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This is an open access title available under the terms of a CC
BY-NC-ND 4.0 International licence. It is free to read at Oxford
Academic and offered as a free PDF download from OUP and selected
open access locations. Why was the Eurozone crisis so difficult to
resolve? Why was it resolved in a manner in which some countries
bore a much larger share of the pain than other countries? Why did
no country leave the Eurozone rather than implement unprecedented
austerity? Who supported and opposed the different policy options
in the crisis domestically, and how did the distributive struggles
among these groups shape crisis politics? Building on macro-level
statistical data, original survey data from interest groups, and
qualitative comparative case studies, this book argues and shows
that the answers to these questions revolve around distributive
struggles about how the costs of the Eurozone crisis should be
divided among countries, and within countries, among different
socioeconomic groups. Together with divergent but strongly held
ideas about the 'right way' to conduct economic policy and
asymmetries in the distribution of power among actors, severe
distributive concerns of important actors lie at the root of the
difficulties of resolving the Eurozone crisis as well as the
difficulties to substantially reform EMU. The book provides new
insights into the politics of the Eurozone crisis by emphasizing
three perspectives that have received scant attention in existing
research: a comparative perspective on the Eurozone crisis by
systematically comparing it to previous financial crises, an
analysis of the whole range of policy options, including the ones
not chosen, and a unified framework that examines crisis politics
not just in deficit-debtor, but also in surplus-creditor countries.
This is an open access title available under the terms of a CC
BY-NC-ND 4.0 International licence. It is free to read at Oxford
Academic and offered as a free PDF download from OUP and selected
open access locations. Why was the Eurozone crisis so difficult to
resolve? Why was it resolved in a manner in which some countries
bore a much larger share of the pain than other countries? Why did
no country leave the Eurozone rather than implement unprecedented
austerity? Who supported and opposed the different policy options
in the crisis domestically, and how did the distributive struggles
among these groups shape crisis politics? Building on macro-level
statistical data, original survey data from interest groups, and
qualitative comparative case studies, this book argues and shows
that the answers to these questions revolve around distributive
struggles about how the costs of the Eurozone crisis should be
divided among countries, and within countries, among different
socioeconomic groups. Together with divergent but strongly held
ideas about the 'right way' to conduct economic policy and
asymmetries in the distribution of power among actors, severe
distributive concerns of important actors lie at the root of the
difficulties of resolving the Eurozone crisis as well as the
difficulties to substantially reform EMU. The book provides new
insights into the politics of the Eurozone crisis by emphasizing
three perspectives that have received scant attention in existing
research: a comparative perspective on the Eurozone crisis by
systematically comparing it to previous financial crises, an
analysis of the whole range of policy options, including the ones
not chosen, and a unified framework that examines crisis politics
not just in deficit-debtor, but also in surplus-creditor countries.
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