Showing posts with label ECB. Show all posts
Showing posts with label ECB. Show all posts

Thursday, 12 March 2015

The new Syriza-led government in Greece and its alliance struggles in the EU


by Davide Covelli
Picture from http://www.cgw.gr/

On 26 January 2015 Alexis Tsipras, leader of the major anti-austerity party coalition in Greece, assumed the lead of the Greek government. With his manifesto he sought to refuse explicitly and totally the general principles on which the entire political economy of the EU has been based until now. Tsipras’s victory speech, stating “the verdict of the Greek people annuls today in an indisputable fashion the bailout agreements of austerity and disaster”, provoked the German finance minister Wolfgang Schäuble to immediately reply, highlighting that “there's no question of a debt haircut”. What clearly looms from this exchange of words is that there is an internal struggle within the EU,  exposing both ideological and national interests.
The European institutions are designed on the principle of balancing the different member states. The struggle for power in the EU has always been based on a concerted form of agenda setting and on a definition of the role of member states within a common institutional and normative framework. This framework is an achievement that was reached through the endorsement of multilateral treaties.