Democracy in Europe: a tale of two crises

Abstract

This article addresses the issue of the relationship between 'the market' and democracy in the European Union from a critical political economy perspective. It argues that the way the European Union institutions and national governments are attempting to solve the current economic and financial problems of the Eurozone enhances the trend towards 'new constitutionalist' arrangement that were already present. A detailed analysis of the reforms is proposed, as well as an historical perspective on the relationship between 'the market' and democracy that has characterised Western political economies. The recent reforms of EU economic governance are thus seen as furthering the insulation of socio-economic policy-making from public's electoral accountability.