Germany’s Ambivalent Policy Towards the Economic Problems of the Euro Area in the Light of Constructivist Theory

    • EUPE Florence Dec2017
    • Presentation speakers
      • Justyna Bokajlo, Department of International Economic Relations and European Integration, University of Wroclaw, Poland

    Abstract:

    European crises, spilling over EU since the beginning of 2008, have revealed a governing gap in the euro area, and has created an opportunity for a debate concerning its future shape. It seem, that European leadership has been taken over by Germany, who is tenacious in its sophisticated and controversial political strategy. This paper aspires to contribute to the discussion about the following hypotheses: H1. Germany, through the process of Europeanization, delegates the principles of ordoliberalism to supranational level, determining the behaviours of the euro area states (institutionalisation as a constraining process). Thus, ordoliberal rigorous rules of stability, become a feature of multiple identity of states. H2. German ordoliberal strategy is a normative, microeconomic theory, that has contributed to the Germany’s stability and it’s economic efficiency. On the other hand, the fixity of its rules led to a deepening of the euro zone crisis, increasing the cost of European cooperation. It also multiplies the questions about the stability of democracy in the EU. H3. Germany is not able to find the relevant solutions to the dilemmas of the post-crisis reality, so it’s partnership, especially with France, is necessary. H4. The external effects (cooperation with France, Europeanization, etc.) lead to the politicization of Angela Merkel’s economic policy, which is becoming a problem for their particular coalition parties (taking into account the Jamaican coalition). On the other hand, her decisions determine the state actors, which introduces changes to the ordoliberal narrative, having a “softening” effect on it (the contextual perspective).

 

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