The financial crisis - originated in 2008 in the United States - had a dramatic impact on the world economy. The European Union was immediately involved, but its reaction to the crisis was clearly inadequate. The misgovernment of the European economy not only put at risk the European Monetary Union, but it also caused further hindrances to the recovery of the global economy. The global financial turmoil shook deep-rooted beliefs. The doctrine of international neo-liberalism is more and more criticized. Nevertheless, the critics of neo-liberalism focus their attention on the relationship between the state and the market, as if the nation states, with their international organisations, have enough power for an effective global governance of the world economy. The model of European supranational integration, though seriously imperfect, can suggest some new way out from the crisis - even at the world level - based on a new relationship between the supranational government of the Union and the market. In this book, several academic disciplines are involved: international economics, international political economy, international law, international relations, political theory and democratic theory. Adopting such a multidisciplinary theoretical perspective, the volume tries to answer the following question: Is a more supranational Europe able to provide a better government of the EMU? Does this reform involve more European democracy?

The misgovernment of the European economy in the aftermath of the financial crisis not only put at risk the European Monetary Union but also caused further hindrances to the recovery of the global economy. The global financial turmoil also shook deep-rooted beliefs. The doctrine of international neoliberalism is more and more criticized but those critics focus their attention on the relationship between the state and the market, as if the nation states, with their international organisations, have enough power for an effective global governance of the world economy. Here, the model of European supranational integration, though seriously imperfect, can suggest some new way out from the crisis even at the world level based on a new relationship between the supranational government of the Union (which comprises national and local governments, the multi-level public pole of society) and the market (the private pole of society).

After a few years of debates and partial reforms, this volume considers the institutional challenges and changes that Europe still has to face in order to overcome the internal crisis. Is a more supranational Europe for instance with a budget financed entirely by own resources able to provide a better government of the EMU? Does this reform involve more European democracy, for instance through the direct election of the President of the Commission? Is the supranational model of the EU also a model for future reforms of the international economic order? Can the Supranational political economy be considered a new scientific paradigm? Because of the multidisciplinary nature of the topics under discussion this book will appeal to those interested in international economics, international political economy, international law, international relations, political theory and democratic theory."

The 2008 financial crisis is arguably the most dramatic outcome of globalization. International economic integration, if unregulated, can bring about huge inequalities and the destruction of the environment. This thought-provoking book illustrates why the 'old' international order is unable to provide crucial global public goods such as monetary and financial stability in the fight against mass poverty and climate change. The expert authors provide an in-depth analysis of the causes of the financial crisis and the political economy measures required to build a safer and more stable international order. They show how the financial crisis is deeply rooted in the flaws of the dollar standard and explain why the dollar and globalization should be considered together to understand the present challenges. By way of conclusion, the authors propose the creation of a 'World Eco-Monetary Union' with the power to regulate the global economy and to promote sustainable development. The new macroeconomic approach presented contributes to the development of a more comprehensive supranational political economy. As such, this challenging book will prove a stimulating read for academics, researchers and students with an interest in economics, heterodox economics, and international economics.