Europe's Crisis, Europe's Future


Book Description

Can the eurozone’s emergence from crisis turn into a real economic recovery and a new vision for Europe’s future? Or is Europe heading for a “lost decade” in terms of growth and a rise in old style nationalism? Kemal Derviş and Jacques Mistral have assembled an international group of economic analysts who provide perspectives on the most audacious supranational governance experiment in history. Will the crisis mark the end of the dream of “ever closer union” or lead to a renewed impetus to integrate, perhaps taking novel forms? Among the key issues explored are the · Onset, evolution, and ramifications of the euro crisis from the perspective of three countries especially hard hit—Greece, Italy, and Spain. · Concerns, priorities, and issues in France and Germany, the couple that has so far always driven European integration. · Effects and lessons in two key policy areas: banking union and social policies. The volume concludes with a possible renewed vision for the EU in the 2020s, including much greater political integration but where some countries may keep their national currencies and share less of their sovereignty. It is a vision of two Europes within one, ready for the twenty-first century.




Europe's Strategic Future


Book Description

Europe has suffered a decade of crises, with sovereign-debt troubles leading to austerity policies that exacerbated divisions inside member states and between them. Thereafter the Union was confronted with the challenges posed by a revanchist Russia in Ukraine and by a surge in migration from the Middle East and other conflict zones. The June 2016 UK vote to leave the Union threatened further damage to an institution that acknowledges it has failed to punch its weight in the spheres of foreign, defence and security policy. While that is a chronic shortcoming, its impact is becoming more acute as economic power moves East and Europe can no longer count on the steadfast support and leadership of the United States. The costs of Europe’s failure to achieve strategic coherence and effect are steadily rising. This Adelphi book addresses the consequences of Europe’s multiple crises for its standing as a strategic actor, acknowledging its unique character and capabilities. It argues that strategic thought and action is belatedly being informed by the deteriorating security environment, and that nascent initiatives have the potential to effect a step-change. There are grounds for cautious optimism, visible in the success of stabilisation and counter-piracy operations as well as coordinated diplomatic activity. Also, the continent’s leading powers are becoming more pragmatic about how cooperation is organised within and beyond the Union. These developments offer the possibility that Europe might meet its aspirations to be a strategic actor of consequence, despite a long-track record of disappointment and the still-considerable obstacles that lie in its path.




Europe's Crisis, Europe's Future


Book Description

Can the eurozone's emergence from crisis turn into a real economic recovery and a new vision for Europe's future? Or is Europe heading for a "lost decade" in terms of growth and a rise in old style nationalism? Kemal Dervis and Jacques Mistral have assembled an international group of economic analysts who provide perspectives on the most audacious supranational governance experiment in history. Will the crisis mark the end of the dream of "ever closer union" or lead to a renewed impetus to integrate, perhaps taking novel forms? Among the key issues explored are the · Onset, evolution, and ramifications of the euro crisis from the perspective of three countries especially hard hit—Greece, Italy, and Spain. · Concerns, priorities, and issues in France and Germany, the couple that has so far always driven European integration. · Effects and lessons in two key policy areas: banking union and social policies. The volume concludes with a possible renewed vision for the EU in the 2020s, including much greater political integration but where some countries may keep their national currencies and share less of their sovereignty. It is a vision of two Europes within one, ready for the twenty-first century.




Europe's Future


Book Description

Sergio Fabbrini proposes a way out of the EU's crises, which have triggered an unprecedented cleavage between 'sovereignist' and 'Europeanist' forces. The intergovernmental governance of the multiple crises of the past decade has led to a division on the very rationale of Europe's integration project. Sovereignism (the expression of nationalistic and populist forces) has demanded more decision-making autonomy for the EU member states, although Europeanism has struggled to make an effective case against this challenge. Fabbrini proposes a new perspective to release the EU from this predicament, involving the decoupling and reforming of the EU: on the one hand, the economic community of the single market (consisting of the current member states of the EU and of others interested in joining or re-joining it); and on the other, the political union (largely based on the eurozone reformed according to an original model of the federal union).




Fractured Continent: Europe's Crises and the Fate of the West


Book Description

A Financial Times Best Political Book of 2017 An urgent examination of how the political and social volatility in Europe impacts the United States and the rest of the world. The dream of a United States of Europe is unraveling in the wake of several crises now afflicting the continent. The single Euro currency threatens to break apart amid bitter arguments between rich northern creditors and poor southern debtors. Russia is back as an aggressive power, annexing Crimea, supporting rebels in eastern Ukraine, and waging media and cyber warfare against the West. Marine Le Pen’s National Front won a record 34 percent of the French presidential vote despite the election of Emmanuel Macron. Europe struggles to cope with nearly two million refugees who fled conflicts in the Middle East and North Africa. Britain has voted to leave the European Union after forty-three years, the first time a member state has opted to quit the world’s leading commercial bloc. At the same time, President Trump has vowed to pursue America First policies that may curtail U.S. security guarantees and provoke trade conflicts with its allies abroad. These developments and a growing backlash against globalization have contributed to a loss of faith in mainstream ruling parties throughout the West. Voters in the United States and Europe are abandoning traditional ways of governing in favor of authoritarian, populist, and nationalist alternatives, raising a profound threat to the future of our democracies. In Fractured Continent, William Drozdiak, the former foreign editor of The Washington Post, persuasively argues that these events have dramatic consequences for Americans as well as Europeans, changing the nature of our relationships with longtime allies and even threatening global security. By speaking with world leaders from Brussels to Berlin, Rome to Riga, Drozdiak describes the crises. the proposed solutions, and considers where Europe and America go from here. The result is a timely character- and narrative-driven book about this tumultuous phase of contemporary European history.




And the Weak Suffer What They Must?


Book Description

A #1 Sunday Times bestseller [UK] A titanic battle is being waged for Europe's integrity and soul, with the forces of reason and humanism losing out to growing irrationality, authoritarianism, and malice, promoting inequality and austerity. The whole world has a stake in a victory for rationality, liberty, democracy, and humanism. In January 2015, Yanis Varoufakis, an economics professor teaching in Austin, Texas, was elected to the Greek parliament with more votes than any other member of parliament. He was appointed finance minister and, in the whirlwind five months that followed, everything he had warned about-the perils of the euro's faulty design, the European Union's shortsighted austerity policies, financialized crony capitalism, American complicity and rising authoritarianism-was confirmed as the "troika" (the European Central Bank, International Monetary Fund, and European Commission) stonewalled his efforts to resolve Greece's economic crisis. Here, Varoufakis delivers a fresh look at the history of Europe's crisis and America's central role in it. He presents the ultimate case against austerity, proposing concrete policies for Europe that are necessary to address its crisis and avert contagion to America, China, and the rest of the world. With passionate, informative, and at times humorous prose, he warns that the implosion of an admittedly crisis-ridden and deeply irrational European monetary union should, and can, be avoided at all cost.




Europe's Orphan


Book Description

A timely account of the Euro crisis that challenges our assumptions about debt and economic recovery Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro’s creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous—and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone’s troubles, Europe’s Orphan charts what actually must be done for the continent to achieve an economic and political recovery.




The Political Economy of Europe's Future and Identity


Book Description

Today's European Union (EU) finds itself in a permanent crisis mode - crises appear no longer sequentially and time distant but overlap and reinforce each other and even interact. If, as Jean Monnet put it, Europe will be forged in crises and as the sum of the solutions adopted for those crises, it is also true that multiple, major crises affecting the EU at the same time do not only stretch but risk to overwhelm its crisis response capacity. Yet, the EU needs to successfully address those crises to deliver results for its citizens and hold the 'club' together. There is also demand for some soul- and identity-searching, with a shared identity and values assuming special importance for facilitating collective action and leaps forward in times of crisis, such as at present, when the EU faces the need to stand by its values amidst Russia's war on Ukraine while pursuing its main objectives and its current priorities for 2019-24, most notably the European Green Deal (EGD). Both - addressing multiple challenges and a shared identity - are fundamental for making the EU more resilient to shocks and European integration sustainable (and with a purpose) over time.




And the Weak Suffer What They Must?


Book Description

A #1 Sunday Times bestseller [UK] A titanic battle is being waged for Europe's integrity and soul, with the forces of reason and humanism losing out to growing irrationality, authoritarianism, and malice, promoting inequality and austerity. The whole world has a stake in a victory for rationality, liberty, democracy, and humanism. In January 2015, Yanis Varoufakis, an economics professor teaching in Austin, Texas, was elected to the Greek parliament with more votes than any other member of parliament. He was appointed finance minister and, in the whirlwind five months that followed, everything he had warned about-the perils of the euro's faulty design, the European Union's shortsighted austerity policies, financialized crony capitalism, American complicity and rising authoritarianism-was confirmed as the "troika" (the European Central Bank, International Monetary Fund, and European Commission) stonewalled his efforts to resolve Greece's economic crisis. Here, Varoufakis delivers a fresh look at the history of Europe's crisis and America's central role in it. He presents the ultimate case against austerity, proposing concrete policies for Europe that are necessary to address its crisis and avert contagion to America, China, and the rest of the world. With passionate, informative, and at times humorous prose, he warns that the implosion of an admittedly crisis-ridden and deeply irrational European monetary union should, and can, be avoided at all cost.




Rethinking Europe's Future


Book Description

Rethinking Europe's Future is a major reevaluation of Europe's prospects as it enters the twenty-first century. David Calleo has written a book worthy of the complexity and grandeur of the challenges Europe now faces. Summoning the insights of history, political economy, and philosophy, he explains why Europe was for a long time the world's greatest problem and how the Cold War's bipolar partition brought stability of a sort. Without the Cold War, Europe risks revisiting its more traditional history. With so many contingent factors--in particular Russia and Europe's Muslim neighbors--no one, Calleo believes, can pretend to predict the future with assurance. Calleo's book ponders how to think about this future. The book begins by considering the rival ''lessons'' and trends that emerge from Europe's deeper past. It goes on to discuss the theories for managing the traditional state system, the transition from autocratic states to communitarian nation states, the enduring strength of nation states, and their uneasy relationship with capitalism. Calleo next focuses on the Cold War's dynamic legacies for Europe--an Atlantic Alliance, a European Union, and a global economy. These three systems now compete to define the future. The book's third and major section examines how Europe has tried to meet the present challenges of Russian weakness and German reunification. Succeeding chapters focus on Maastricht and the Euro, on the impact of globalization on Europeanization, and on the EU's unfinished business--expanding into ''Pan Europe,'' adapting a hybrid constitution, and creating a new security system. Calleo presents three models of a new Europe--each proposing a different relationship with the U.S. and Russia. A final chapter probes how a strong European Union might affect the world and the prospects for American hegemony. This is a beautifully written book that offers rich insight into a critical moment in our history, whose outcome will shape the world long after our time.