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Offering a fresh take on a crucial phase of European history, this book explores the years between the 1980s and 1990s when the European Union took shape. Whilst contributing to existing literature on the Maastricht Treaty and European integration at the end of the twentieth century, the book also brings those debates into the twenty-first century and makes connections with longer-term issues. The transformation of the European political climate in the wake of the global financial crisis in 2008, and the watershed Brexit vote in 2016, has made it all the more urgent to reconsider the way scholars and opinion-makers have looked at European integration in the past. Drawing from recently released archival documents, the authors analyse European cooperation as part of the broader international history in which it unfolded, taking into account the changes in the Cold War order and the advance of a new phase of globalisation. Comparing and contrasting the debates, objectives and achievements of the 1980s and 1990s with the current political landscape of the European Union, this book proposes a novel interpretation of the choices that were made during the Maastricht years, and of their longer-term consequences.
This unique and fascinating book illustrates that the 'credit crunch' and the ensuing financial and economic crisis of 2007-2009 did not only strike hard at the economy in the Western world, but also at its policymakers, at economics as a scientific discipline and, more specifically, at the process of European integration itself. In a series of theoretical and empirical papers, the expert contributors discuss the impact of the financial crisis on European integration in detail, considering issues including governance, sovereign debt crises, global economic imbalances, and post-crisis perspectives from Central and East European countries. The conclusion is that there is an urgent need for political integration in Europe as a necessary tool to facilitate economic integration. This book will prove invaluable to both academics and practitioners with a special interest in the economics of European integration, international financial markets, economics and international business. Contributors include: F.C. Bagliano, H. Berger, N.D. Coniglio, P. De Grauwe, S. Dumitrescu, M. Heipertz, A. Horobet, D. Ioannou, A.M. Lejour, J. Lewis, J. Lukkezen, K.-S. Lee, C. Morana, V. Nitsch, M. Pirovano, F. Prota, Z. Qian, S. Sarisoy Guerin, A. Van Poeck, J. Vanneste, P. Veenendaal
This book describes the history of European integration and the Eurozone, before presenting ways in which the European Union can move forward. Charting integration from before the Second World War, the foundations of the Eurozone are examined to provide insight into the challenges faced by the European Union, including the Global Financial Crisis, over recent decades. The impact of TARGET2 and the European Monetary System are also discussed. This book aims to highlight ways that current challenges to European integration, such as the COVID-19 crisis, environmental degradation, and fiscal debt, can be overcome to promote economic growth and social advancement. It will be relevant to students, researchers, and policymakers interested in the political economy and European economic policy.
The financial and economic crisis in Europe is not over, and the radically opposing strategies on how to proceed has only increased the complexity of problems in the region, revealing the shortcomings of the EU’s architecture. The European Union, perhaps for the first time in its history of more than seventy years, is being perceived as a threat to the financial and monetary stability of the world. A Global Perspective on the European Economic Crisis explores the connection between internal EU actions and institutions and the external factors that influence the ongoing response to the European crisis. With a unique collection of international and interdisciplinary essays, this book considers the complex macroeconomic and challenging political landscape of Europe, looking at how and why the European Union is untenable in its current state. The chapters outline what should be done to make the common currency area more resilient, and explain why external events are particularly problematic for the EU, ultimately offering suggestions for what Europeans should do in order to avoid harmful internal consequences. This volume confronts the causes of the crisis’ persistence, its economic and political consequences, and the impact of more recent events and policy decisions. It will be of interest to researchers and policy-makers keen to understand the EU relations and the influence of international organizations in the European economic crisis.
The adoption and management of the common currency has led the Eurozone to a critical point. This book analyzes in an interdisciplinary way the fundamental causes of distress, making sure to relate economic issues to the social and political aspects of the problem. The book explores the reasons why the Eurozone has fallen into a policy trap, as well as what Europe did and should do to exit the crisis, and why this is proving to be so difficult. The book also considers what role the United States has played, and could play to help foster a solution for the Eurozone. The main topics explored are the complex nature of the crisis, the short circuit between policies and the given institutional architecture, the controversial role of Germany, and the importance of an active role of the US. The book brings together a transatlantic group of scholars in order to offer an interdisciplinary analysis of the deep causes of the Eurozone distress. The authors recognize that the Eurozone countries have contrasting situations and interests and face different problems with complex consequences for the vexed question of national sovereignty within the EU; and pay attention to the social and political consequences of the economic and financial distress and of the perceived strain of the common currency.
This authoritative book offers a complete breakdown of the EUês political economy in the wake of the global financial crisis and will therefore appeal to students of European politics, international political economy and European studies, as well as po
Economists address key challenges facing the EU, including financial instability, welfare state reform, inadequate institutional framework, and global economic integration. The European Union began with efforts in the Cold War era to foster economic integration among a few Western European countries. Today's EU constitutes an upper tier of government that affects almost every level of policymaking in each of its twenty-seven member states. The recent financial and economic crises have tested this still-evolving institutional framework, and this book surveys key economic challenges faced by the EU. Prominent European economists examine such topics as the stability of the financial markets and possible policy options to reduce future vulnerability to crises, including Glass-Steagull-style narrow banking; the effect of emerging economies such as China and India on Europe's economic position; the protection of national interests in industrial policy; reforming and preserving the welfare state in the face of unemployment, population aging, and worker mobility within the EU; and improving the EU's institutional framework by reassigning responsibilities among supranational, national, and local governments. Among the conclusions that emerge from these analyses are the necessity for banking regulation as well as budgetary discipline; the need to consider global as well as European integration; and the idea that an environment that fosters internal competition will increase Europe's competitiveness internationally.
Comparative regional integration has met with increasing interest over the last twenty years with the emergence or reinforcing of new regional dynamics in the EU, NAFTA, MERCOSUR and ASEAN. This volume systematically and comparatively analyses the reasons for regional integration and stalemate in European, Latin American and Asian regional integration. It examines whether regional integration systems change in crisis periods, or more precisely in periods of economic crises, and why they change in different directions. Based on a neo-institutionalist research framework and rigorously comparative research design, the individual chapters analyse why financial and economic crises lead to more or less integrated systems and which factors lead to these institutional changes. Specifically it addresses institutional change in regional integration schemes, power relations between member states and the institutions in different policy domains, and change in individual or collective citizens’ attitudes towards regional integration. Adopting an actor-centred approach, the book highlights which regional integration schemes are influenced by economic and financial crises and how to explain this. This text will be of key interest to scholars, students and policy specialists in regional integration, European Politics, International Relations, and Latin American and Asian studies.
With contributions from a range of expert scholars in European economics, politics and social policy, this edited collection analyses the crisis in Europe by exploring the structural asymmetries of the Economic and Monetary Union (EMU) and European monetary integration. Structured in two parts, the chapters in this book discuss the impact of the global financial crisis on the Euro area; the failed implementation of the Lisbon Strategy; wage imbalances in the European labour market; the development of EU financial regulation; the Greek debt crisis; and the relationship between Italy and the EMU. The conclusion to the book puts forward a potential way out of the European crisis and argues that the correct measures, thus far, have not been taken to bolster financial stability. In Europe in Crisis, Talani and her contributors aim to identify the impact of the crisis on the future of the EMU and the EU project as a whole.
From Fragmentation to Financial Integration in Europe is a comprehensive study of the European Union financial system. It provides an overview of the issues central to securing a safer financial system for the European Union and looks at the responses to the global financial crisis, both at the macro level—the pendulum of financial integration and fragmentation—and at the micro level—the institutional reforms that are taking place to address the crisis. The emerging financial sector management infrastructure, including the proposed Single Supervisory Mechanism and other elements of a banking union for the euro area, are also discussed in detail.