4 in Financial Crisis Management and Democracy, 2021, pp 75-109 from Springer

Abstract: Abstract This chapter will sketch how the EU has reacted to the financial crisis and in particular to the unfolding sovereign debt crisis, revealing major flaws in EMU’s architecture. It will not only address these design flaws but attempt to evaluate the underlying causes, reasons and motives of the architects and decision takers by comparing the more “federalist” Werner Plan with the more “intergovernmental” blueprint of the EMU of the Maastricht Treaty, connect it with the paradigm change on economic governance discussed by Schulmeister in Chap. 2 and show the consequences for the crisis and its management in terms of efficiency, equity and democratic accountability.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-54895-7_4

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DOI: 10.1007/978-3-030-54895-7_4

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