The Eurozone Faced Competition Among Actors

2582 Words Mar 17th, 2015 11 Pages
The Eurozone faced competition among actors regarding who can explain the reasons behind the emergence of the crises and the best way to resolve the challenges facing them (Apak and Atay 2012: 561). Germany is always on the center stage in the Eurozone crisis due to its economy strength and Chancellor Angela Merkel’s ability to negotiate the response to the crisis (Apak and Atay 2012: 562). According to Apak and Atay (2012), Merkel worked to promote the budgetary rigor and austerity, hence portrays the overwhelming national debt as the cause of the crisis. Merkel also disputes the structural weaknesses or imbalances in the Euro area as a cause of the crisis as asserted by Feldstein (2010). Her aim is to dominate the narrative of the …show more content…
The Euro crisis reinforced the interconnectivity of European economies, leading to greater public awareness on the impact of European issues on national policies (Fratzscher 2015). Political actors, through the strategic narrative, construct a shared meaning of the past, present, and future of international politics with the aim of shaping the behaviour of domestic and international actors. For example, in the Eurozone crisis, narratives legitimate policy responses reinforce domestic and international support and challenge the counter-narratives as Fratzscher (2015). Narratives are strategic anthems to the future of the state in which the German government engages in influencing domestic and international opinion of the merits of their approach to the crisis (Fratzscher 2015). The German actors employ and deploy narratives to shape the expectations of the third parties in Germany, but are unable to impose its powerful economic actors in the EU, despite Germany 's powerful economic actors in the EU. Demands from France and the US for Germany to contribute more to the Euro "bazooka" to defend the currency from the market placed Merkel in an intense pressure (Fratzscher 2015). Merkel’s narrative seeks to minimize Germany’s exposure and explain inevitable
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