Austerity: European democracies against the wall

 

Austerity front cover smallThe crisis in the eurozone has had a dramatic impact on the economic and social fabric of European countries. However important it may be, the economic dimension is only the symptom of a broader problem. The crisis is primarily political in nature. Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western democracies to solve problems that have been building for over two decades. He finds that democratically elected officials are loathe to take unpopular decisions that could jeopardise their re-election.

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(
pubblicato sul sito del ceps – www.ceps.eu –  dal Luglio 2013)