written by
Schelkle, Waltraud
Monetary solidarity in Europe: can divisive institutions become ‘moral opportunities’?
scritto da
Schelkle, Waltraud

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.

To cite this article:

Waltraud Schelkle (2022) Monetary solidarity in Europe: can divisive institutions become ‘moral opportunities’?, Review of Social Economy, DOI: 10.1080/00346764.2022.2042728

#euro area #insurance #moral hazard #risk-sharing #solidarity
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This project is funded with a Synergy Grant by the European Research Council under Grant Agreement n. 810356. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Research Council. Neither the European Union nor the granting authority can be held responsible for them.