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ID:
087943
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| Publication |
2009.
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| Summary/Abstract |
THE GREAT Credit Crisis has cast into doubt much of what we thought we knew about economics. We thought that monetary policy had tamed the business cycle. We thought that because changes in central-bank policies had delivered low and stable inflation, the volatility of the pre-1985 years had been consigned to the dustbin of history; they had given way to the quaintly dubbed "Great Moderation." We thought that financial institutions and markets had come to be self-regulating-that investors could be left largely if not wholly to their own devices. Above all we thought that we had learned how to prevent the kind of financial calamity that struck the world in 1929.
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| 2 |
ID:
108492
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2011.
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| Summary/Abstract |
Europe's numerous fiscal crises - 2003 Stability and Growth Pact (SGP) crisis, its subsequent 2005 reforms, and the recent sovereign debt woes - draw attention to a shift in the management of EMU; namely the inclusion of more uncertainty-based governance. Understood as modalities of government, risk, and uncertainty make the production of this fiscal-monetary space intelligible as a recognised form of knowledge and object of government. Whereas the Pact was devised as the anchor for EMU, it has come to symbolise its weakness. This article argues that the result is an antagonistic relationship between the programmatic and operational dimensions of fiscal governance; otherwise seen as a dialectic between the two competing domains of expertise/law and politics. Starting with the 2005 SGP reforms, and exacerbated by the credit crisis, uncertainty has been mobilised to justify alternative forms of managing fiscal conduct linked to new strategies of calculation and issues of responsibility. Bound to variegated notions of 'fiscal normality', I contend that the 2005 reforms signal the (re)politicisation of the budgetary framework and the reconfiguration of the politics of limits. Rather than marginalising informal judgment, the government through uncertainty places a greater emphasis on creative entrepreneurialism in fostering compliance in ways risk does not.
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