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Bulgaria’s Revolt Against Consensus

SOFIA – The logic behind the European Union’s drive to constitutionalize budget constraints and remove key economic decisions from electoral politics is internally sound. After all, a common currency without a shared political sphere can survive only if electing a new national government does not mean changing basic macroeconomic policies.

But the logic of the EU’s effort collapses at a crucial point. When voters are unhappy with the economic status quo, but lack the power to change the relevant policies through democratic processes, they fall for conspiracy theories, turn on the political establishment, and demand a radical transformation of existing arrangements.