Stopping 'Blame Game', revealingthe Euro zone's design faults: 'Complex interdependence within the nation-state framework'

Euro bölgesi krizi, Avrupa bütünleşmesi için en ciddi sınav haline gelmiş bulunmaktadır. Krizin başlangıcından beri AB'li liderler, birbirlerine karşı "suçlama yarışı" içine girmiştir. Bu makalenin iddiası odur ki euro krizi sadece üye ülkelerin sorumsuz politika tercihlerinden kaynaklanmamış, tam tersine euro bölgesinin yapısal sorunları bu krizi ortaya çıkaran asıl fay hatları olmuştur. Bu kapsamda, euro bölgesinin krize neden olan sorunlu mimarisi 'ulus-devlet çerçevesinde kompleks karşılıklı bağımlılık' olarak adlandırılmaktadır. Bir taraftan ortak para rejimi, fmansallaşma, ülkelerarası fmansal hareketlilik ve artan kamu borçları kanalıyla 'karşılıklı bağımlılık' hızla artmış, diğer taraftan ise euro bölgesinin, 'ulus-devlet çerçevesine' aşırı bağımlı bir yapı sergilediğinden söz konusu aşırı bağımlılığın yan etkilerine karşı yeterli koruyucu zırha sahip olmadığı görülmektedir. Makalenin vardığı sonuç odur ki, eğer Avrupalı liderlerin gereken siyasi girişimciliği sergilememesi ve euro bölgesinin yapısal sorunlarını çözmek için gereken yapısal reformları gerçekleştirmek adına harekete geçmemeleri durumunda, ortak para rejiminin mevcut haliyle bir geleceği bulunmamaktadır.

Suçlama yarışından vazgeçmek, euro bölgesinin yapısal sorunlarını tartışmak: 'Ulus-Devlet çerçevesinde kompleks karşılıklı bağımlılık'

The euro zone crisis has become the most serious test-case for European integration. Since the beginning of the euro zone crisis, its leaders have played the “blame game” against each other. This paper argues that the crisis in the euro zone has arisen not only because of individual member states’ irresponsible policy choices, but also due to the design faults within the euro zone project. This study scrutinizes “complex interdependence within the nation-state framework” as the primary cause of the euro zone problem. On the one hand, the single currency regime came into existence under the “complex interdependence” system mainly driven by financialization and cross-country financial transactions, including skyrocketed government and private debt ratios. On the other hand, the euro zone regime, due to its overwhelming reliance on a “nation-state framework”, was not armoured against the side-effects of complex interdependence. The paper concludes that unless the European leaders demonstrate the required policy entrepreneurship to take necessary steps and reform the design faults in the euro zone, there does not seem to be any future for the single currency.

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