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Exploring the social and political foundations of modern economies

The Max Planck Institute for the Study of Societies conducts basic research on the governance of modern societies. It aims to develop an empirically based theory of the social and political foundations of modern economies by investigating the interrelation between economic, social and political action. Using primarily an institutional approach, it examines how markets and business organizations are embedded in historical, institutional, political and cultural frameworks, how they develop, and how their social contexts change over time. The institute seeks to build a bridge between theory and policy and to contribute to political debate on major challenges facing modern societies.

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The Euro Crisis: A Tale of Two Narratives

Francesco Saraceno
Two major narratives are cited when the unfolding of the EMU crisis is described. One view is consistent with the pre-crisis consensus on macroeconomic policy, and with the institutional design of the Eurozone. A second view focuses more on the structural flaws of the single currency, arguing that there never was an optimal currency area. In his lecture on July 5, Francesco Saraceno, deputy department director at the OFCE at Sciences Po in Paris, explains that the policy response and the institutional reforms implemented since 2010 are consistent with one of the two narratives, and he concludes by assessing recent developments in the policy approach, most notably in ECB action.
lectures series "One Crisis – Nineteen Points of View: The Division of the Euro Area from Its Members’ Perspective"
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