This book offers a critical perspective from which to observe
evolution of the Euro Area and the European Union in these times of
growing economic and political conflict. Key implications of design
failures in the Euro Area (i.e. incorrect diagnostics of the public
finance crisis, single monetary policy failure, heterogeneous
macroeconomic environment, asymmetry in macroeconomic policies,
obstacles for policy coordination) and their contribution to the
excessive external and internal economic imbalances will be
critically discussed from the economic, policy and institutional
perspectives. This critical insight is used to examine both
institutional asset and economic performance of Europe after the
crisis, moving from the authors' shared perspective that the crisis
revealed the weak aspects of the whole architecture of the European
Union. The economic crisis revealed the existence of different
forms of imbalances inside the Eurozone and highlighted the flaws
of the institutional architecture of economic policy in Europe. The
greater fragility of some countries in respect to others has
triggered a backward process in which national interests have
started to prevail over those of both the currency area and the
entire European Union. In turn, this has fuelled a progressive
decline in confidence in the European institutions and is creating
growing questions of interpretation both in terms of economic
theory and institutional asset. This book focuses on these issues
and on the degree of legitimacy of the European institutions
resulting therefrom. It aims to investigate the nature and validity
of the European integration process emphasizing limits and
challenges arising from it.
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