The European Crisis
Edited by Victor Beker and Beniamino Moro
After the 2008 financial meltdown, the American crisis soon infected the European financial system, becoming both a sovereign debt crisis and a banking debacle in many peripheral Euro area countries. The European crisis spread quickly among closely integrated economies and the implementation of austerity policies reinforced a spiral of economic contractions and provoked a rising political rebellion. This World Economics Association book, edited by Victor Beker and Beniamino Moro, addresses monetary, financial and debt issues, alongside the questions of social stabilization, strategies for structural reform and economic growth that may be reconsidered to frame new economic perspectives for Europe. The call for reflection is persuasively made by: Jacques Sapir; Gerson Lima; Carmelo Ferlito; Merijn Knibbe; Enrico Marelli and Marcello Signorelli; Tom Vleeschhouwer and Tara Koning; Cristiano Boaventura Duarte and André de Melo Modenesi; Dimitri B. Papadimitriou, Michalis Nukiforos and Gennaro Zezza.
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The World Economics Association’s on-line forums are an important step toward the goal of open exchange on policy questions among economists of diverse views world-wide. I congratulate Victor Beker and Beniamin Moro, who here bring together a set of important papers on the European question.
James K. Galbraith, The University of Texas at Austin, USA
The huge debates on the future of the EU as well as the management of the Euro are among the hottest issues in both contemporary politics and finance. The papers in this volume offer a broad survey of the terrain and a broad menu of possible solutions. The authors and the WEA have provided a major public service with this text of great interest for both the general public and for policymakers.
Carlos Marichal , El Colegio de México, Mexico
The European Union is suffering from many crises – and many self-inflicted through the structures of the Eurozone. This book is to be highly welcomed for debating the causes of those crises and seeking ways forward. These authors have set out agendas – when will the policy makers join the debates?
Malcolm Sawyer, University of Leeds, UK
Is the Eurozone project sustainable? If so what reforms are required, and if not what are the alternatives? This collection of papers makes a timely contribution to urgent debate about the nature of the problems with the Eurozone and how to address them. The volume represents a range of perspectives on the subject, enhanced by the online discussion available on the WEA conference website. I commend the book to anyone concerned about the future of Europe.
Sheila Dow, University of Stirling, UK
The book is an interesting collection of excellent papers dealing with the crisis that is now facing the Euro Area and the European Union as well as its long-run economic and political roots. It can be recommended as offering a perspective complementary to those given by the current literature.
Nicola Acocella, University of Rome ‘La Sapienza’, Italy