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This paper attempts a normative assessment of the input and output-oriented legitimacy of the present euro … of the policies actually chosen. Concluding that the regime lacks input-oriented legitimacy and that its claim to output …-oriented legitimacy is ambivalent at best, the paper explores potential – majoritarian or unilateral – exits from the present …
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This essay re-examines the dual – republican and liberal – foundations of democratic legitimacy in the Western … polity and to the normative potential of legitimacy intermediation in its two-step compliance and legitimating relationships …
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The so-called Troika, consisting of the EU-Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF), was supposed to support the member states of the euro area which had been hit hard by a sovereign debt crisis. For that purpose, economic adjustment programs were...
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This paper argues that the loose monetary policy of two of the world’s most important financial institutions-the US Federal Reserve Board and the European Central Bank-were ultimately responsible for the outburst of global financial crisis of 2008 - 09. Unusually low interest rates in 2001 -...
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