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Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
This book accounts for whether and how the path of the European Union (EU) has developed towards potential disintegration. These questions have become particularly relevant since the outbreak of the debt crises in the Eurozone and the Brexit referendum. The author critically subverts theories of European integration and analyses the rise and fall of federations, empires and states in a comparative perspective. The most promising theory presented here indicates that Brexit is not likely to be followed by other member states leaving the EU. Nevertheless, the EU has been undermined from within as it cannot adequately address Eurosceptic dissatisfaction from both the left and right. This book is an essential read for everyone interested in the EU and its future.
Far from displaying a uniform pattern of integration, the European Union varies significantly across policy areas, institutional development and individual countries. Why do some policies such as the Single Market attract non-EU member states, while some member states choose to opt out of other EU policies? In answering these questions, this innovative new text provides a state-of-the-art introduction to the study of European integration. The authors introduce the most important theories of European integration and apply these to the trajectories of key EU policy areas – including the single market, monetary policy, foreign and security policy, and justice and home affairs. Arguing that no single theory offers a completely convincing explanation of integration and differentiation in the EU, the authors put forward a new analytical perspective for describing and explaining the institutions and policies of the EU and their development over time. Written by a team of prominent scholars in the field, this thought-provoking book provides a new synthesis of integration theory and an original way of thinking about what the EU is and how it works.
The European Union could soon be a thing of the past. Xenophobia is rampant and commonly reflected in elections across the continent. Great Britain may hold a referendum on whether to abandon the union altogether. Spurred by anti-EU sentiments due to the euro crisis, national interests conflict with a shared vision for the future of Europe. Is it too late to preserve the union that generated unprecedented peace for more than half a century? This is no mere academic question with limited importance for America and the rest of the world. In the past decade, the EU has declined from a unified global power to a fractious confederation of states with staggering unemployment resentfully seeking relief from a reluctant Germany. If the EU collapses and the former member states are transformed again from partners into rivals, the US and the world will confront the serious economic and political consequences that follow. In a series of revealing interviews conducted by Dr. Gregor Peter Schmitz, George Soros—a man of vast European experience whose personal past informs his present concerns—offers trenchant commentary and concise, prescriptive advice: The euro crisis was not an inevitable consequence of integration, but a result of avoidable mistakes in politics, economics, and finance; and excessive faith in the self-regulating financial markets that Soros calls market fundamentalism inspired flawed institutional structures that call out for reform. Despite the considerable perils of this period, George Soros maintains his faith in the European Union as a model of open society. This book is a testament to his vision for a peaceful and productive Europe.
Observers of the European Union (EU) could be forgiven for thinking that it is in a state of permanent crisis. The Union has been beset with high levels of Eurozone debt, attempts to de-escalate armed conflict in Ukraine, integrating refugees fleeing conflict, and the consequences of Brexit. Most existing scholarship on the European Union is concerned with Europe's increasing political integration. This book offers instead a concise assessment of the dynamics, character and consequences of these four crises for a Europe on the brink of distintegration. While Germany has long been the EU's stabilizing force, this is no longer guaranteed. The fate of the integration process will depend on whether more inclusive forms of stabilizing leadership emerge to fill the vacuum created by Berlin's incapacity. In a time of great uncertainty in European politics, this text provides a clear guide to the future of one of the most critical political players today. This text is the ideal companion for students of the EU on politics, international relations or European studies degrees, or for anyone interested in the possibility of European disintegration.
How do political authorities build support for themselves and their rule? Doing so is key to accruing power, but it can be a complicated affair. This book shows how social processes can legitimate new rulers and make their exercise of power seem natural. Historically, political authorities have used carefully crafted symbols and practices to create a cultural infrastructure for rule, most notably through nationalism and state-building. The European Union (EU), as a new governance form, faces a particularly acute set of challenges in naturalising itself.
The sixteenth edition of Social policy in the European Union: state of play has a triple ambition. First, it provides easily accessible information to a wide audience about recent developments in both EU and domestic social policymaking. Second, the volume provides a more analytical reading, embedding the key developments of the year 2014 in the most recent academic discourses. Third, the forward-looking perspective of the book aims to provide stakeholders and policymakers with specific tools that allow them to discern new opportunities to influence policymaking. In this 2015 edition of Social policy in the European Union: state of play, the authors tackle the topics of the state of EU politics after the parliamentary elections, the socialisation of the European Semester, methods of political protest, the Juncker investment plan, the EU’s contradictory education investment, the EU’s contested influence on national healthcare reforms, and the neoliberal Trojan Horse of the Transatlantic Trade and Investment Partnership (TTIP).
Differentiation was at first not perceived as a threat to the European project, but rather as a tool to promote further integration. Today, more EU policies than ever are marked by concentric circles of integration and a lack of uniform application. As the EU faces increasingly existential challenges, this timely book considers whether the proliferation of mechanisms of flexibility has contributed to this newly fragile state or whether, to the contrary, differentiation has been fundamental to integration despite the heterogeneity of national interests and priorities.
This book brings together contributions from leading scholars around the world on the most relevant and pressing economic themes surrounding the UK–EU relationship. With chapters spanning from the UK’s accession to the bloc to the aftermath of its decision to leave, the book explores key themes in UK economic growth and EU membership, international trade, foreign direct investment, financial markets and migration. Chapters interrogate the history of the relationship, the depth of foreign direct investment, and responses to the financial crisis. Considering both the history and future of UK and EU relations, the book is a relevant and timely volume that gives welcome context to a fast-changing relationship.
This study is concerned with the policy process by which the movement towards closer monetary integration, and the still very uncertain objective of EMU, has been shaped and guided. It asks how this process might be described, and how its emergence and development be can explained.