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The European Union (EU) and the Eurozone became the economic integration example to follow for years. However, the worldwide economic crisis that unfolded in 2007 put the whole economic integration process in question, the European project in jeopardy and the euro under pressure, with serious doubts that it can survive its first crisis. The core argument of this book is twofold. First, it seeks to explain the difficult political, economic and fiscal idiosyncrasies of all member states in order to put the reasons for the economic crisis into a new and clear perspective. Second, it argues that the institutional response put forward to explain this tremendous crisis is flawed and dangerous beca...
The Euro in the 21st Century clarifies the perception of the euro and empirically demonstrates that the euro has become a true common currency and the Eurozone a true optimal currency area, presenting, in turn, a model to imitate. In order to demonstrate this, this study analyzes the economic and monetary requirements and policies required to introduce a common currency as well as the theoretical underpinnings of both the European integration process and the historical economic, monetary, political, and social circumstances that favoured the creation of the economic and monetary union. Furthermore, this book sheds light on how the current economic and monetary circumstances are affecting the...
This unique and provocative explanation of why the EU and the Eurozone are still immersed in an economic crisis seeks to explain the difficult political, economic and fiscal idiosyncrasies of all member states in order to put the reasons for the economic crisis into a new perspective. Second, it argues that the institutional response put forward to explain this tremendous crisis is flawed and dangerous because it does not solve the main underlying problem: the deep differences among member states on their understanding of economic and financial behavior. This study counters the leading institutional explanation for the economic crisis that has impacted the entire EU.
Bridging foreign policy analysis and international political economy, this volume offers a new look at the problem of agency in comparative regional integration studies. It examines evolving regional integration projects in the Eurasian space, defined as the former Soviet Union countries and China, and the impact that Russian foreign policy has had on integration in the region. Mikhail Molchanov argues that new regionalism in Eurasia should be seen as a reactive response to contemporary challenges that these developing states face in the era of globalization. Regional integration in this part of the world treads the unknown waters and may not simply repeat the early steps in the evolution of...
With North Atlantic post-World War II transatlantic dynamics as the subject, this volume inquires if its theoretical tenets hold in other epochs and Atlantic arenas. Both case and comparative studies of such historical cases as the silver, slave, and commodity trades, and whether ideas, such as faith and democracy, have as much impact as these merchandise flows, simultaneously challenge and strengthen the transatlantic paradigm. They permit transatlantic relations to be stretched as far back as to the 8th Century, in turn exposing transatlantic flows hugging global threads, while revealing the strength and size of several unaccounted types of transatlantic transactions, such as the north-south varieties.
Since the end of the Second World War the map of the Americas has changed dramatically. Not only were many former European colonies turned into sovereign states, there was also an ongoing process of region-making recognizable throughout the hemisphere and obvious through the establishment of several regional agreements. The emergence of political and economic regional integration blocs is a very timely topic analyzed by scholars in many disciplines worldwide. This book looks at remapping the recent trends in region-making throughout the Americas in a way that hasn’t been at the center of academic analyses so far. While examining these regionalisation tendencies with a historical background...
Regionalization in general and regional integration in particular have taken place at a growing pace since the end of the Cold War, when states were set free from various security overlays. Regional integration is ’logical’ as it is supposed to advance wealth and peace. Still, the picture is far from clear and the process of regional integration is not automatic; disintegration takes place, as we saw in the cases of the Soviet Union, Yugoslavia and Czechoslovakia to mention a few. This is the case not only in states recently brought together but also in traditional states like Britain, The Netherlands and Spain where strong groups strive for independence. In some places regionalization i...
Europe and European integration -- Peace and security -- Growth and prosperity -- Participation and technocracy -- Values and norms -- Superstate or tool of nations? -- Disintegration and dysfunctionality -- The community and its world.