The European Union and Global Engagement
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The European Union and Global Engagement

Institutions, Policies and Challenges

Edited by Normann Witzleb, Alfonso Martínez Arranz and Pascaline Winand Winand

Written by a broad range of international experts, The European Union and Global Engagement examines the current state of the European Union and its relationship with the world. The book presents fresh perspectives on the interplay between EU internal developments and its global engagement. While considering the impact and presence of the EU around the world, the collection has a particular focus on the Asia-Pacific region. This interdisciplinary book is an essential and accessible resource for students and scholars of European studies, as well as for public servants, business practitioners, researchers and journalists. It will appeal to everyone who seeks to understand the fast-moving policy developments in the EU’s actions on the world stage.
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Chapter 4: The European Union after the global financial crisis: consequences and reactions

David Mayes


The global financial crisis that started in 2007 has thrust the European Union (EU) into a complex and continuing crisis. This chapter discusses its banking and sovereign debt/fiscal aspects and their wider implications for decision-making and the path of integration in the EU. Crises tend to lead to change and the EU has responded by deepening many of the aspects of the single currency regime, although it has resisted fiscal transfers. The approach has been pragmatic and innovative, with a mixture of intergovernmental and community mechanisms. Despite this being the greatest economic trauma since the Second World War in several Member States, the EU may have turned the corner towards sustainable recovery.

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