Abstract
Since the financial and economic crisis of 2008+ many political and scientific discussions focus on the issue of “ordoliberalisation of Europe”. Ordoliberalism is widely perceived as an austerity policy implemented by Germany, which makes its financial support for Economic and Monetary Union (EMU) uncompromisingly depend on the strict fiscal strategy. The engagement of Germany into “saving the Eurozone”, placed them in the uncomfortable leader’s position. But in a fact ordoliberalism is not a holistic idea, but rather the microeconomic, normative theory, that even in Germany has never been fully implemented. What should be taken into consideration in the context of EMU and the whole EU is the style of governance- the Social Market Economy. The aim of this research is drawing attention to the original meaning of the Social Market Economy in which ordoliberalism is only an economic foundation. The sense of Eurozone’s order is to understand the solidarity, related to the principle of subsidiarity and stability of the single currency, international competitiveness, macroeconomic policy, business cycles, and values such as democracy. The idea of orders interdependence (M. Weber, W. Eucken) and the ‘Ordnungspolitik’ seems to be adequate to achieve the goal of the study.
Presenters
Justyna BokajłoAssistant Professor, Faculty of Social Science, Department of International Economic Relations and European Integration, University of Wroclaw, Dolnoslaskie, Poland
Details
Presentation Type
Paper Presentation in a Themed Session
Theme
Politics, Power, and Institutions
KEYWORDS
EMU, Ordoliberalism, Social Market Economy, Germany, Stability, Interdependence of orders
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