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2 results

Sovereign Debt and Socio-Economic Rights Beyond Crisis
  • The Neoliberalisation of International Law
  • Emma Luce Scali
  • Published online:
    24 February 2022
    Print publication:
    24 February 2022
  • This book offers a distinctive critical discussion of the relationship between sovereign debt and socio-economic human rights in the context of the contemporary global neoliberal economic order, going beyond strictly 'post-crisis' approaches and emphasising the structural character and consistent growth of public and private indebtedness. It reflects on the implications of mounting debt for the actual ability of States to realise human rights in a world of escalating indebtedness, inequality and insecurity. It expands existing definitions of neoliberalism by reflecting in particular on neoliberalism's epistemological underpinnings, and provides a comprehensive and systematic analysis of the 2009 Greek debt crisis and the main elements of post-crisis developments in international and EU law, arguing that the 'neoliberalisation of law' has essentially been advanced in the wake of the Eurozone debt crisis.

  • 2 - Sovereign Debt and Neoliberalism

  • Emma Luce Scali, Birmingham City University
  • Book:
    Sovereign Debt and Socio-Economic Rights Beyond Crisis
    Published online:
    24 February 2022
    Print publication:
    24 February 2022, pp 28-61

  • Summary

    This Chapter provides a general definition of sovereign debt, and illustrates the trend, dating back to the 1970s, of rising global public indebtedness, including in advanced economies, to reflect on the actual role of debt in the current global economic system. It then analyses the main elements of the post-crisis reform of the legal framework for economic and fiscal policy making in the European Economic and Monetary Union (a reform linked, inter alia, to the intensified need to subject the fiscal conduct of increasingly indebted states to stricter controls), and discusses how these seem to evidence the increased neoliberalisation of EU economic governance.