The European Union Explained: Institutions, Actors, Global Impact

By Andreas Staab | Go to book overview

17
The Sovereisn Debt Crisis in the Eurozone
A mere ten years after its introduction, Economic and Monetary Union was rattled to its core by the large public deficits and faltering economies of some of its members. The severity of the economic downturns prompted some commentators to predict the end of EMU and indeed of the entire European integration project, arguing that the union could no longer sustain the strains imposed by the working mechanisms of the single currency. While the EU might be able to avert such a doomsday scenario, it is unquestionable that a policy that was trumpeted as a bold achievement went spectaculary wrong and caused hithero inconceivable hardship to millions of European citizens. The key issues surrounding these extraordinary developments are the following:
1. How severe were the economic downturns and which states were most affected?
2. Why did these crises develop?
3. To what extent did the working mechanisms of EMU contribute to these crises?

-179-

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The European Union Explained: Institutions, Actors, Global Impact
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Preface ix
  • Acknowledgments xiii
  • Acronyms xv
  • Tables xix
  • Part One - The Evolution of the European Union 1
  • 1 - Parameters of European Integration 3
  • 2 - Enlarsement 32
  • Part Two - Institutions 47
  • 3 - The European Commission 49
  • 4 - The European Council 56
  • 5 - The Council of Ministers 61
  • 6 - The European Parliament 67
  • 7 - The European Court of Justice 76
  • 8 - Checks and Balances 84
  • Part Three - Policies 91
  • 9 - The Single Market and Competition 93
  • 10 - Regional Rolicy and Cohesion 106
  • 11 - The Common Agricultural Policy 116
  • 12 - Economic and Monetary Union 128
  • 13 - Justice and Home Affairs 141
  • 14 - Common Foreign and Security Policy 151
  • 15 - Trade and the Common Commercial Policy 161
  • 16 - Environment 171
  • 17 - The Sovereign Debt Crisis in the Eurozone 179
  • Outlook- The Future of European Integration 197
  • Notes 205
  • Bibliosraphy 225
  • Index 229
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