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Donnelly, S. ECB-Eurogroup Conflicts and Financial Stability in the Eurozone. Credit and Capital Markets – Kredit und Kapital, 51(1), 113-126. https://doi.org/10.3790/ccm.51.1.113
Donnelly, Shawn "ECB-Eurogroup Conflicts and Financial Stability in the Eurozone" Credit and Capital Markets – Kredit und Kapital 51.1, 2018, 113-126. https://doi.org/10.3790/ccm.51.1.113
Donnelly, Shawn (2018): ECB-Eurogroup Conflicts and Financial Stability in the Eurozone, in: Credit and Capital Markets – Kredit und Kapital, vol. 51, iss. 1, 113-126, [online] https://doi.org/10.3790/ccm.51.1.113

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ECB-Eurogroup Conflicts and Financial Stability in the Eurozone

Donnelly, Shawn

Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 1 : pp. 113–126

4 Citations (CrossRef)

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Dr. Shawn Donnelly, Department of Public Administration, University of Twente, Driernerlolaan 5, 7522 NB Enschede, Niederlande

Cited By

  1. Failing outward: power politics, regime complexity, and failing forward under deadlock

    Donnelly, Shawn

    Journal of European Public Policy, Vol. 28 (2021), Iss. 10 P.1573

    https://doi.org/10.1080/13501763.2021.1954062 [Citations: 10]
  2. Bank supervision between risk reduction and economic renewal

    Donnelly, Shawn

    Journal of European Integration, Vol. 45 (2023), Iss. 1 P.59

    https://doi.org/10.1080/07036337.2023.2183391 [Citations: 1]
  3. The Political Role of the European Central Bank: Between European Politics and National Constraints

    Heidebrecht,, Sebastian | Kaeding, Michael

    Credit and Capital Markets – Kredit und Kapital, Vol. 51 (2018), Iss. 1 P.1

    https://doi.org/10.3790/ccm.51.1.1 [Citations: 1]
  4. German Politics and Intergovernmental Negotiations on the Eurozone Budget

    Donnelly, Shawn

    Politics and Governance, Vol. 9 (2021), Iss. 2 P.230

    https://doi.org/10.17645/pag.v9i2.3928 [Citations: 4]

Abstract

This paper examines the impact of conflicting ECB and Eurogroup narratives over the nature of the Eurozone crisis and the proper strategy for exiting it. While the Eurogroup prefers a simple austerity-focused policy to ensure distributional outcomes benefiting Northern Europe, the ECB advocates a carefully sequenced combination of growth-enhancing, budget balancing and structural adjustment policies. The confrontation over ECB measures to stabilise the Eurozone through monetary policy is partially and temporary relieved by Commission leniency, and partly through informal German accommodation. A formal adjustment of Eurogroup policy is unlikely, however.