Warum kriegt europa die eurokrise nicht in den griff?

Abstract

This paper argues that Europe is unable to get the euro crisis under control because it has chosen a crisis management strategy that is diametrically opposed to the one applied in the global fi nancial crisis. In 2008, crisis management focused on measures that instilled confi dence, while policies solving more fundamental problems were only applied at a later stage. In the euro crisis-following the advice of German economists strongly attached to the views of "Ordnungspolitik"-crisis management aims at solving the fundamental problems fi rst. Moreover, measures successfully applied in the 2008 crisis, including joint liability mechanisms, are now portrayed as counterproductive and even harmful. As a result, Europe has made little progress in fi ghting the crisis and creating the institutional foundations to do so successfully.