A Global Perspective on the European Economic Crisis

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.

1. Where is Europe Headed? An Introduction Bruno Dallago, Gert Guri and John McGowan Part One: The European Project: Moving Forward with Dry Eyes Steven Rosefielde 3. The EU in Stormy Seas: Beginning of the End or End of the Beginning Klaus Gretschmann 4. Signalling imbalances in the EMU Nicola Acocella 5. On the Crisis of the EMU: Failed Construction, Failed Implementation or Failed Crisis Management? László Csaba 6. The European Crisis: Testing the Trust Foundations of an Economic and Monetary Union Simona Piattoni 7. Assessing the Europe 2020 Strategy Paolo Pasimeni 8. Reinforcing Europe’s failed fiscal regulatory state Scott Greer and Holly Jarman 9. The monetary union and migration Bruno Dallago 10. The Future of the German Model after the Labour Market Reforms Joachim Möller Part Two: Introduction to Part Two John McGowan 12. The Euro and Eastern Europe Paul Marer 13. Global Value Chains, Changing Divisions of Labour, and the Regulation of Work in EU27 and Euro-Med John Pickles 14. The Euro as a House of Straw: Why Europe’s Crisis is (still) Linked to American Housing Herman Mark Schwartz 15. Where goes Russia? The risks of a continental divide Eric Brunat 16. Russia, The European Union, and the Ukrainian Crisis: A European or a Eurasian Affair? Jacob Kipp