- Paved with good intentions: global financial integration and the eurozone’s response
- European Political Science
- Volume | Issue number
- 10 | 3
- Pages (from-to)
- Document type
- Faculty of Social and Behavioural Sciences (FMG)
- Amsterdam Institute for Social Science Research (AISSR)
Regional governance systems may resolve the dilemmas of global financial integration, and the Eurozone is the most advanced attempt to do so. The Euroland sovereign debt crisis is a test of this proposition but the outcome finds the EU wanting. The first section places EMU in the broader context of financial liberalisation. The next section shows
that we have long known that financial liberalisation is associated with financial instability, demanding robust governance. The subsequent section examines the reaction to the Eurozone crisis, and argues that the lessons available were poorly learned. Although the EU and ECB revealed leadership and crisis management capacity in the financial market phase, the sovereign debt phase of the crisis was less successfully handled, producing conflict among Eurozone members. As a result the Eurozone hangs in the balance.
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