Search

The 2014 European elections led to a sharp rise in the electoral consensus of parties and independent parliament members perceived as eurosceptic. This paper analyzes the interconnections between distressed economies and the electoral success of hard-line eurosceptic parties. On a panel of 108 elections between 2008 and 2015, the random-effects model shows the relative effect of long- and short-term political trust, economic performance indicators, and institutional variables in determining the rise of hard-line eurosceptic parties. In contrast with previous studies, which have tended to de-emphasize the effect of economic performance in determining the success of eurosceptic forces, the results of this paper detect both a direct and a mediated effect of the economic crisis on the electoral success of hard-line eurosceptic parties. [ABSTRACT FROM AUTHOR]

The economic and financial crisis opened a window of opportunity to place the Single Market back on top of the European agenda as part of a two-tiered crisis response, which also included reinforced financial supervision and economic co-ordination. We argue that the Commission acted as a 'purposeful opportunist' in both tiers; but whereas in economic governance issues there was breakthrough change in the Commission's achievements and competences, in the Single Market realm policy change was fairly modest. Using process tracing analysis our goal is to explain why the Commission did not succeed in furthering a genuine Single Market reform. Our findings suggest that the Commission's entrepreneurship was constrained by the limited salience of Single Market issues in the crisis context and by the lack of actual political commitment from the other relevant stakeholders. Thus, our research highlights the limits of the Commission's opportunistic behaviour in less advantageous circumstances. [ABSTRACT FROM AUTHOR]

The large current account imbalances in the eurozone reflect persistent diverging trends between core and periphery countries, also fed by low interest rates and abundant capital flows brought about by the introduction of the euro. With the global financial crisis, the market sentiment has changed, and capital has left the periphery countries suffering from debt and growth problems due to their failure to bring price-wage dynamics into uniformity with those of the more disciplined countries. Germany is called upon to provide financial assistance and additional external demand; however, though the euro is at stake, Germans are recalcitrant. This article investigates the rationale of the German stance in light of the (corporatist-etatist, neo-mercantilist) German socio-economic model and the widespread concern about losing the competitiveness that Germany regained through painful reforms and changes in the last two decades. [ABSTRACT FROM AUTHOR]

Abstract: Preserving the trust of bond markets is crucial for the world's many indebted countries, but it is still unclear when and how national or international actors can contribute to this goal. We present a set of arguments addressing this question and test them on the case of the eurozone debt crisis. Distinguishing between actors' capacity and willingness to avoid defaults, we argue that the crisis was marked by a lack of capacity at the national level, and limited or uncertain willingness at the European level. Accordingly, we find that European‐level efforts to reassure markets had considerably stronger effects than similar efforts at the national level. Furthermore, national efforts appear to have mattered the least in countries with the least capacity. These findings are based on a comprehensive new dataset of political events and relevant news, and they hold across a number of robustness checks and placebo tests. [ABSTRACT FROM AUTHOR]

This article investigates the impact of the eurozone crisis on the foreign policy of an EU Member State, Cyprus. Drawing on the literature on Europeanization of national foreign policies, it is argued that Cypriot foreign policy, despite the general frustration caused by the financial crisis within broader society, has actually undergone further Europeanization. We show that leadership is a critical intervening variable in this enhanced Europeanization, as well as pointing to the salience of the explanatory mechanisms of social and instrumental learning. The contribution of the article is twofold. It offers an empirical account of contemporary Cypriot foreign policy and contributes to the discussion of the impact of the Eurozone crisis on national foreign policy. Both, we contend, remain relatively neglected topics in the literature. [ABSTRACT FROM AUTHOR]

This article analyses the evolution of public support for the single European currency, the euro, from 1990 to 2014 for a 12-country sample of the euro area (EA-12), focusing on the most recent period of the financial and sovereign debt crisis, starting in 2008. We find that citizens' support for the euro on average was marginally reduced during the first six years of the crisis, and that support has remained at high levels. While the pronounced increase in unemployment in the EA-12 throughout the crisis has led to a marked decline in trust in the European Central Bank (ECB), it is only weakly related to support for the euro. [ABSTRACT FROM AUTHOR]

The question of European identity today seems to be all the more pressing, as the current financial crisis is not only quickly developing into one of internal political cohesion for the Union, but has also certainly aggravated the long-standing problem of a lack of identification with the European political project among European populations. This article seeks to discuss this disenchantment with Europe through a concept of political myth. It argues that political myths entail both narrations of communal origins and utopian horizons of the communal future. Drawing on insights from Lacanian psychoanalysis, it connects the utopian dimension of myth to the level of affective investment in political communities, and suggests that the disenchantment with the European project might be partly due to the fact that its original utopian horizon - that of peace in Europe - today seems to have been achieved. [ABSTRACT FROM AUTHOR]

Does banking union exacerbate the European Union's democratic deficit? Using Scharpf's 'input' and 'output' legitimacy concepts, it is argued in this article that its design does worsen the democratic deficit. There are good reasons to limit 'input legitimacy' for politically independent institutions. 'Output legitimacy' is then even more relevant. Transparency is a key part of 'output legitimacy'. It enables actors to judge whether the regulator is acting in the public's interest and can improve their outputs. This article focuses on the banking data that the supervisors collect. Data available to the European public is evaluated and compared to America's banking union. European practices are not comparable in terms of availability or detail. An original survey of relevant officials is conducted, which results in the finding that only 11 of 28 Member States release any information on the banks they supervise. Both EU and national supervisors should provide publicly available, timely and consistent individual bank data. [ABSTRACT FROM AUTHOR]

The bulk of the literature on 'social Europe' has suggested that social policy at the level of the EU remains to be characterized by the interplay of courts and markets. While we do not disagree with this argument, our objective is to shed light on the European Commission's entrepreneurship, an element which appears to be somewhat bereft of scholarly attention. We show how, by displaying social acuity, defining problems and building teams, the Commission has actively promoted a policy agenda focused on liberal market building at the expense of socially minded regulation. This was however only made possible by a new constellation among the Member States after 2004. We substantiate this claim by documenting the activity of the Commission in two crucial policy domains of the post-Lisbon era: the liberalization of service provision, and the impact of the new macro-economic governance on social policy after the financial and debt crisis. [ABSTRACT FROM AUTHOR]

Using an event study approach, this article examines whether crisis meetings of European heads of state and government, as well as their agreed and communicated results, had a significant impact on Europe's financial markets. The analysis is based on daily data for seven Member States of the eurozone ( France, Germany, Greece, Ireland, Italy, Portugal and Spain), starting in autumn 2008 and covering the time period until April 2012. To summarize the findings, the high-profile meetings appear to have only minor effects that ceased quickly. Therefore, it can be concluded that investors consider Europe's economic and political crisis management insufficient and its communication strategy little convincing. While controlling for additional effects, it was found that European Central Bank policy measures may have had short-run effects on bond returns and the exchange rate, but no intended influence on stock prices, except for Italy. [ABSTRACT FROM AUTHOR]

Are EU Member States converging in terms of their innovative effort? To what extent is the current economic downturn impairing the convergence across the European Union countries in innovation performance? Using macro and micro data, this article shows that the EU Member States have converged in their innovative potential over the 2004-08 period. The economic crisis of Autumn 2008 has an impact on innovative investment in almost all EU countries, but the catch-up countries are the most affected, leading to increasing divergence. The danger of growing disparities in innovative capabilities may lead to divergence also in income and well-being. The article discusses some of the innovation policies that can be carried out at the EU level to facilitate cohesion. [ABSTRACT FROM AUTHOR]

An article is presented that reports on economic conditions in Europe and the European Union (EU) in 2009. The article discusses internal market legislation in the EU in terms of economic decline and the 2008-2009 global financial crisis as related to areas including government bailouts, credit, and banking. The financial instability and recession are being addressed in the European market through innovation and government reinforcement. Information is provided on trade flows, legislative regulations, and investment management, as well as on the European Commission and European Parliament.

An article is presented that reports on economics in the European Union (EU) and the euro area in 2009. The EU's economy was affected by the 2008-2009 global financial crisis and recession and the euro money markets froze. The article discusses the symmetric shock and asymmetric effects of the recession related to exports, financial loss, housing prices, and economic policy. Information is also provided on gross domestic product (GDP), monetary policy, economic sanctions, and interest rates in EU member states.

Offers a critical political economy analysis of the engagement of Europe with East Asia formalized through the Asia-Europe Meeting initiative in 1996. Globalization and regionalism; Creation of Europe's East Asian policy; Europe and the East Asian economic crisis; International competition and the role of multinational corporations; Conclusion.