“The Eurozone Crisis”: Reply by the Authors

von Kaarlo Tuori

Our book on Eurozone Crisis has been reviewed and commented by four distinguished experts in the field, profs Joerges and Ruffert as well as Drs Georgosouli and Jaros. The reviews show considerable variation in style and focus, but they all are based on a careful reading of our book and contain thoughtful comments. For this we want to express our gratitude. We comment first on some common themes of the reviews and then move on to a few more specific questions.

Our conceptualization of the two layers of the European Economic constitution, the microeconomic and macroeconomic one, seems to have been well received and considered helpful for analyzing the crisis. This encourages us to further elaborate on this order. We also perceived an understanding of the way we have tried to combine legal and economic analysis. We were also pleased by the “majority view” that our argumentation was balanced, economically and politically sound, and independent of mainstream official truth or a particular political position. This was a result of our continuous questioning of each other’s arguments. Although we share the same surname we share neither a common educational or professional background, nor exactly the same political values. If some of our positions are seen to reflect our underlying ‘political conviction’, this might be due to unfortunate wordings.

Dr. Georgosouli raises two additional issues: criticism and suggestions by the IMF, and financial resilience as an emerging theme in macro-prudential regulation. Both are important aspects and their inclusion could have broadened the discussion. It was our deliberate choice not to go deeper into the economics of crisis management for two reasons: it would have lengthened the book considerably and changed its focus, but even more importantly it would have increased its speculative element ...

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