Policy Bureaucracy: Government with a Cast of Thousands
In: Italian Political Science Review: Rivista italiana di scienza politica, Band 38, Heft 3, S. 443-461
ISSN: 0048-8402
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In: Italian Political Science Review: Rivista italiana di scienza politica, Band 38, Heft 3, S. 443-461
ISSN: 0048-8402
In: Polis: ricerche e studi su società e politica in Italia, Band 21, Heft 1, S. 53-64
ISSN: 1120-9488
In: Italian Political Science Review: Rivista italiana di scienza politica, Band 38, Heft 3, S. 474-475
ISSN: 0048-8402
Since the Great Recession, many Eurozone nations have seen their public debt levels increase greatly. By 2010, a member of the monetary union found itself unable to continue servicing its debt and made investors fear for the euro currency. The crisis was resolved thanks to a bailout of supranational organizations. Regardless, government debt from European nations is perceived as risk-free. The European Central Bank, through unconventional monetary policy and the mass purchase of government bonds, has managed to bring nominal interest rates to historical lows and governments have been able to continue borrowing without causing inflation on goods and services. Stock and commodity prices have, since 2010, increased more than the Eurozone's aggregate output. Similarly, home prices have increased more than aggregate GDP since the implementation of the euro. Given the historical precedents of currency and debt crises, it is necessary to question if investors should rationally expect the repayment of the real value lent to the various Eurozone governments.
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