The Normative Implications of the Eurozone Crisis
The EU’s member states, and in particular the Eurozone members, have moved themselves into a community of fate through lock-ins and normative commitments. Mending the Eurozone crisis has become a matter of justice, as some are profiting and some losing on the European Monetary Union. However, there is disagreement as to what medicine is the right cure.
Erik Oddvar Eriksen
Through lock-ins and normative commitments the EU’s member states and in particular the Eurozone members have moved themselves into a community of fate. Risks are collectivised and sovereignty is pooled and shared. There is disagreement regarding what medicine will be the right cure for the Eurozone crisis. Even before the crisis there was uncertainty and volatility with regard to the economic and political spectacle at the European continent, and the nature of the risks. Mending the Eurozone crisis has, however, become a matter of justice as some are profiting and some losing on the EMU. Collective action at the European level is not beyond the demand of duty. Moreover, a fiscal union has also turned into a roadmap for the solution of the crises. It makes the making of the European Political Union a plain imperative.