Abstract
It is tempting to focus on the special character of the European Union (EU) and the Eurozone, and to conclude that the economic and financial crisis faced by Europe has arisen uniquely from these characteristics. This is not true. In fact, Europe’s crisis is just a microcosm of the global economic and financial crisis which has affected all of the advanced market economies (AMEs) and most of the emerging market economies (EMEs) as well. Similarly, within the Eurozone, the problems of Cyprus can be viewed as a microcosm of the broader problems facing Europe.
I am writing solely in my capacity. My views are not necessarily endorsed by any organization to which I am currently, or have been, associated.
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Notes
Carmen M. Reinhart and Kenneth S. Rogoff, (2009), This Time is Different: Eight Centuries of Financial Folly, Princeton: Princeton University Press.
David Marsh (2013), Europe’s Deadlock, New Haven and London: Yale University Press.
Harold James (2012), Making the European Monetary Union, Cambridge, Massachusetts: The Belknap Press of Harvard University Press.
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© 2014 William R. White
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White, W.R. (2014). Can Europe Get Its Political Act Together? Alternative Scenarios for the Eurozone. In: Shigehara, K. (eds) The Limits of Surveillance and Financial Market Failure. Palgrave Macmillan, London. https://doi.org/10.1057/9781137471475_11
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DOI: https://doi.org/10.1057/9781137471475_11
Publisher Name: Palgrave Macmillan, London
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