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Title: The legacy of Austerity : the Eurozone Crisis and the revival of the Washington consensus
Authors: Talesco, C
Valentine, BS
Issue Date: 2014
Publisher: Yonsei University Press
Source: Yonsei journal of international studies, 2014, v. 6, no. 2, p. 276-289 How to cite?
Journal: Yonsei journal of international studies 
Abstract: Since the 1990s, scholars have debated the efficacy of the policies set out in the Washington Consensus; however, their views contrast greatly. According to the interpretation given by Stiglitz (2002), such policies consist of three pillars: fiscal austerity, privatization, and liberalization.2 With the current European crisis, the term was again thrust upon the stage, but now with a new name highlighting the nationality of its key endorser: The Berlin-Frankfurt Consensus. Nowadays, many of the policies the Consensus encapsulates - especially fiscal austerity – top the agendas of most European institutions. Nevertheless, can we actually talk of a European revival of the Washington Consensus? If this be the case, do European citizens need to worry about the future of the European Union (EU)? This essay is an attempt to answer these questions. The essay develops in three parts. The first part introduces the Washington Consensus policies of the 1980s-1990s and considers the current meaning of the Consensus, including proof of the overlaps between the original policies and the policies of today’s European Consensus. The second part explains the details of the Stability and Growth Pact, which is the main evidence of the revival of the Washington Consensus in Europe. The third part deals with the political debate about fiscal austerity in Europe, and it attempts to explain why Europeans should be concerned about such policies, and the consequent future of the European Union.
ISSN: 2005-9809
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