The Euro, The Gold Standard, and German Power

Autor:	Armon Rezai, Beverly Crawford Ames
Rok vydání:	2017
Předmět:	Cultural Studies German Power (social and political) History Sociology and Political Science Political science Economic history language Gold standard (test) language.human_language
Zdroj:	German Politics and Society. 35:77-104
ISSN:	1558-5441 1045-0300
DOI:	10.3167/gps.2017.350404
Popis:	Kindleberger’s theory of hegemonic stability states that fixed exchange rate regimes require a leader that will provide it with disproportionate resources to ensure stability. Applying his theory to European monetary cooperation, we argue that, like the tools of Goethe’s “Sorcerer’s Apprentice,” European Monetary Union was constructed as a “self-regulating system,” and it threatens to run amok without a hegemonic leader. Germany has exercised “soft hegemony” in Europe, providing the European Union with disproportionate resources to stabilize the single market. It has the capability to be the Eurozone’s leader. But, by 2017, blinded by its ordoliberal ideology, i t refused to do so, instead placing the burden of cooperation on the weak. If Germany continues to refuse to play the role of the hegemonic leader, European Monetary Union faces collapse.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::5a35e830cbb193e28f9db9022e515e2c https://doi.org/10.3167/gps.2017.350404 Zobrazit plný text záznamu Plný text ve formátu PDF