Elections cannot be allowed to change economic policy

What does it mean for policy to be insulated from politics? That’s the question we ultimately confront when investigating the putative depoliticisation of the economy. Matters which should be publicly resolved, through organised processes of contestation, instead get decided privately. We can cite examples of such transitions, consider whether they embody a broader tendency and offer explanations which account for this direction of travel.

However I’ve often wondered about the micro-social aspects of such a transition, specifically how policy makers make sense of this depoliticisation. Is it a naked power grab? Is it a response to the vagaries of the electorate? Is it an attempt to address issues of socio-economic change which are seen as being impossible to raise with the public?  Yanis Varoufakis offers a partial answer to these questions in his gripping accounts of Eurogroup negotiations in his political memoir Adults In The Rooms. From loc 4202

As he spoke, Schäuble directed a piercing look at Sapin. ‘Elections cannot be allowed to change economic policy,’ he began. Greece had obligations that could not be reconsidered until the Greek programme had been completed, as per the agreements between my predecessors and the troika. The fact that the Greek programme could not be completed was apparently of no concern to him. What startled me more than Wolfgang Schäuble’s belief that elections are irrelevant was his total lack of compunction in admitting to this view. His reasoning was simple: if every time one of the nineteen member states changed government the Eurogroup was forced to go back to the drawing board, then its overall economic policies would be derailed. Of course he had a point: democracy had indeed died the moment the Eurogroup acquired the authority to dictate economic policy to member states without anything resembling federal democratic sovereignty.

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