Liberalism In Crisis? European Economic Governance in the Age of Turbulence

This highly topical book explores the effects of the current economic crisis on the European Union, and, illustrating that there is no single solution, prescribes the most effective ways of managing this unprecedented period of turbulence. During the current economic crisis, recurring questions on the validity of the liberal economic system have resurfaced concerning the role of the state and the free market, the proactive use of fiscal policies, economic nationalism and environmental sustainability. However, due to the depth and scope of the crisis, new emphasis is being placed on these issues. This book attaches great importance to the specific consequences for the European Union by addressing critical themes surrounding its role in the new era of global economic governance. These include the coherence of common monetary policy with national fiscal policies, new financial regulation and supervision, the future sustainability of national rescue plans and their compatibility with ambitious targets, such as those addressing climate change. Offering important insights towards a much improved system for future economic governance in Europe, this timely book will prove a fascinating read for a wide-ranging audience including academics, students and researchers with an interest in economics, European finance, money and banking, and international economics. Policymakers within those fields will also find the book to be of great interest.

Contents: Foreword Introduction 1. Shaping a New World Economic Governance: A Challenge for America and Europe Jacques Mistral 2. Do We Understand It? Forbidden Questions on the Financial Crisis Franco Bruni 3. Concrete Steps Towards More Integrated Financial Oversight: The EU’s Policy Response to the Crisis Karel Lannoo 4. Institutional and Policy Dynamics in the EMU’s Internal Governance and External Representation Daniela Schwarzer 5. EU Fiscal Policy in the Age of Turbulence: Will the Lisbon Strategy Survive It? Carlo Altomonte, Francesco Passarelli and Carlo Secchi 6. Beyond the Current Crisis: How Should Europe Deal with Government Deficits and Public Debt in Future? Fabian Zuleeg and Hans Martens 7. Feeling the Heat: Towards a Revised Governance of Climate Change Antonio Villafranca Index