Banking on ordoliberalism? Security, stability and profits in EU’s economic reform promotion in Egypt

Abstract

The framing of EU-promoted economic reforms in Egypt has been heavily influenced by ordoliberal ideas and practices, which have in turn affected how the EU interprets security and stability in the economy. This is especially visible in the EU promotion of banking sector regulations. Despite the change in approach heralded in the post-uprisings EU documents, this paper finds that what we see is only a minor reframing of the ordoliberal template, which aims at becoming more inclusive especially drawing in small and medium enterprises. However, in the light of fast changing circumstances, this supposedly new approach has not achieved its stated aims, but indeed something close to its opposite, that is: less engagement with a narrower range of actors.

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