ABSTRACT
German ordoliberalism is widely criticized as the theoretical basis of policies that have exacerbated the crisis of the eurozone. Germany was among the first eurozone members to violate the deficit limit as early as in 2003 when it suffered from anemic growth and high unemployment. The Latin European tradition, in contrast, prioritizes flexibility over rigid rules and rejects any constraints that might hamper crisis management and the pursuit of macroeconomic stability. Resistance against any further deepening of the European currency and banking union runs particularly high in Germany. It may be convenient to phrase objections against any strengthening of European macroeconomic coordination as a defense of fundamental ordoliberal principles, such as liability and responsibility. A long-time pioneer of European integration, Germany bears a particular responsibility at this juncture to pave the way for a reform of European institutions and policies, allowing for a well-coordinated, stabilizing management of the eurozone economy.
