The economic crisis and governance in the European Union. A critical assessment

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Publication Date 2014
ISBN 978-0-415-85890-8
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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. 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.


1. Introduction - Javier Bilbao-Ubillos

Part I. Economic Crisis in the European Union: Roots and Structural Weaknesses
2. The Great Recession and Economic Policy: Roots and Consequences - Xosé Carlos Arias and Antón Costas
3. Financial Supervision Reform in the EU: A Comparison with the UK and the US - Isabel Argimon, María Luisa Leyva and Cristina Luna
4. The Eurozone, Challenging Institutional Framework for Economic Policy - Ricardo Aláez-Aller and Carlos Gil-Canaleta
5. 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
6. A Critical View of the Governance of the Crisis in Europe: The Rationales Inherent in Exit Strategies - Javier Bilbao-Ubillos
7. Questioning the Myth of Expansive Austerity: European Macroeconomic Policy During the Crisis and Its Aftermath - Rafael Muñoz de Bustillo
8. The European Sovereign Debt Crisis and the New Governance: A Conservative Alternative to European Economic Government - Francisco Rodríguez-Ortiz
9. Austerity and Financial Instability - Angel Berges and Emilio Ontiveros

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