By Julien Mercille
The ecu financial main issue has been ongoing considering that 2008 and whereas austerity has unfold over the continent is has did not revive economies. The media have performed an incredible ideological position in offering the regulations of monetary and political elites in a beneficial mild, no matter if the latter s goal has been to shift the weight of adjustment onto electorate.
This publication explains why, utilizing a serious political fiscal standpoint and concentrating on the case of eire to attract conclusions usually acceptable to Europe and the U.S.. all through, eire is in comparison with modern and ancient examples to contextualise the arguments made.
This ebook covers the housing bubble that ended in the crash, the rescue of monetary associations by means of the kingdom, the position of the eu Union and foreign financial Fund, austerity, and the opportunity of leaving the eurozone for Europe s peripheral countries.
Through a scientific research of eire s major newspapers, it really is argued that the media mirror the perspectives and pursuits of these in strength and downplay substitute regulations that may bring about extra innovative responses to the crisis."
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The ecu monetary difficulty has been ongoing on account that 2008 and whereas austerity has unfold over the continent is has didn't revive economies. The media have performed a big ideological function in providing the regulations of financial and political elites in a beneficial mild, whether the latter s objective has been to shift the load of adjustment onto electorate.
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Extra resources for The Political Economy and Media Coverage of the European Economic Crisis: The Case of Ireland
Given that house prices were rising at about 12 per cent annually, the scheme beneﬁted all parties involved. 20 As will be seen in the following pages, eurozone countries face serious constraints that limit the range of possible responses that their governments can adopt to manage the economy. Before the introduction of the euro, when they still had their own currencies, they could react to a balance of payments problem by devaluing their currency to regain competitiveness. However, the euro has left competitive adjustment dependent on reducing labour costs and/ or raising productivity, since devaluation, government deﬁcit spending and money printing are either no longer possible or restricted.
Asset bubbles lead to increased consumption through the ‘wealth eﬀect’ whereby people owning the inﬂated assets feel richer and are more inclined to consume. It is one way to stimulate an economy when wages are held down and industrial production has moved abroad. In fact, the stock bubble induced a consumption boom which involved people spending some of their increasing stock wealth on housing. This rising demand led to higher prices because housing supply is relatively ﬁxed in the short term.
In fact, the government The crisis and the role of the media 11 takes an active role in supporting business needs, while the forces of the market are reserved for workers and the marginalized. There is no better example of this process than the moves of governments across the advanced economies in 2007–9 to bail out their banks which would have collapsed without massive state support, followed by the imposition of austerity over ordinary people through spending cuts and tax hikes. A neoliberal ideology is important to present policies and practices favourably to the public, especially when they are contrary to the popular interest.
The Political Economy and Media Coverage of the European Economic Crisis: The Case of Ireland by Julien Mercille