European elites have argued that ‘peripheral’ Eurozone states such as Greece and Ireland must ‘follow the rules’ if they are to secure sustainable economic recoveries. The problem is that ‘following the rules’ of European integration – particularly in the domain of financial services – drove divergence and led to the original crisis in these economies
Neil Dooley is Lecturer in Politics at Sussex European Institute (Sei), University of Sussex
Nearly ten years on from the first Greek bailout, the countries of the eurozone periphery have exhibited markedly divergent recoveries. A popular narrative attributes the contrasting recoveries of Greece and Ireland to their divergent enthusiasm for following EU rules on structural reforms and austerity. In contrast, my new book, The European Periphery and the Eurozone Crisis, shows that ‘following the rules’ doesn’t always ensure good economic health, but is linked to the causes of the eurozone crisis in the first place.
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