The Brussels Effect


Book Description

For many observers, the European Union is mired in a deep crisis. Between sluggish growth; political turmoil following a decade of austerity politics; Brexit; and the rise of Asian influence, the EU is seen as a declining power on the world stage. Columbia Law professor Anu Bradford argues the opposite in her important new book The Brussels Effect: the EU remains an influential superpower that shapes the world in its image. By promulgating regulations that shape the international business environment, elevating standards worldwide, and leading to a notable Europeanization of many important aspects of global commerce, the EU has managed to shape policy in areas such as data privacy, consumer health and safety, environmental protection, antitrust, and online hate speech. And in contrast to how superpowers wield their global influence, the Brussels Effect - a phrase first coined by Bradford in 2012- absolves the EU from playing a direct role in imposing standards, as market forces alone are often sufficient as multinational companies voluntarily extend the EU rule to govern their global operations. The Brussels Effect shows how the EU has acquired such power, why multinational companies use EU standards as global standards, and why the EU's role as the world's regulator is likely to outlive its gradual economic decline, extending the EU's influence long into the future.




The Economic Consequences of the Euro


Book Description

This book presents a new narrative on the eurozone crisis. It argues that the common currency has the potential to kill the European Union, and the conventional wisdom that the eurozone can be fixed by a common budget and further political integration is incorrect. The authors address key questions such as why the European Union and the single market have been successful, why the common currency poses a threat to European integration, and whether it is possible to either fix the eurozone or dissolve it while keeping the EU and the single market. Contrary to the view that it would be best if the Southern European countries left the eurozone first, the book makes the case that the optimal solution would be to start the process with the most competitive countries exiting first. The authors argue that a return to national currencies would be beneficial not only to the crisis-ridden southern countries, but also to France and Germany, which were the main promoters of the single currency. An organised unwinding of the euro area would be beneficial both for the European economy and for Europe's main trading partners. The authors contend that to defend the euro at all costs weakens the European economy and threatens the cohesion of the European Union. If pro-European and pro-market EU leaders do not dismantle the eurozone, it will most likely be done by their anti-European and anti-market successors. If that happens, the European Union and the common market will be destroyed. This book will be a useful and engaging contribution to the existing literature in the fields of macro, monetary and international finance and economics.







The EU in the Global Political Economy


Book Description

The EU has become an important international actor. Its internal policies often have repercussions far beyond its borders. It is also increasingly becoming a proactive global actor, defending its interests and projecting its norms and values in both bilateral and multilateral external relations. This volume has a special focus on external economic relations and includes chapters on the Euro, trade policy, and competition policy as well as on specific bilateral relationships. The section on relations with industrialized countries deals with the United States, Canada, Russia, Japan and China, while the section on relations with developing countries has chapters on administrative reform, environmental cooperation, Cuba, Central America and Iran. The book thus gives an up-to-date overview of important aspects of the EU's external relations. With a focus on political economy, it traces the continuous interplay of economics and politics that has characterized the EU's development of a fully-fledged foreign policy. What emerges is a picture of a European Union that is better equipped institutionally to deal with economic, rather than political issues.




The Political Economy of the Eurozone in Central and Eastern Europe


Book Description

The idea for this volume came from the enigma that some Central and Eastern European (CEE) European Union (EU) member states have been keen to join the Eurozone while others have shown persistent reluctance. Moreover, the attitudes towards joining have seemingly not correlated with either the level of economic development or the time spent as part of the EU, nor with any other rational reason such as the level of integration into the EU real economy, or the level of trust in the EU on the part of the public. Therefore, at first sight, the answer to the question ‘why in, why out?’ remains rather unclear. The attractiveness of the currency union has nevertheless not disappeared for the CEE countries. Despite the Eurozone crisis of 2010–13, it was during that time that the Baltic states introduced the euro. Then, after a few years of inactivity, Croatia and Bulgaria successfully applied for membership of the exchange rate mechanism in July 2020, amid the economic crisis caused by the coronavirus (COVID-19) pandemic. At the same time, the three Visegrad countries still using their national currencies – Poland, Czechia and Hungary – no longer have a target date to join the monetary union. This volume aims to discuss these issues from horizontal aspects and through country studies, with contributions from expert authors from, or closely related to, the CEE region.




The European Fund for Strategic Investments: The Legacy


Book Description

The inside story of the European Fund for Strategic Investments from 2015 to 2020 told through interviews with the Managing Director, Deputy Managing Director, members of the Investment Committee and final beneficiaries across Europe. The architects of this €500 billion-plus programme, the head of the EU bank and the president of the European Commission, describe the genesis of this financial pillar of the Investment Plan for Europe. Then the people who ran one of the biggest economic stimulus programmes in history detail how they did it—and what the lessons are for policymakers responding to new crises, including the economic shock caused by the COVID-19 pandemic. The European Fund for Strategic Investments has been one of the good news stories to emerge in a decade of economic uncertainty. It has gone well beyond its highly ambitious target of €500 billion in mobilised investments. The Juncker Plan has made a strong contribution to the 14 million jobs created in the EU between 2015 and 2020. It has become a success in co-financing projects that otherwise might not have been carried through. It has also charted the path towards new ways of financing. This is not only the case in relatively conventional areas, such as infrastructure, but also in sectors like research and innovation or the contribution to climate change mitigation. This is exactly what makes EFSI so ground-breaking: responding to the needs of the market through continuous financial innovation. The principle of the European Fund for Strategic Investments is here to stay. It has paved the way for its successor, the InvestEU programme, which is to be deployed under the 2021-2027 multiannual financial framework. This publication details why the programme was such a success.




Europe in 12 Lessons


Book Description




European Union Political Economy


Book Description

The European political economy: policy and theory, provides students, researchers and policy makers with a profound understanding of the theory and policy of the EU. The book covers in a comprehensive way the key issue areas of the European Union activity and it includes an analysis of all the important current developments in Europe such as the Brexit, the European Union sovereign debt crisis, the European economic governance problems and the macroeconomic adjustment challenges within Eurozone. The book also includes critical resources for readers and students such as review questions, appendixes, references and further reading lists. More specifically, the textbook explains thoroughly the institutional, economic and policy characteristics of the fundamental issue areas of European economy. It outlines the institutions and mechanisms of European union/Eurozone, the common agricultural, regional and trade policies, the impact of the single market and the single currency on European economy, the enlargement process and the key questions on the European macroeconomic adjustment process. In each chapter the book explains not only what is taking place in European economy but also which the feasible options of the European policy agenda are. The textbook enables readers to apply conceptual and theoretical knowledge to economic and political processes of European integration.




The Political Economy of the European Social Model


Book Description

This book seeks to analyse the development of the European Union (EU), which was founded upon the principle of the free movement of capital, goods, services and people in 1957. Its central thesis is that, from a practical and theoretical point of view, such a basis is fundamentally at odds with the creation of an interventionist regime that the construction of a social Europe would require. The authors argue convincingly that - economically: the EU does not currently possess the budget or the economic tools to pursue such a strategy; politically: close to none of the institutions of the EU have backed such a policy; practically: conservative and neo-liberal forces (among member states and the institutions of the EU) have repeatedly thwarted any moves in this direction. In reality, the Single Internal Market, Economic and Monetary Union, enlargement, the Lisbon Agenda and European Constitution projects all prioritise supply-side measures and expanding the scope of the market rather than the boosting of demand and other economic intervention. Consequently, constructing a social Europe in the face of this would appear problematic. Hence, in both theory and practice, the idea that there can be a social Europe vis-à-vis neoliberalisation is a contradiction in terms. This controversial book will be an educating and refreshing read for advanced students and academics involved with European politics, the European Union, European Economics and Economic instititutions.




Brexit and Beyond


Book Description

Brexit will have significant consequences for the country, for Europe, and for global order. And yet much discussion of Brexit in the UK has focused on the causes of the vote and on its consequences for the future of British politics. This volume examines the consequences of Brexit for the future of Europe and the European Union, adopting an explicitly regional and future-oriented perspective missing from many existing analyses. Drawing on the expertise of 28 leading scholars from a range of disciplines, Brexit and Beyond offers various different perspectives on the future of Europe, charting the likely effects of Brexit across a range of areas, including institutional relations, political economy, law and justice, foreign affairs, democratic governance, and the idea of Europe itself. Whilst the contributors offer divergent predictions for the future of Europe after Brexit, they share the same conviction that careful scholarly analysis is in need – now more than ever – if we are to understand what lies ahead for the EU. Praise for Brexit and Beyond 'a wide-ranging and thought-provoking tour through the vagaries of British exit, with the question of Europe’s fate never far from sight...Brexit is a wake-up call for the EU. How it responds is an open question—but respond it must. To better understand its options going forward you should turn to this book, which has also been made free online.' Prospect Magazine 'This book explores wonderfully well the bombshell of Brexit: is it a uniquely British phenomenon or part of a wider, existential crisis for the EU? As the tensions and complexities of the Brexit negotiations come to the fore, the collection of essays by leading scholars will prove a very valuable reference for their depth of analysis, their lucidity, and their outlining of future options.' - Kevin Featherstone, Head of the LSE European Institute, London School of Economics 'Brexit and Beyond is a must read. It moves the ongoing debate about what Brexit actually means to a whole new level. While many scholars to date have examined the reasons for the British decision to leave, the crucial question of what Brexit will mean for the future of the European project is often overlooked. No longer. Brexit and Beyond bundles the perspectives of leading scholars of European integration. By doing so, it provides a much needed scholarly guidepost for our understanding of the significance of Brexit, not only for the United Kingdom, but also for the future of the European continent.' - Catherine E. De Vries, Professor in the department of Government, University of Essex and Professor in the department of Political Science and Public Administration Free University Amsterdam 'Brexit and Beyond provides a fascinating (and comprehensive) analysis on the how and why the UK has found itself on the path to exiting the European Union. The talented cast of academic contributors is drawn from a wide variety of disciplines and areas of expertise and this provides a breadth and depth to the analysis of Brexit that is unrivalled. The volume also provides large amounts of expert-informed speculation on the future of both the EU and UK and which is both stimulating and anxiety-inducing.' -Professor Richard Whitman, Head of School, Professor of Politics and International Relations, Director of the Global Europe Centre, University of Kent