This is an Accepted Manuscript of an article published by Taylor & Francis in INTERNATIONAL SPECTATOR on 31-01-2022, available online: https://www.tandfonline.com/doi/abs/10.1080/03932729.2021.2007610 In July 2015, after intense negotiations with its creditors, Greece received a bailout in exchange for fiscal restraint. The coalition government at that time, led by the left-wing SYRIZA party, elected on the basis of an anti-austerity platform, eventually accepted the prevalent austerity frames of the creditors. Through the aid of Q-method, an analysis of Greek opinion leaders’ views of the negotiation highlights that this outcome can be explained in two different ways. The first posits that the ideological overtones that ruling SYRIZA injected in its negotiation strategy exhibited a lack of socialisation and undermined Greece’s already weak bargaining position. The second focuses on the institutional status quo bias in the Eurogroup in Germany’s favour, which discourages any change in the Eurozone. These two views may have partly been influenced by questions of political accountability.
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This study was commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs at the request of the Committee on Constitutional Affairs of the European Parliament. It analyses the political and legal dynamics behind referendums on EU-related matters. It argues that we have entered a period of increasing political uncertainty with regard to the European project and that this new political configuration will both affect and be affected by the politics of EU-related referendums. Such referendums have long been a risky endeavour and this has been accentuated in the wake of the Great Recession with its negative ramifications for public opinion in the European Union. It is clear that referendums on EU matters are here to stay and will continue to be central to the EU’s future as they are deployed to determine the number of Member States within the EU, its geographical reach, its constitutional evolution and adherence to EU policies. Only now they have become an even riskier endeavour.
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Nakamoto, S. (2008). Bitcoin: A peer-to-peer electronic cash system. https://bitcoin.org/bitcoin.pdf outlined an alternative to the current monetary system in which banks are replaced by a peer-to-peer system to issue and transfer digital money: the Bitcoin. While Bitcoin has attracted a substantial investment volume, the system has not achieved the status of a viable alternative monetary system. However, the distributed ledger technology (DLT) underlying the payment system is being applied successfully by financial institutions and is likely to have important implications for the future of money and banking. In this paper we therefore focus on the most advanced distributed ledger application in the financial industry: R3 Corda. This paper is structured as follows. In the first section, we relate the debate about systems of money creation to the rise of Bitcoin. Next, the development of R3 Corda is discussed and the lessons learned for monetary reform. We conclude with an assessment of the scope and likelihood of monetary reform as a consequence of DLT applications by central banks.
