Supranational institutions as central stakeholders during eurozone debt crisis in 2008-2012

Abstract

The financial crisis in the Eurozone is combining several new interdisciplinary debates. Has the financial crisis been caused by the decisions of the political actors or rather by complicated economic dilemmas? In what way have the different social stakeholders acted during the years of the crisis and which of the groups have had biggest influence in different stages of the crisis? Why and how national political elites have lost their dominant position in crisis management and which were the cornerstones of this power transition process and what role have the supranational institutions like the European Commission and the European Central Bank played during the crisis? Accordingly, the main goal of the article is to define crucial events and stakeholders in Eurozone crisis solution process by using empirical process tracking and narrative analysis as research methods. This article will also look on the possible interests and future actions of the Eurozone stakeholders based on the last four years´ experience. It will also be inquired into how and why national political elites and citizens delegated their democratic competences and powers to non-electable institutions during Eurozone crisis.