Pavlos Roufos-Kanakaris

Kurzexposé zum Promotionsvorhaben von Pavlos Roufos-Kanakaris

Price stability, austerity and Ordoliberalism: the making of economic policy in Germany

Germany is often portrayed as having a veritable hegemony inside the Eurozone. For some, its ability to achieve price stability, low inflation and debt/deficit and an increase of exports during the global economic crisis is proof of the efficiency of its economic policies. For others, Germany’s performance is premised on a “beggar thy neighbour” approach, with its surplus results premised on the deficits of other Euro area countries. In this approach, Germany is seen as enjoying a privileged position in relation to the monetary unions’ benefits, while “exporting” its negative effects unto others. In either case, however, an assumption is put forward that German economic policy has been consistent, coherent and conflict-free.

My research aims to examine this assumption through a comparative analysis of the production and implementation of economic policy during 3 key historical events: the German unification; the creation of the EMU and the austerity measures imposed on Greece. When assessing these processes, I will focus on the dynamic interaction between the Bundesbank and the German government –with particular focus on the Finance Ministry. In addition, and due to the fact that Germany’s renowned “culture of stability” is said to be grounded on a specific “social partnership” with labour, I will also examine the way the German Confederation of Trade Unions (DGB) responded to these events."