Institutions, Policies and Challenges
Edited by Normann Witzleb, Alfonso Martínez Arranz and Pascaline Winand Winand
Chapter 4: The European Union after the global financial crisis: consequences and reactions
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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