The Economic Crisis And Governance In The European Union: A Critical Assessment (routledge Studies In The European Economy)

This Book Explores The Way In Which The Financial Crisis That Began In The Us Spread To The Economy Of The European Union. It Takes A Critical Look At The Measures Adopted By Eu Institutions In Response To That Crisis, Seeking To Explain The Rationale Behind Them, Their Context, Their Development And Why Different Exit Strategies Were Not Adopted. In Doing This, The Book Makes Comparisons With The Measures Adopted By Institutions In The Us And The Uk. As The Crisis Has Shown That The Financial Supervision Frameworks Prevailing In 2007 Were Not Fully Able To Deal With The Largest Financial Crisis In History, This Volume Also Reviews The Proposals That Have Been Designed To Reform The Supervisory Architecture In Financial Services In The Eu. The Book Concludes That The Eu Member States Under Most Pressure From Financial Markets Do Suffer From Intrinsic Problems, But That The Economic Effects Of The Crisis Have Been Exacerbated By Shortcomings In Economic Governance Within The Eu. This Work Will Be Highly Relevant To Policy Makers And Scholars Looking At Eu Integration, Finance And Market Regulation -- Introduction / Javier Bilbao-ubillos -- Economic Crisis In The European Union : Roots And Structural Weaknesses -- Great Recession And Economic Policy : Roots And Consequences / Xosé Carlos Arias And Antón Costas -- Financial Supervision Reform In The Eu : A Comparison With The Uk And The Usa / Isabel Argimon, María Luisa Leyva And Cristina Luna -- The Eurozone Challenging Institutional Framework For Economic Policy / Ricardo Aláez And Carlos Gil -- Why So Slow? : The Crisis And The Structural Weaknesses Of The Eu / Marco Ricceri Part Ii: Praxis Of European Governance Facing The Economic Crisis : A Critical Assessment -- A Critical Look At European Governance Of The Economic Crisis : The Rationale Behind Exit Strategies / Javier Bilbao-ubillos -- The Myth Of Expansive Austerity : Questioning European Macroeconomic Policy During The Crisis And Its Aftermath / Rafael Muñoz Del Bustillo -- Debt Crisis And New Economic Governance : A Conservative Alternative To The European Economic Government / Francisco Rodríguez-ortiz -- Austerity And Financial Instability / Emilio Ontiveros And Angel Berges. Edited By Javier Bilbao-ubillos. Includes Bibliographical References (pages 182-195) And Index. Cover 1 Title Page 6 Copyright Page 7 Table of Contents 8 List of figures 10 List of tables 12 List of contributors 13 1 Introduction 16 PART I Economic crisis in the European Union: roots and structural weaknesses 26 2 The great recession and economic policy: roots and consequences 28 3 Financial supervision reform in the EU: a comparison with the UK and the US 46 4 The Eurozone, challenging the institutional framework for economic policy 67 5 Why so slow? The crisis and the structural weaknesses of the EU 84 PART II Praxis of European governance facing the economic crisis: a critical assessment 106 6 A critical view of the governance of the crisis in Europe: the rationales inherent in exit strategies 108 7 Questioning the myth of expansive austerity: European macroeconomic policy during the crisis and its aftermath 129 8 The European sovereign debt crisis and the new governance: a conservative alternative to European economic government 149 9 Austerity and financial instability 170 References 197 Index 211 This book explores the way in which the financial crisis that began in the USA spread to the economy of the European Union. It takes a critical look at the measures adopted by EU institutions in response to that crisis, seeking to explain the rationale behind them, their context, their development and why different exit strategies were not adopted.