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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.

Ferry Koster
Ferry Koster is bijzonder hoogleraar Innovatieve samenwerking bij TIAS en hij is werkzaam als universitair hoofddocent bij de Erasmus Universiteit Rotterdam.

Prof. dr. Bas Ter Weel
Prof. dr. Bas ter Weel is onderdirecteur van het Centraal Planbureau en hoogleraar economie aan de Universiteit Maastricht. www.cpb.nl/medewerkers/bas-ter-weel.
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