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The Eurotower Strikes Back

Genovese, Federica and Schneider, Gerald and Wassmann, Pia (2016) 'The Eurotower Strikes Back.' Comparative Political Studies, 49 (7). 939 - 967. ISSN 0010-4140

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Abstract

The 2008 global financial crisis came with fears—and, for some, hopes—that a new wave of public mobilization would emerge in industrialized countries. Especially throughout the European Union (EU), the epicenter of the crisis, large protests were expected. Yet, the energy with which social groups mobilized against the proposed austerity measures quickly fizzled. This article provides new evidence for why this was the case. In line with Neo-Keynesian theory, we argue that the interest rate adjustments and political announcements of the European Central Bank (ECB) limited the potential for mass unrest in the member states of the Economic and Monetary Union (EMU) affected by the crisis. We provide evidence for our argument with yearly panel data and a new original data set of monthly political protests between 2001 and 2013. Our analyses support the hypothesis that the ECB was able to successfully assuage dissatisfaction with the limited reform options of the Eurozone member states in the wake of the Eurocrisis.

Item Type: Article
Uncontrolled Keywords: economic policy, European Central Bank, EU politics, financial crisis, political economy, social movements
Subjects: J Political Science > JA Political science (General)
J Political Science > JN Political institutions (Europe)
Divisions: Faculty of Social Sciences > Government, Department of
Depositing User: Federica Genovese
Date Deposited: 06 May 2016 14:33
Last Modified: 30 Nov 2020 16:15
URI: http://repository.essex.ac.uk/id/eprint/16477

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