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The Failure of European Governance of the Crisis

Published online by Cambridge University Press:  30 June 2014

Javier Bilbao-Ubillos
Javier Bilbao-Ubillos*
Affiliation:
Department of Applied Economics I, University of the Basque Country, (UPV/EHU)-Spain, Avda. Lehendakari Agirre, 83, 48105 Bilbao, Spain. E-mail: [email protected]
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Abstract

The current euro crisis, considered by the IMF to be the new heart of the international economic crisis, has its historical roots in the process of construction of the European Monetary Union (EMU). The resulting architecture of economic governance in the EU has revealed itself to contain serious shortcomings in both ideological terms (design of a coherent exit strategy) and institutional terms (procedures, irreversibility and implementation times of the decisions made). As a result, the responses made by Europe have been late, hesitant, sometimes lacking in intensity and inconsistent in their attempts to manage the crisis.

Type
Articles
Information
European Review , Volume 22 , Issue 3 , July 2014 , pp. 361 - 381
Copyright
Copyright © Academia Europaea 2014 

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References

References and Notes

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