National Fiscal Profligacy and European Institutional Adolescence: The Greek Trigger to Europe's Sovereign Debt Crisis

Abstract

This article sheds light on the Greek trigger of the eurozone's fiscal crisis. Using Ostrom's institutional theory of collective action it argues that Europe's predicament is rooted in the failings of political leadership and institutional design at both the European Union and Greek levels. The findings have implications for Ostrom's framework, Europeanization and the future of European integration.