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Monetary solidarity in Europe: can divisive institutions become ‘moral opportunities’?

Schelkle, Waltraud ORCID: 0000-0003-4127-107X (2022) Monetary solidarity in Europe: can divisive institutions become ‘moral opportunities’? Review of Social Economy. ISSN 1470-1162

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Identification Number: 10.1080/00346764.2022.2042728

Abstract

How does the inherent norm of integration, notably to share risks among its members in good faith, become a self-sustaining practice? I address this question generally and for a critical case of a divisive institution, i.e. the evolution of sovereign bailout funding in the Euro Area since 2010. Community building between states is a potential outcome of solidaristic practices, reinforced by positive feedback processes. Inspired by Deborah Stone’s [Stone, D. A. (1999). Beyond moral hazard: Insurance as moral opportunity. Connecticut Insurance Law Journal, 6(1), 12–46] work on insurance, I demonstrate that there are social mechanisms at play that favour the secular expansion of risk sharing between states.

Item Type: Article
Official URL: https://www.tandfonline.com/toc/rrse20/current
Additional Information: © 2022 The Author
Divisions: European Institute
Subjects: J Political Science > JN Political institutions (Europe)
H Social Sciences > HJ Public Finance
Date Deposited: 14 Feb 2022 11:06
Last Modified: 12 Apr 2022 08:00
URI: http://eprints.lse.ac.uk/id/eprint/113746

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