This unique and fascinating book illustrates that the 'credit crunch' and the ensuing financial and economic crisis of 2007-2009 did not only strike hard at the economy in the Western world, but also at its policymakers, at economics as a scientific discipline and, more specifically, at the process of European integration itself. In a series of theoretical and empirical papers, the expert contributors discuss the impact of the financial crisis on European integration in detail, considering issues including governance, sovereign debt crises, global economic imbalances, and post-crisis perspectives from Central and East European countries. The conclusion is that there is an urgent need for political integration in Europe as a necessary tool to facilitate economic integration. This book will prove invaluable to both academics and practitioners with a special interest in the economics of European integration, international financial markets, economics and international business.
Contents: 1. Introduction and Outline Wim Meeusen PART I: GLOBAL EUROPEAN GOVERNANCE AFTER THE CRISIS 2. What Kind of Governance for the Eurozone? Paul De Grauwe 3. EMU, Political Union and Economic Performance: Lessons from the Stability and Growth Pact and the Lisbon Strategy Demosthenes Ioannou and Martin Heipertz 4. Sustainability of Government Debt in the EMU Arjan M. Lejour, Jasper Lukkezen and Paul Veenendaal 5. Economic Crises and Regional Convergence: Implications for EU Policy Nicola D. Coniglio and Francesco Prota 6. Do the European Union's Bilateral Investment Treaties Matter? The Way Forward After Lisbon Selen Sarisoy Guerin PART II: THE ECONOMIC CRISIS AND GLOBAL ECONOMIC IMBALANCES 7. The Effects of the US Economic and Financial Crises on Euro Area Convergence Fabio C. Bagliano and Claudio Morana 8. A Euro Peg System as an Alternative for the Chinese Exchange Rate Regime? Kang-Soek Lee 9. Inflexibilities and Trade Imbalances - Evidence from Europe Helge Berger and Volker Nitsch 10. Global Imbalance, Excess Liquidity and Financial Risk in China Zongxin Qian PART III: THE EURO PERSPECTIVE IN EAST AND CENTRAL EUROPE AFTER THE CRISIS 11. How has the Financial Crisis Affected the Eurozone Accession Outlook in Central and Eastern Europe? John Lewis 12. Portfolio and Short-term Capital Inflows to the New and Potential EU Countries: Patterns and Determinants Mara Pirovano, Jacques Vanneste and Andre Van Poeck 13. Time-varying Diversification Benefits: The Impact of Capital Market Integration on European Portfolio Holdings Alexandra Horobet and Sorin Dumitrescu Index
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