The Eurozone Crisis and the Future of Europe

1. Front Matter

   Pages i-xiii

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2. Introduction

   1. Introduction

      • Daniel Dăianu, Rajeesh Kumar

      Pages 1-8

3. Overview: Analytics of the Euro Area Crisis

   1. Overview: Analytics of the Euro Area Crisis

      • Giorgio Basevi, Carlo D’Adda

      Pages 9-22

4. Economic Imbalances and the Euro Area Crisis

   1. Front Matter

      Pages 23-23

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   2. The Diversity of Debt Crises in Europe

      • Jerome L. Stein

      Pages 25-39

   3. European Sovereign Debt Crisis and the Euro

      • Julius Horváth, Martin Šuster

      Pages 40-59

   4. Economic Policies and the Debt/ GDP Constraint: The European Challenge

      • Radu Vranceanu

      Pages 60-82

   5. Current Account Imbalances in the Eurozone: Causes, Remedies and the Role of the ECB

      • Karlhans Sauernheimer

      Pages 83-105

5. Crisis Management in the Euro Area: The Interplay between Politics and Economics

   1. Front Matter

      Pages 107-107

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   2. The Euro Crisis and German Primacy

      • Jonathan Story

      Pages 109-125

   3. The Power of Ordoliberalism in the Eurozone Crisis Management

      • Brigitte Young

      Pages 126-137

   4. Italy and the Euro

      • Carlo D’Adda

      Pages 138-153

   5. Turning a Small Problem into Catastrophe: The Case of Greece

      • Kunibert Raffer

      Pages 154-169

   6. The Eurozone Crisis: A Perspective from and Impact on Asia

      • Pradumna B. Rana, Michael R. Blomenhofer

      Pages 170-188

6. The Euro Area: Looking into the Future

   1. Front Matter

      Pages 189-189

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   2. The EMU Is No One-Way-Street: Back to the Roots!

      • Bodo Herzog

      Pages 191-212

   3. Changing Welfare States and the Euro Crisis

      • Anton Hemerijck

      Pages 213-238

   4. The Long-term Implications of the Euro Crisis for European Integration: A Deeper Union or Fragmentation?

      • Francesco Nicoli, Fabian Zuleeg

      Pages 239-258

   5. The Euro Area: Repairing a Flawed Design and Its Policy Arrangements

      • Daniel Dăianu

      Pages 259-278

   6. Afterword Summing Up: The Crisis and Europe’s Future

      • Rajeesh Kumar, Daniel Dăianu

      Pages 279-299

The authors uncover the roots of the eurozone crisis, focusing on how this can be solved against the backdrop of a very deep financial and economic crisis and its strong social impact. Looking at the impact of the financial crisis on the eurozone, they explore the European Union's recent and future developments.

• European Union
• eurozone crisis
• finance
• financial crisis
• development
• Euro
• Euro area
• Europe
• European Integration
• European Union (EU)
• Governance
• Italy
• political economy
• european union politics
• sustainability

"As the conventional wisdom goes, the euro crisis resulted from the combination of many factors: the subprime/global financial crisis, real estate bubbles, excessive government deficits, the debts of some countries of the eurozone and so on. This book goes beyond these standard rationales. Instead, it highlights how the loss of competitiveness in Southern countries led to a widely neglected but highly influential phenomenon, namely, a sharp increase in external debt. By analyzing all aspects of the euro crisis, this work raises fundamental questions about the relevance and sustainability of the euro for a group of countries whose competitiveness and unit labour costs vary so widely. This book makes a valuable contribution by offering a unique perspective on efforts to understand the euro crisis." - Serge Rey, University of PAU

"This volume examines the eurozone crisis in depth, from all points of view, and in a scholarly manner (but intelligible also by the layman). A gem is the chapter by the late Jerome Stein on the diversity of debt crises in Europe, based on his NATREX model. I highly recommend this book not only to professionals, but also to the general public of interested persons." - Giancarlo Gandolfo, Accademia Nazionale dei Lincei, Rome, Italy

• National School of Political and Administrative Studies, Bucharest, Romania

  Daniel Dăianu

• University of Bologna, Italy

  Giorgio Basevi, Carlo D’Adda

• School of International Studies, Jawaharlal Nehru University, India

  Rajeesh Kumar

Anton Hemerijck, VU University Amsterdam, The Netherlands Bodo Herzog, Reutlingen-University, Germany Brigitte Young, University of Muenster, Germany Fabian Zuleeg, European Policy Centre, Belgium Francesco Nicoli, European Policy Centre, Belgium Giorgio Basevi, University of Bologna, Italy Jerome L. Stein, Brown University, USA Jonathan Story, INSEAD, France Julius Horvath, Central European University, Hungary Karlhans Sauernheimer, Johannes Gutenberg-University, Germany Kunibert Raffer, University of Vienna, Austria Martin Suster, National Bank of Slovakia, Bratislava Michael R. Blomenhofer, Kroll, Singapore Pradumna B. Rana, Nanyang Technological University, Singapore Radu Vranceanu, ESSEC Business School, Paris, France

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