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Translated by Ciaran Cronin. In the midst of the current crisis that is threatening to derail the historical project of European unification, Jürgen Habermas has been one of the most perceptive critics of the ineffectual and evasive responses to the global financial crisis, especially by the German political class. This extended essay on the constitution for Europe represents Habermas’s constructive engagement with the European project at a time when the crisis of the eurozone is threatening the very existence of the European Union. There is a growing realization that the European treaty needs to be revised in order to deal with the structural defects of monetary union, but a clear perspective for the future is missing. Drawing on his analysis of European unification as a process in which international treaties have progressively taken on features of a democratic constitution, Habermas explains why the current proposals to transform the system of European governance into one of executive federalism is a mistake. His central argument is that the European project must realize its democratic potential by evolving from an international into a cosmopolitan community. The opening essay on the role played by the concept of human dignity in the genealogy of human rights in the modern era throws further important light on the philosophical foundations of Habermas’s theory of how democratic political institutions can be extended beyond the level of nation-states. Now that the question of Europe and its future is once again at the centre of public debate, this important intervention by one of the greatest thinkers of our time will be of interest to a wide readership.
This book provides a post-crisis perspective on European politics by studying interactions within and among related domestic and EU political spheres. The contributors focus on political dynamics associated with the policy decisions and outcomes of crisis response in all three domains: EU institutions, public policy, and democratic politics.
While the major trends in European integration have been well researched and constitute key elements of narratives about its value and purpose, the crises of integration and their effects have not yet attracted sufficient attention. This volume, with original contributions by leading German scholars, suggests that crises of integration should be seen as engines of progress throughout the history of European integration rather than as expressions of failure and regression, a widely held assumption. It therefore throws new light on the current crises in European integration and provides a fascinating panorama of how challenges and responses were guiding the process during its first five decades.
Contents: (1) Overview: Financial Architecture; Economic Performance; (2) The Financial Crisis and the European Union; (3) Phase I ¿ Build-up; (4) Phase II ¿ Liquidity Issues: Central Bank Operations; Interest Rates; Currency Swap Facilities; Depositor Guarantees; (5) Phase III ¿ Solvency and Deleveraging: The ¿European Framework for Action¿; ¿Bad Banks¿; (6) Phase IV ¿ Fiscal Intervention; European Economic Recovery Plan; Germany; France; United Kingdom; (7) Outlook. Charts and tables.
The European Union entered into an economic crisis in late 2009 that was sparked by bank bailouts and led to large, unsustainable, sovereign debt. The crisis was European in scale, but hit some countries in the Eurozone harder than others. Despite the plethora of writings devoted to the economic crisis in Europe, present understandings of how the political decisions would influence the integration project continue to remain vague. What does it actually mean to be European? Is Europe still a collection of peoples that rallied together during good times and then retreat to nationalism when challenges appear? Or has Europe adopted a common identity that would foster solidarity during hard times? This book provides its reader with a fresh perspective on the importance identity has on the functioning of the European Union as exemplified in Jürgen Habermas’ seminal text, ‘The Crisis of the European Union: A Response’. Rather than exploring the causes of the crisis, the contributors examine the current state of European identity to determine the likelihood of implementing Habermas’ suggestions. The contributor’s interdisciplinary approach is organized into four parts and examines the following key areas of concern: Habermas’ arguments, placing them into their historical context. To which degree do Europeans share the ideals Habermas describes as crucial to his program of reform. Influence of Habermas’ cosmopolitanism through religious and literary lenses. Impact of Habermas’ notions in the arenas of education, national economies, austerity, and human rights. Jürgen Habermas and the European Economic Crisis will be read by scholars in the fields of Political Theory and Philosophy, European Politics and Cultural Studies.
The ‘Troika’ is a word that is scorched into the narrative of the EU’s banking and economic crisis – a triumvirate constituted by the European Central Bank, the European Commission and the International Monetary Fund. The modus operandi of the Troika is defined by the authors of this book as ‘Troikanomics’. Ostensibly, the role of the Troika was to develop, coordinate and oversee the provision of conditional funding to support national governments in restructuring their economies. In fact, their power and influence extended far more widely. They enforced an unprecedentedly severe austerity programme of fiscal and structural adjustment through oppressive political oversight. Their practical impact was to impose on debtor countries in the EU periphery the single greatest economic and social dislocation in Europe’s recent history, thus corroding their autonomous capacities and enfeebling their national sovereignty. The Troika’s word was law in those countries where its writ ran – Greece, Ireland, Cyprus, and to a more limited extent, Spain. It was answerable only to a trio of unelected organisations, far removed from the consequences of its policies on the lives of citizens. Widespread socio-political reaction to Troikanomics gave shape to the anti-austerity movement across the EU, characterised by the centre as ‘Populism’. This book provides a timely response to the revisionist argument that there is no longer a ‘crisis’ in Europe. In their innovative analysis, the authors argue that Troikanomics is a manifestation of a deeper existential crisis within the EU that encompasses the centralisation of power, Brexit, Europe’s ominous militarisation and the progressive abandonment of its foundational values.
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. As the crisis has shown that the financial supervision frameworks prevailing in 2007 were not fully able to deal with the largest financial crisis in history, 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. This work will be highly relevant to policy makers and scholars looking at EU integration, finance and market regulation.

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