Eurozone Policy and Crisis

This chapter investigates the relation between Ordoliberalism and the reforms of European economic governance undertaken during the Euro crisis. First, it reviews the main reforms of the Economic and Monetary Union (EMU) adopted in the years of the crisis (the Six-pack, the European Stability Mechanism (ESM), the Fiscal Compact, the Two-pack and the Banking Union). Then, it reconstructs the Ordoliberal debate about the Euro crisis and its influence in German politics. After that, it analyses the extent to which the European reforms reflect Ordoliberal principles. The chapter concludes by arguing that the specific character of the ‘Ordoliberalisation’ ensuing the reforms consists in the generalisation of the concept of national responsibility as the cornerstone of European economic governance: in order to promote growth and sustainable public finances, the Member States cannot rely on European coordination, but must commit themselves to austerity and structural reforms.