In 2000, the European Union set out to shape itself into the world's most dynamic and competitive knowledge-based economy within a decade. But how great is the capacity of the EU to orchestrate 'competitiveness'? Can common policy instruments produce consistent effects across diverse varieties of capitalism? Has substantial policy learning taken place in response to the successes and failures of the Lisbon agenda? Europe and National Economic Transformation identifies the nature and limits of the transformative capacities of the EU's push for economic gains. The book does so by examining the consequences of the decade-long Lisbon process and its successor, Europe 2020. It explores a broad range of economic outcomes and consequences for an array of policy areas, including innovation financing, employment services, labor migration policy and pension reform.

The global financial crisis and sovereign debt crisis exposed the inadequacy of European economic governance. Despite the multitude of new mechanisms and institutions that have arisen over the last few years, many contend that economic governance remains inadequate and the EU must integrate even further to calm still-volatile markets. A tension exists between creating effective instruments that will not overstep the authority delegated to an EU that has integrated economically but not politically. Can the EU s economic governance system satisfy the demands of markets and politics? Relevant issues include the ability of supranational institutions to dictate policy to national governments, the harmonization of economic policies and institutions across Europe, and a substantial increase in the transfer of funds across borders. Can monetary union continue without political union? How will the new institutions alter the distribution of power between EU institutions as well as between member states?

This edited volume analyzes the major policy challenges and institutional mechanisms at the EU- and international levels to combat the global financial crisis and the EU s sovereign debt crisis such as financial integration, fiscal cooperation, and the rising power of the ECB.

This book was published as a special issue of the Journal of European Integration."