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A tale of two crises: the Euro area in 2008/09 and in 2010

Schelkle, Waltraud (2011) A tale of two crises: the Euro area in 2008/09 and in 2010. European Political Science, 10 (3). pp. 375-383. ISSN 1680-4333

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Identification Number: 10.1057/eps.2011.23


One puzzle that the crises of the past three years have thrown up is why the financial crisis of the period 2008-09 and the sovereign debt crisis of 2010 had such a different political-institutional fall-out on the Euro area. In both, governments were essentially trying to avert a banking collapse. The Euro area passed the stress test of the financial crisis in the period 2008-09 surprisingly well, especially when compared with the US. By contrast, the turmoil in peripheral countries bond markets since late 2009 required the suspension of constitutive principles of economic governance and was a disaster for European political integration. This paper tries to offer an explanation.

Item Type: Article
Official URL:
Additional Information: © 2011 European Consortium for Political Research
Divisions: European Institute
Subjects: H Social Sciences > HG Finance
Sets: Departments > European Institute
Date Deposited: 13 Apr 2011 09:25
Last Modified: 20 Feb 2021 04:36

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