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  Öffentlicher Vortrag | Public Lecture
 

Montag, 4. November 2019 | 17 Uhr (s.t.)

The Politics of Bad Options: Why the Eurozone Crisis Was so Hard to Resolve

Stefanie Walter, Universität Zürich

 


 

 
Why did the eurozone crisis prove so difficult to resolve? Why were adjustment burdens distributed so unevenly, and why did no country leave the eurozone? Stefanie Walter attemps to answer these questions by focusing on how the relative cost of different crisis resolution options shaped eurozone crisis politics in both deficit and surplus countries. Building on a large-scale data collection, she combines macro-level analyses that put the eurozone crisis in comparative perspective, analyses of crisis resolution preferences of 716 interest groups in three deficit and three surplus countries, and comparative case studies of crisis politics in these six countries. The analyses show that vulnerabilities to different crisis resolution options shaped crisis politics both on the country level and within countries. Walter generates an encompassing picture of the distributional politics of the eurozone crisis and a better understanding of the constraints under which policymakers have operated in their attempts to resolve it. She demonstrates that it matters whether policy options are considered in isolation or in the context of trade-offs. Some policy choices that seem puzzling at the outset are much more readily understood once the alternatives are considered.

 
Stefanie Walter is Professor of International Relations and Political Economy at the University of Zurich. Her research examines distributional conflicts, political preferences, and economic policy outcomes related to globalization, European integration, and financial crises. She is the author of Financial Crises and the Politics of Macroeconomic Adjustments (Cambridge 2013) and coauthor of The Politics of Bad Options (forthcoming with Oxford University Press).

 
Selected Publications
  • Frieden, Jeffry, and Stefanie Walter. 2019. "Analyzing Inter-State Negotiations in the Eurozone Crisis and Beyond." European Union Politics 20 (1): 134-151.
  • Walter, Stefanie, Elias Dinas, Ignacio Jurado, and Nikitas Konstantinidis. 2018. "Non-Cooperation by Popular Vote: Expectations, Foreign Intervention, and the Vote in the 2015 Greek Bailout Referendum." International Organization 72 (4): 969-994.
  • Walter, Stefanie. 2016. "Crisis Politics in Europe: Why Austerity Is Easier to Implement in Some Countries than in Others." Comparative Political Studies 49 (7): 841-873.
  • Walter, Stefanie. 2013. Financial Crises and the Politics of Macroeconomic Adjustments. Cambridge: Cambridge University Press.
  • Walter, Stefanie. 2008. "A New Approach for Determining Exchange-Rate Level Preferences." International Organization 62 (3): 405-438.

 
Preparatory Reading
  • Frieden, Jeffry, and Stefanie Walter. 2019. "Analyzing Inter-State Negotiations in the Eurozone Crisis and Beyond." European Union Politics 20 (1):134-151.
  • Frieden, Jeffry, and Stefanie Walter. 2017. "Understanding the Political Economy of the Eurozone Crisis." Annual Review of Political Science 20: 371-390.
  • Walter, Stefanie, Ari Ray, and Nils Redeker. Forthcoming. The Politics of Bad Options: Why the Eurozone Crisis Has Been too Hard to Resolve. Book manuscript under contract with Oxford University Press. Chapter 1: Introduction.
 

 
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