This book provides a new understanding of the eurozone crisis across three of the worst hit cases: Greece, Portugal, and Ireland.
In contrast to accounts which stress the 'immaturity of the European 'periphery, as well as more critical narratives that understand these countries as victims of German and core 'economic domination, this book recognises that individual peripheral countries have followed dramatically different paths to crisis, making it difficult to speak of the eurozone crisis as a single phenomenon. Bringing literature from Comparative Political Economy into dialogue with scholarship on Europeanisation, this book contributes the concept of 'divergence via Europeanisation. It explores the much-overlooked ways in which the negotiation of a 'one size fits all project of European financial integration has been generative of precarious patterns of economic growth across Greece, Portugal, and Ireland. The book shows that far from their failure or inability to do so, it has been the European peripherys attempt to 'follow the rules of European integration that explains their current difficulties.
This novel understanding of the eurozone crisis should appeal to students and scholars in International Political Economy, European and European Union Studies, Comparative Political Economy, Irish Politics, Greek Politics, and Portuguese Politics.
1 Introduction: the asymmetry of the eurozone crisis
Europeanisation, capitalist diversity, and the asymmetry of the eurozone crisis
Chapter overview
2 Beyond the 'Lazy PIIGS and the German 'Big Bad Wolf
Official narratives of 'immaturity in the European periphery
Germany, the core, and 'beggar-thy-neighbour narratives
Conclusion
3 Comparative Political Economy and Europeanisation
Institutional stickiness and the limits to export-led growth in the European periphery
Institutional transformation: Divergence via Europeanisation
Research framework
Conclusion
4 Greece
Contesting the 'exceptionalism of the Greek crisis
The Greek fiscal crisis: limits to export-led growth at Europes periphery
Greece adapts to Europe: debt-led growth via Europeanisation
Conclusion
5 Portugal
Portugal: an exceptional case?
Portugals competitiveness crisis: limits to export-led growth at Europes periphery
Portugal adapts to Europe: debt-led growth via Europeanisation
Conclusion
6 Ireland
The Irish boom and bust: contesting the link between export and debt-led growth
The Celtic Tiger: vulnerable export-led growth at Europes periphery
Ireland adapts to Europe: debt-led growth via Europeanisation
Conclusion
7 Conclusion: divergence via Europeanisation
Explaining the asymmetry of the eurozone crisis
Divergence via Europeanisation
Rethinking the eurozone crisis
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