Abstract
Abstract Economic developments are often accompanied by narratives, which correspond to popular or generally understandable as well as easily reproducible descriptions, images and interpretations. In debates about European integration, the sovereign debt crisis, and solutions to the Corona crisis – the latter of which has rekindled concerns about the public finances of thrifty states – the narrative of Europe as a “transfer union” plays a major role. Unilateral payments from economically strong to economically weaker countries are assumed. An evaluation of all plenary minutes of the German Bundestag shows that this narrative has spread since the introduction of the Euro. Its peak has been reached with the European sovereign debt crisis of 2010/11. However, this is a distorted picture, which identifies Germany as the loser of European integration. The advantages to all member States deriving from currently discussed – or already implemented – measures to stabilize the EU can be explained by means of more appropriate descriptions of Europe as a “stability union” or “risk community”.
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