Is there an alternative to the austerity policies in the Eurozone? : Analysis of the legitimacy and sovereignty challenges in the Euro Governance after the 2008 crisis

Abstract: The European Union, and especially the Eurozone, has experienced a period of political and economic difficulties after the Financial Crisis of 2008, and Debt Crisis of 2010. Austerity measures have been presented by the EMU’s elite as the only possible way to end the actual crisis, however many of the policies produced non-desirable side effects. However, the negative economic outcome in countries like Greece or Ireland questioned the vision of the status quo in the EU. These complications produced a questioning of the ideological assumptions behind the creation of the Euro due to the social and economic problematics that the crisis provoked. Moreover, some of the outcome of the subsequent policies of austerity produced political and social unrest, with a deep economic consequence for some Euro members. Besides, the rise of “Eurosceptic” parties all over Europe shows a deep mistrust from the population on the actual management to the crisis, some of the issues rise to critique present the opposition to the actual policies claiming against the lack of democracy on the decision making process.