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, 81 (1). pp. 84-104. ISSN 1470-1162

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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:	17 Apr 2024 19:45
URI:	http://eprints.lse.ac.uk/id/eprint/113746

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