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The EU’s response to the global financial crisis and sovereign debt crisis

Begg, Iain (2012) The EU’s response to the global financial crisis and sovereign debt crisis. Asia Europe Journal, 9 (2-4). pp. 107-124. ISSN 1610-2932

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Abstract

Since the sovereign crisis erupted in the autumn of 2009 when the true scale of the Greek fiscal deficit was revealed, the European Union (EU), and especially the euro area, has staggered from crisis to crisis. Major initiatives have, however, been taken to improve economic governance and to put in place a more resilient framework for the euro. This article assesses how the EU has responded to the crisis and offers explanations for why the reform process has been slow and indecisive. It shows that potentially enduring solutions are on the table, but that they have been hard to introduce because of differing national perspectives and disagreements about how the burdens of adjustment should be shared. The article concludes by setting out plausible options and explaining what they entail.

Item Type: Article
Official URL: http://www.springerlink.com/content/110364/
Additional Information: © 2012 Springer-Verlag.
Library of Congress subject classification: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
J Political Science > JN Political institutions (Europe)
J Political Science > JZ International relations
Journal of Economic Literature Classification System: G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation
G - Financial Economics > G2 - Financial Institutions and Services
Sets: Departments > European Institute
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 14 Mar 2012 16:43
URL: http://eprints.lse.ac.uk/42516/

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