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Monetary solidarity in Europe: can divisive institutions become ‘moral opportunities’?

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  • Schelkle, Waltraud

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.

Suggested Citation

  • Schelkle, Waltraud, 2022. "Monetary solidarity in Europe: can divisive institutions become ‘moral opportunities’?," LSE Research Online Documents on Economics 113746, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:113746
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    File URL: http://eprints.lse.ac.uk/113746/
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    References listed on IDEAS

    as
    1. Erik Jones, 2012. "The JCMS Annual Review Lecture," Journal of Common Market Studies, Wiley Blackwell, vol. 50, pages 53-67, September.
    2. Ferrera, Maurizio, 2005. "The Boundaries of Welfare: European Integration and the New Spatial Politics of Social Protection," OUP Catalogue, Oxford University Press, number 9780199284672.
    3. De Vries, Catherine E. & Hobolt, Sara B. & Walter, Stefanie, 2021. "Politicizing International Cooperation: The Mass Public, Political Entrepreneurs, and Political Opportunity Structures," International Organization, Cambridge University Press, vol. 75(2), pages 306-332, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    crisis; Euro area; insurance; moral hazard; risk-sharing; solidarity;
    All these keywords.

    JEL classification:

    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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