Morally Bankrupt: International Financial Governance and the Ethics of Sovereign Default

Eurozone Justice

“… My argument is thus indebted to Rawls (, p. 272) and others developing it in interstate contexts; Dietsch and Rixen 2014; James ; Ronzoni ; Wollner . …”

“… De Grauwe offers the most thorough and up‐to‐date overview. For more technical and recent empirical findings regarding EMU in particular, see Beetsma and Giuliodori .…”

Dealing fairly with trade imbalances in monetary unions

“…Two dimensions matter: who finances the deficit, and how the deficit is financed. Who finances the deficit determines who bears the burden if a deficit country defaults (Wiedenbrüg, 2018; Wollner, 2018). Are deficits financed by people or companies in the deficit country, in the surplus country, or in other countries?…”

What Citizens Owe: Two Grounds for Challenging Debt Repayment

“…This is acknowledged even by those who see the question of debt servicing as a sub‐question of the one of legitimate taxation. ‘To be sure, states have other ways of raising revenue or lowering their debt burden, e.g., by selling off public assets or by inflating their currency’; Wollner , sect. ii.a.…”

“…To avoid this implausible conclusion, those who see the question of debt servicing as a subset of the question of legitimate taxation adopt a minimal standard to determine debt‐servicing obligations, in line with what is argued here. In defence of his own theory of ‘legitimate taxation’, Wollner argues that the state only has a right to tax its citizens to repay debt if ‘it effectively delivers at least minimal standards of social justice’; Wollner .…”