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Monetary solidarity in Europe : can divisive institutions become ‘moral opportunities’?
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0034-6764; 1470-1162
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Review of social economy, 2023, Vol. 81, No. 1, pp. 84-104
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SCHELKLE, Waltraud, Monetary solidarity in Europe : can divisive institutions become ‘moral opportunities’?, Review of social economy, 2023, Vol. 81, No. 1, pp. 84-104 - https://hdl.handle.net/1814/75267
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.
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Published online: 26 February 2022
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European Commission, 810356