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Full-Text Articles in Law
Law, Fiscal Federalism, And Austerity, R. Daniel Kelemen
Law, Fiscal Federalism, And Austerity, R. Daniel Kelemen
Indiana Journal of Global Legal Studies
In response to the Eurozone crisis, European Union leaders have undertaken a number of dramatic reforms, including the imposition of a new regime for fiscal governance of Eurozone Member States. The 2012 Fiscal Compact Treaty, one of the lynchpins of this package of reforms, requires states to incorporate judicially enforceable balanced-budget rules into national law. This article explores this effort to judicialize austerity in the European Union, focusing on two interrelated sets of questions. First, why did EU leaders turn to the courts and ask them to become the stewards of fiscal discipline, and second, should we expect the effort …
Austerity, The European Council, And The Institutional Future Of The European Union: A Proposal To Strengthen The Presidency Of The European Council, Federico Fabbrini
Austerity, The European Council, And The Institutional Future Of The European Union: A Proposal To Strengthen The Presidency Of The European Council, Federico Fabbrini
Indiana Journal of Global Legal Studies
This article contextualizes the resilience of austerity in Europe, explaining it in light of the transformations in the EU system of governance. As the article maintains, since the eruption of the Eurocrisis, the European Council-the body congressing the heads of state and government of the EU member states together with its President and the President of the European Commission-has risen to the center of EU governance. In an intergovernmental institution such as the European Council, however, larger and wealthier states have been able to impose their preferences on other states-a development that is at odds with the anti-hegemonic nature of …
Surviving The Crisis And Austerity: The Coping Strategies Of Portuguese Households, Catarina F. Frade, Lina Coelho
Surviving The Crisis And Austerity: The Coping Strategies Of Portuguese Households, Catarina F. Frade, Lina Coelho
Indiana Journal of Global Legal Studies
In recent years, Southern European households have been facing acute economic hardship involving falling incomes, rising unemployment, devalued investment portfolios, and a growing burden of debt. This means most households have been forced to make unusual adjustments to their expenditure and living standards. However, Portuguese society has revealed the capacity to deal with austerity through the way households are resorting to self-mobilization and solidarity-based strategies. These adjustment strategies are inscribed in a cultural framework in which familial values, prevalent in Southern European societies, stand out in supporting a strong, operative welfare society. This feature is confirmed hereby through empirical research …
Austerity, Debt Overhang, And The Design Of International Standards On Sovereign, Corporate, And Consumer Debt Restructuring, Susan Block-Lieb
Austerity, Debt Overhang, And The Design Of International Standards On Sovereign, Corporate, And Consumer Debt Restructuring, Susan Block-Lieb
Indiana Journal of Global Legal Studies
Following the Asian Financial Crisis, sovereign debt defaults prompted calls by the International Monetary Fund (IMF) for a statutory Sovereign Debt Restructuring Mechanism (SDRM). In promoting the SDRM, IMF leaders argued that countries' sovereign debt problems needed something like U.S. Chapter 11, which is to say that IMF leaders supported the SDRM proposal with reference to legal claims rather than relying on purely economic arguments about the welfare benefits of resolving debt overhang. Framing the debate in this way caught on, but by 2005 the IMF board of directors had rejected the SDRM proposal. The current Global Financial Crisis similarly …