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Stubborn Germans: Stuck In Austerity/Stability

Hacker, Björn, Koch, Cédric, (2017), “Stubborn Germans: Stuck In Austerity/Stability”, Social Europe, 27 February

Led by the current and previous federal government under Chancellor Angela Merkel and her CDU, the advocates of a stability union for the most part favour preservation of the status quo of the EMU architecture. The fundamental reasons for the Eurozone crisis are from this angle to be blamed on the failure of the crisis states to stick to existing rules and economic policies, thereby harming their competitiveness. Accordingly, the paramount objective in combating the crisis and further developing the Eurozone has been to correct these purportedly “wrong” policies in these countries and close possible loopholes in the rules.

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