Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/107397
Authors: 
Walterscheid, Heike
Year of Publication: 
2014
Series/Report no.: 
Beiträge zur Jahrestagung des Ausschusses für Wirtschaftssysteme und Institutionenökonomik im Verein für Socialpolitik: "Die EU-Institutionen im Lichte der Schuldenkrise", 28.-30. September 2014, Göttingen
Abstract (Translated): 
Members of the European Currency Union and even a majority of all other Member States of the European Union are faced with high public and private depts. It is almost obvious that many Member States will have a problem with repaying depts and even are endanger to fall through interest payment. Thus, citizens within the territories of the European Currency Union are faced with an unpredictable risk of liability in case of bank failure and/or bankrupted states. Given that exit is almost no individual option yet, this implies the risk of a compulsory infringement into private assets of European citizens. Thus, losses caused by governments and banks, which both genuinely origin from political failure, will be socialized. Since European democracies are not aware of the implication of fractionized acting rights, which per se should build an internalizing unit of acting rights and therefore unify acting and liability, they are faced with serious complications into outmaneuver now- assuming that they really want to.
Subjects: 
Property Rights
Rules
Regulation
Political Competition
Lobbyism
Fiscal Depts
Money Policy
European Central Bank
Banking System
European Currency Union
European Union
Sovereignty
Liability
Structural Couplings
Sense Interconnection
Public Choice
Fractionation
Democracy
Social System Theory
Evolution
Externalities
Internalization
Document Type: 
Conference Paper

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