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The Political Hindrances In Solving The European Sovereign Debt Crisis, C. Cole Fairbanks
The Political Hindrances In Solving The European Sovereign Debt Crisis, C. Cole Fairbanks
Claremont-UC Undergraduate Research Conference on the European Union
Once revered as a progressive supranational success story, the European Union now faces excessive public debt, unemployment, and stagnation partly due to its flawed institutional design. This has become apparent in southern Eurozone countries like Portugal and Greece, which continue to suffer from strict austerity measures imposed by the International Monetary Fund, European Commission, and European Central Bank (Troika). This report examines the politics behind the European Sovereign Debt Crisis, including the rise of Eurosceptic populist parties. Furthermore, it analyzes austerity in southern Europe, the ‘moral hazard’ argument, and the German government’s reluctance to lead Europe out the crisis. This …