By Sara Konoe

This chapter addresses questions regarding how euro member states came up with a set of post-euro crisis policies that were significantly different from the conventional interpretation of the policy tools available for euro governance. Remarkably, the German government relaxed its traditional adherence to monetarist policies despite its consistent emphasis on debtor states’ responsibility of implementing austerity policies. This chapter sheds light on changes and non-changes in the narratives toward the euro crisis, based on which the German government made some compromises while allowing for a wider scope of financial stabilization policies and risk-sharing at the European level.

New York: Berghahn Books, 2022


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