This book aims to provide an analysis of the EU’s crisis decade—from the euro crisis to the populist right parties’ resurgence and Brexit. The EU has encountered a series of crises since 2008 when the Greek sovereign debt crisis first broke out and brought forth the euro crisis. This was soon followed by the rise of anti-EU populist right parties, culminating in their unprecedented victory in the 2014 European Parliament Elections. The most unexpected shock, however, was the Brexit result of the UK's EU referendum in 2016. Providing a valuable external perspective on these events grounded in the realities of the Asian boom, this book will be of value to scholars, policymakers, and economists.

This book aims to provide an analysis of the EU’s crisis decade—from the euro crisis to the populist right parties’ resurgence and Brexit. The EU has encountered a series of crises since 2008 when the Greek sovereign debt crisis first broke out and brought forth the euro crisis. This was soon followed by the rise of anti-EU populist right parties, culminating in their unprecedented victory in the 2014 European Parliament Elections. The most unexpected shock, however, was the Brexit result of the UK's EU referendum in 2016. Providing a valuable external perspective on these events grounded in the realities of the Asian boom, this book will be of value to scholars, policymakers, and economists.

The author narrates the end of the European crisis from the June 2012 European Council summit through the bailout of Cyprus. Paying particular attention to political developments in Italy, the book shows the fragility of market confidence and the waving attitudes of political elites.

The European Union (EU) is in crisis. The crisis extends beyond Brexit, the fluctuating fortunes of the eurozone and the challenge of mass migration. It cuts to the core of the EU itself. Trust is eroding; power is shifting; politics are toxic; disillusionment is widespread; and solidarity has frayed. In this major new text leading academics come together to unpack all dimensions of the EU in crisis, and to analyse its implications for the EU, its member states and the ongoing study of European integration.

Against the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European (CESEE) countries. Whilst having emerged relatively unscathed from the crisis, the CESEE economies nonetheless need to adjust to the new external conditions they will encounter. In this respect, decision-makers are faced with multiple sources of uncertainty: will post-crisis growth be the same as pre-crisis growth? What will be the future role of financial integration, growth financing and exports? What are the particular challenges facing monetary policy-makers and the banking sector in the region? On these issues and related topics, the book provides a multi-disciplinary assessment, combining the views of high-ranking central bankers and other policy-makers, commercial bankers and academics. Economists and students of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes will find this book of great interest and importance, especially those working on Central, Eastern and South-Eastern Europe.

European integration is in a time of multiple crises, which has a profound impact on different EU policies. This book presents a major collaborative research project uniting international colleagues in the quest for developing a theory: when and how will crisis induce policy breakthrough as opposed to stalemate? In this volume, a team of renowned authors compare the effects of the recent financial, economic and neighbourhood crises on the EU’s main policy domains, including financial market integration, trade, health, migration, research, energy, foreign and state aid policies. This book was originally published as a special issue of the Journal of European Integration.

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.

What began as a relatively localized crisis in Greece in early 2010 soon escalated to envelop Ireland and Portugal. By the second half of 2011, the contagion had spread to the far larger economies of Italy and Spain. In mid-September the Peterson Institute and Bruegel hosted a conference designed to contribute to the formulation of policies that could help resolve the euro area debt crisis. This volume presents the conference papers; several are updated through end-2011. European experts examine the political context in Greece (Loukas Tsoukalis), Ireland (Alan Ahearne), Portugal (Pedro Lourtie), Spain (Guillermo de la Dehesa), Italy (Riccardo Perissich), Germany (Daniela Schwarzer), and France (Zaki La�di). Lessons from past debt restructurings are then examined by Jeromin Zettelmeyer (economic) and Lee Buchheit (legal). The two editors separately consider the main current policy issues: debt sustainability by country, private sector involvement and contagion, alternative restructuring approaches, how to assemble a large emergency financing capacity, whether the European Central Bank (ECB) should be a lender of last resort, whether joint-liability "eurobonds" would be feasible and desirable, and the implications of a possible break-up of the euro area. The luncheon address by George Soros and a description (by Steven R. Weisman with Silvia B. Merler) of the policy simulation game played on the second day of the conference complete the volume. Involving market participants and experts representing the roles of euro area governments, the ECB, IMF, G-7, and credit rating agencies, the game led to a proposal for leveraging the capacity of the European Financial Stability Facility through arrangements with the ECB.