, 8 tweets, 6 min read Read on Twitter
This, by @njtmulder, is a razor sharp critique of left-nationalist narratives that locate the roots of European neoliberalism in either EU technocracy or Germany hegemony. In reality, it was the product of a broad-based intergovernmental elite consensus: nplusonemag.com/online-only/on…
@njtmulder The only thing I would take issue with is the claim that "It was not supranational bureaucracy but intergovernmental agreement on austerity and against more generous debt restructuring that forced Syriza into conformity."
@njtmulder While it's absolutely true that the intergovernmental Eurogroup was the principal actor involved in what @yanisvaroufakis has called Greece's fiscal waterboarding, we shouldn't overlook the crucial role played by the supranational ECB, which actively served as the disciplinarian.
@njtmulder @yanisvaroufakis Ultimately, it was the ECB's decision to withhold further emergency liquidity assistance from Greek banks that forced the government to capitulate. Here the unaccountable power of the EU's supranational financial bureaucracy clearly came to the fore.
@njtmulder @yanisvaroufakis (@BJMbraun has done excellent and very important work on the power and accountability of the ECB in this respect, e.g., in this Transparency International report: transparency.eu/wp-content/upl…).
@njtmulder @yanisvaroufakis @BJMbraun Moreover, while you are absolutely right that there was a broad-based elite consensus on the need for fiscal consolidation (shared by the FinMins of other heavily indebted EZ states), German "hegemony" within the EG was also quite consequential in the management of the crisis.
@njtmulder @yanisvaroufakis @BJMbraun The conclusion I would draw from this is that it's actually the unique *combination* of the three factors (intergovernmental elite consensus, supranational technocracy, German hegemony) that gives European neoliberalism its peculiar, seemingly unassailable anti-democratic bent.
@njtmulder @yanisvaroufakis @BJMbraun That's just academic quibbling, though. This was such a sharp piece, and I completely agree with your conclusions; the left-nationalist illusions of withdrawal make little sense to me. European neoliberalism will need to be fought at all levels: local, national and supranational.
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