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Dossier

Access_open Uitdijende financiële macht: de monetaire orde van de ECB

Tijdschrift Beleid en Maatschappij, Aflevering 1 2019
Auteurs Rodrigo Fernandez, Reijer Hendrikse en David Hollanders
Auteursinformatie

Rodrigo Fernandez
Dr. Rodrigo Fernandez is postdoc aan de KU Leuven en senior onderzoeker bij SOMO.

Reijer Hendrikse
Dr. Reijer Hendrikse is Postdoctoraal onderzoeker aan de Vrije Universiteit Brussel.

David Hollanders
Dr. David Hollanders is redactiesecretaris van Beleid en Maatschappij.
Dossier

De schuldencrisis in de eurozone: oorzaken, aanpak en implicaties

Tijdschrift Beleid en Maatschappij, Aflevering 1 2019
Trefwoorden Eurozone crisis, Financialization, Bail-outs, Austerity, Banking union, Quantitative easing
Auteurs Dr. Henk Overbeek
SamenvattingAuteursinformatie

    Ten years ago, now, the Eurozone began to shake on its foundations. This article traces the genesis of the crisis and the present state of affairs. As to the causes of the global financial crisis in 2008, I argue that contrary to common understanding, the financial crisis had its deeper causes in a decades old tendency towards crisis in the real economy, produced by the continuous overaccumulation of capital which can only return profits by undertaking speculative short-term investments (a phenomenon known as ‘financialisation’). I then trace how the global financial crisis morphed into a crisis of public deficits and debt in 2010-2011, particularly in the Eurozone. Three factors are shown to be responsible: financialization, design faults in the European monetary union, and the neo-mercantilist strategy of especially Germany and the Netherlands. The paper next looks at the five main traits of the policy responses in the Eurozone: bailing out governments and banks through creating emergency funds; imposition of austerity and budget discipline for member state governments; attempting to create and complete a Eurozone banking union; subsequently the European Central Bank engaged on an unprecedented scale in ‘quantitative easing’; and finally, institutional reform in an attempt to repair the most pressing design faults of the EMU. The paper concludes that the underlying structural factors leading up to the crisis have only been addressed incompletely: the overaccumulation of capital continues, the completion of the banking union is in an impasse, quantitative easing has mostly just intensified financialization by pushing up asset prizes, and institutional reform has taken the form of a fundamentally undemocratic attempt at monetary and political union by stealth. The broader legitimacy of the European project has been substantially undermined, and Europe is not in a better position than eight years ago in case of a new global crisis.


Dr. Henk Overbeek
Henk Overbeek is Emeritus Hoogleraar Internationale betrekkingen aan de afdeling Bestuurswetenschap en Politicologie van de Vrije Universiteit Amsterdam.
Artikel

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Reële autonomie en financieel toezicht

Tijdschrift Beleid en Maatschappij, Aflevering 4 2012
Trefwoorden regulatory governance, de facto autonomy, financial supervision, bureaucracy, institutional reform
Auteurs Dr. Caelesta Braun
SamenvattingAuteursinformatie

    De facto autonomy, the actual potential of regulatory agencies to go about their daily work, is often conceived to be more important to explain regulatory capacity than its formal autonomy and responsibilities. In this article we investigate whether external context factors, such as the financial and economic crisis have an impact on de facto autonomy. More specifically, we investigate whether the de facto autonomy varies after the crisis and distinctively so for specific subsets of employees within regulatory agencies. According to literature, mid-level managers of agencies are key to de facto autonomy and building a secure reputation for the agency in question. We test these external and internal effects on de facto autonomy with a survey among employees of the Dutch Financial Market Authority (N = 248). The findings show that the perceived influence of stakeholders is relatively constant, but that it is more dynamic for European stakeholders. Both middle managers and employees working at strategic and policy departments of the agency conceive the impact of European stakeholders as increasing in nature. The findings have important implications for our studies of de facto autonomy of regulatory agencies as well as reform potential after major institutional crises.


Dr. Caelesta Braun
Caelesta Braun is universitair docent aan het Department of Governance Studies, Vu University en als gastonderzoeker verbonden aan Antwerp Centre for Institutions and Multilevel Politics (ACIM), University of Antwerp. Correspondentiegegevens: Dr. Caelesta Braun, afdeling Bestuurswetenschappen, faculteit Sociale Wetenschappen, De Boelelaan 1081, 1081 HV Amsterdam, c.braun@vu.nl.

Jelle Visser
De auteur is als hoogleraar empirische sociologie verbonden aan de Universiteit van Amsterdam en is wetenschappelijk directeur van het Amsterdams Instituut voor Arbeidsstudies (AIAS).
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