The Eurozone Crisis in Perspective: Causes and Implications
The eurozone crisis, apart from revealing serious institutional weaknesses in the structural design of the Economic and Monetary Union (EMU), has also highlighted the limits of the EU and its member-states to act effi ciently, swiftly, and comprehensively to address the problems at hand. A number of vicious feedback eff ects that the crisis fuelled resulted in unwelcome political and economic developments spreading beyond the eurozone. The objective of this paper is to shed some light on the causes and the ways of addressing the crisis in the euro area. Against this background, the diverse correlated implications of the eurozone crisis for the EU member-states, for the EU institutions, and possibly for the future of the EU itself are discussed. (original abstract)
- L. Csaba, Perspectives for the eurozone: Consolidation, Collapse or Muddling Through?, [in:] E. Latoszek et al. (ed.), European integration process in the new regional and global settings, University of Warsaw Press, Warsaw 2012, pp. 77-78.
- A. Visvizi, The crisis in Greece and the EU-IMF rescue package: determinants and pitfalls, Acta Oeconomica, Vol. 62, No. 1, pp. 15-39
- K. Regling, M. Watson, A Preliminary Report on The Sources of Ireland's Banking Crisis, Government Publications of the Republic of Ireland, May 2010.
- P. Subacchi, S. Pickford, The Euro on the Brink: 'Multiple' Crises and Complex Solutions, Research Paper, January 2012, Issue 7, Nomura Foundation Publication.
- P. Subacchi, Merkel on steroids won't work, The World Today, August-September 2012.
- A. Dukes, The Euro Crisis: Preservation of Dissolution? An existential crisis for the euro, Working Paper 11, 2012, Institute of International and European Affairs.
- N. Veron, The Challenges of Europe's Fourfold Union, Bruegel Policy Contribution, August 2012, Issue 13, p. 2.
- K. Featherstone, The Greek Sovereign Debt Crisis and EMU: A Failing State in a Skewed Regime, Journal of Common Market Studies, Vol. 49, No. 2, pp. 193-218.
- A. Visvizi, Addressing the crisis in Greece: the role of fi scal policy, [in:] B. Farkas (ed.), The Aftermath of the Global Crisis in the European Union, Cambridge Scholars Publishing, Cambridge 2012, pp. 210-239.
- J. C. Shambaugh, The Euro's Three Crises, Brookings Papers on Economic Activity (BPEA), Spring 2012, Brookings Institution, Washington DC.
- A. Leipold, Making the European Stability Mechanism Work, Lisbon Council Policy Brief, Vol. 6, February 2012, No. 1, The Lisbon Council, Brussels.
- U. Dadush, The ECB Can't Rescue Europe, National Interest, 12.10.2012.
- IMF, World Economic Outlook: Coping with High Debt and Sluggish Growth, October 2012, International Monetary Fund, p. 23.
- D. Gros, Competitiveness Pact: Flawed Economies, CEPS Commentaries, 18.03.2011, Center for European Policy Studies.
- S. Dullien, Reinventing Europe: Explaining the Fiscal Compact, ECFR Commentary/Analysis, 01.05.2012, European Council on Foreign Relations.
- Adapted from: European Commission, European Financial Stability and Integration Report 2011, Commission Staff Working Document, April 2012, Brussels, 13.4.2012, SWD (2012) 103 final, pp. 49-53
- IMF, Global Financial Stability Report, International Monetary Fund, April 2012, pp. 9-10.
- T. Tressel, Macro-prudential Reforms in the EU: Objectives and Progress, [in:] IMF, Regional Economic Outlook Europe: Navigating Stormy Waters, World Economic and Financial Surveys, International Monetary Fund, October 2011, pp. 19-21.
- K. Schwab, The Global Competitiveness Report 2012-2013, World Economic Forum, Geneva 2012, p. 24.
- M. Steen, Draghi expands role in fi ght to save euro, Financial Times, 31.10.2012.
- B. Fox, Parliament is starting to bare its teeth on ECB, Analysis, EU observer, 22.10.2012, http:// euobserver.com/political/117946 - retrieved 23.10.2012.
- U. Puetter, Europe's deliberative intergovernmentalism: the role of the Council and European Council in EU economic governance, Journal of European Public Policy, Vol. 18, 2011, Issue 8, pp. 1-18.
- J. Monar, The European Union's institutional balance of power after the Treaty of Lisbon, [in:] European Commission (ed.), The European Union after the Treaty of Lisbon: Visions of leading policy-makers, academics and journalists, Brussels 2011, pp. 60-89.
- A. Visvizi, Rola Niemiec w Europie: od zjednoczenia do kryzysu w Grecji [Germany in Europe: from reunifi cation to the Greek crisis], [in:] K. A. Kłosiński (ed.), Japonia, Niemcy - Odzyskany honor w rozwoju gospodarczym [Japan and Germany - honour and economic growth], KUL, Lublin 2011, pp. 109-128.
- K. Gebert, Reinventing Europe: Poland and the euro crisis, ecfr Paper, 07.02.2012, European Council on Foreign Policy, Warsaw 2012.
- The Economist, Augustinian delay: The European Union's sixth-biggest country has a hard choice over the euro, The Economist, 18.08.2012.