“New Hansa and Frugal Four: The Role of Small Creditor States in the Economic and Monetary Union”, Magnus G. Schoeller (ÖGFE, Austria)

The debate on an EU recovery package to fight the corona crisis evokes patterns known from the eurozone crisis, where northern creditor states were pitted against southern debtor states. This raises questions about the role of smaller creditor states in the Economic and Monetary Union. Against this background, the author of this policy brief analyzes emancipation tendencies of smaller creditor states, discusses their strategies to realize their preferences, and what this means for the corona crisis management.

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