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In the years leading up the global financial crisis, the European Union (EU) had emerged as a central actor in global financial governance, almost rivalling the United States in influence. While the USA and the EU continue to dominate financial rule setting in the post-crisis world, the context in which they do so has changed dramatically. Pre-crisis ideas about laissez-faire regulation have been discarded in favour of more interventionist ones. The G20 and the Financial Stability Board have been charged with stronger coordination of global efforts. At the same time, jurisdictions have re-emphasized the need "to get their own regulatory house in order" before committing to further global harmonization. And through banks failures and massive bail-outs, the financial sector – hitherto a driving force behind the cross-border integration of finance – has been reconfigured. This book asks a straightforward question: what have these and other key post-crisis trends in global finance done to the position that the European Union occupies in it? The contributions to this book analyse the link between financial governance in the European Union and on the global level from diverse theoretical angles, and they cover the main issues that will shape the future European role on the global regulatory stage. This book was published as a special issue of the Journal of European Public Policy.
In this gripping narrative, Carlo Bastasin reconstructs the main political decisions of the euro crisis, unveiling the hidden interests and the secret diplomacy behind the scene. The European dream was both the rejection of war and the creation of a new spirit of peaceful cooperation. Yet confrontation has been the hallmark of the euro crisis, and national opportunistic gimmicks have driven the awkward attempts to solve the crisis itself. Today, Europe is in a crisis of democracy, which Bastasin has dubbed, "the first War of Interdependence of the global age." Praise for the first edition of Saving EuropeBastasin does an admirable job in analysing the euro-zone's economic challenges and is a sure-footed guide through the seemingly endless European Union summit meetings that were supposed to resolve them. He also has an eye for the human detail that makes his sad account of institutional muddle surprisingly compelling. — Financial Times Bastasin's book is worth reading for its detailed political narrative of the eurozone crisis to date, focusing on the interaction among decision-makers in Europe's capitals. — Foreign Affairs A reconstruction that may be considered definitive. Revelations on the European negotiations are written with talent and go hand in hand with no-esoteric economic analysis and with the right amount of realism to reach the political substance. —Corriere della Sera Anyone looking for general knowledge and deeper understanding of the crisis, I can recommend a formidable analysis by Carlo Bastasin: Saving Europe. The author is a very unusual combination of a qualified economist and driven journalism. —Svenska Dagbladet
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
The global financial and economic crisis has brought about many effects that are still difficult to interpret univocally. This book studies the consequences of the crisis on Europe by examining the effects on the European institutional setup, governance and architecture and by studying in detail the different member countries.
Out of the debate over the effectiveness of the policy responses to the 2008 global financial crisis as well as over the innovativeness of global governance comes this collection by leading academics and practitioners who explore the dynamics of economic crisis and impact. Edited by Paolo Savona, John J. Kirton, and Chiara Oldani Global Financial Crisis: Global Impact and Solutions examines the nature of the recent crisis, its consequences in major regions and countries, the innovations in the ideas, instruments and institutions that constitute national and regional policy responses, building on the G8's response at its L'Aquila Summit. Experts from Africa, North America, Asia and Europe examine the implications of those responses for international cooperation, coordination and institutional change in global economic governance, and identify ways to reform and even replace the architecture created in the mid 20th century in order to meet the global challenges of the 21st.
In the wake of the euro crisis, the European Union has been transformed in many ways. Is it now on the right track? The euro crisis, the steps taken to manage it, and the resulting transformations have triggered a necessary process of reconsidering economic governance in the European Union. This volume— the third in a series of annual editions tackling different aspects of governance— examines the long list of open political, legal, and economic questions related to the functioning and fundamental structure of the Union as a whole and the economic and monetary union in particular. Organised in three main sections, the contributions to this collection bring the perspectives of different academic disciplines to bear on the functional aspects of economic governance, the institutional transformations that have taken place, and their implications for the Union's legitimacy. A separate chapter looks at inequalities in perceptions of economic conditions and well-being within the European Union to identify trends particularly during the eurozone crisis. In doing so, the chapters in this volume take stock of the current situation, shed light on the dilemmas and challenges that must be recognised and addressed, and explore various options for the way ahead. The collection's ultimate goal is to assess whether the recent transformations lead EU governance in the right direction or require further adjustment.
The European Union (EU) has emerged as a central actor in financial governance. Hardly any corner of European financial markets remains untouched by EU rules, and key regulatory competences have been shifted from national authorities to supranational ones. At the same time, the global context has become ever more important for how and to what effect the EU regulates its financial markets. On the one hand, EU policymaking is embedded in global initiatives such as the Basel Committee on Banking Supervision. On the other hand, the EU now rivals the USA in its ability to shape global rules. Scholars and practitioners cannot make sense of EU rulemaking without studying its links to global financial governance, just as to understand how global initiatives evolve they have to appreciate the rise of the EU as a global regulatory force. This book charts and analyses this centrality of the European-global link in financial governance for the first time. Its chapters, written by experts in the specific fields, cover the whole breadth of financial markets. They range from banking, auditing and accounting to derivatives trading, money laundering, and tax governance. This book offers comprehensive coverage of: how and why global and European financial governance have co-evolved over time; how global and European rules, institutions, and actors are linked today; and what this implies for future global and European financial governance. It is essential reading for anyone who wants to understand the dynamics of either global or European financial regulation.
The 2008 financial crisis was the worst since the Great Depression and many voices argued that it would transform global financial governance. Analysts anticipated a "Bretton Woods moment", referring to the 1944 conference that established the postwar international financial order. Widespread expectations of change were then reinforced by the creation of the G20 leaders' forum, extensive debates about the dollar's global role, the launching of international financial regulatory reforms, and the establishment of the Financial Stability Board. But half a decade later, how much has really changed? In The Status Quo Crisis, Helleiner surveys the landscape and argues that continuity has marked global financial governance more than dramatic transformation. The G20 leaders forum contributed much less to the management of the crisis than advertised. The US dollar remains unchallenged as the world's dominant international currency. The market-friendly nature of pre-crisis international financial regulation has been not overturned in a significant manner. And the Financial Stability Board has strengthened the governance of international financial standards in only very modest ways. What we are left with are some small-bore incremental changes that, collectively, have not fundamentally restructured the governance of the global financial system. Helleiner argues that this strangely conservative result was generated partly by the structural power and active policy choices of the country at the center of the crisis: the United States. Status quo outcomes also reflected the unexpected weakness of Europe and conservatism of policymakers in large emerging market countries. Only if this distinct configuration of power and politics among and within influential states shifted in the coming years might the 2008 crisis leave a more transformative legacy over the longer term. Cutting against much of the received wisdom on offer today, The Status Quo Crisis will be essential reading for those interested in the politics of global finance and for anyone curious how expectations of change can be thwarted after even in the most dire of crises.
​This edited volume discusses critically the social implications of current structural transformations in Europe within the broader context of the global financial crisis. Experts from across Europe and the US discuss challenges and solutions to political and economic stability, security, growth, governance and integration on a country and regional level, especially focusing on vulnerable Southern and Eastern European states. New economic, political and security processes and realities are examined closely, with the aim to describe them in a coherent framework. Drawing on carefully selected interdisciplinary research, this collection offers fresh insights into the social repercussions of the transition from traditionally established practices and perceptions to new forms of collaboration, integration and governance.
The global financial crisis and sovereign debt crisis exposed the inadequacy of European economic governance. Despite the multitude of new mechanisms and institutions that have arisen over the last few years, many contend that economic governance remains inadequate and the EU must integrate even further to calm still-volatile markets. A tension exists between creating effective instruments that will not overstep the authority delegated to an EU that has integrated economically but not politically. Can the EU’s economic governance system satisfy the demands of markets and politics? Relevant issues include the ability of supranational institutions to dictate policy to national governments, the harmonization of economic policies and institutions across Europe, and a substantial increase in the transfer of funds across borders. Can monetary union continue without political union? How will the new institutions alter the distribution of power between EU institutions as well as between member states? This edited volume analyzes the major policy challenges and institutional mechanisms at the EU- and international levels to combat the global financial crisis and the EU’s sovereign debt crisis such as financial integration, fiscal cooperation, and the rising power of the ECB. This book was published as a special issue of the Journal of European Integration.