scholarly journals Die Herausbildung einer neuen Economic Governance als Strategie zur autoritären Krisenbearbeitung in Europa – gesellschaftliche Akteure und ihre Strategien

Author(s):  
Martin Konecny

In the context of the economic crisis and the European sovereign debt crisis in particular the dominant social forces and state apparatuses are pushing for a long term solution. Here I argue that relevant European class forces as well as national class factions established the so called Six Pack as a political strategy that aims to radicalize neoliberal policies via European regulations. While in the member states democratic structures are being minimized, more decisions are made on the European level, through which the executive apparatus, especially the European Commission, gains more influence. I analyze the way in which the dominant social forces shaped the Six Pack and examine similarities but also differences to the European Fiscal Compact. Finally I look at the meaning of these current reforms for a left strategy of rupture in Europe.

2020 ◽  
Vol 14 (1) ◽  
pp. 1
Author(s):  
Nicoletta Layher ◽  
Eyden Samunderu

This paper conducts an empirical study on the inclusion of uniform European Collective Action Clauses (CACs) in sovereign bond contracts issued from member states of the European Union, introduced as a regulatory result of the European sovereign debt crisis. The study focuses on the reaction of sovereign bond yields from European Union member states with the inclusion of the new regulation in the European Union. A two-stage least squares regression analysis is adopted in order to determine the extent of impact effects of CACs on member states sovereign bond yields. Evidence is found that CACs in the European Union are priced on financial markets and that sovereign bond yields do respond to the inclusion of uniform CACs in the European Union.


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