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The Global Financial Crisis: Lessons for European Integration


  • Marek Dabrowski


The purpose of this paper is to analyze the various challenges facing European integration and the EU institutional architecture as result of the global financial crisis. The European integration process is not yet complete, both in terms of its content and geographical coverage. It can be viewed as a kind of intermediate hybrid between an international organization and a federation, subject to further evolution. This is also true of the Single European Market and the Economic and Monetary Union, which form the core of the EU economic architecture. Certain policy prerogatives (such as external trade, competition, and the Common Agriculture Policy) are delegated to the supranational level while others (such as financial supervision or fiscal policy) remain largely in the hands of national authorities.

Suggested Citation

  • Marek Dabrowski, 2009. "The Global Financial Crisis: Lessons for European Integration," CASE Network Studies and Analyses 0384, CASE-Center for Social and Economic Research.
  • Handle: RePEc:sec:cnstan:0384

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    References listed on IDEAS

    1. Jakob von Weizsäcker, 2009. "Estimating the size of the European stimulus packages," Policy Contributions 266, Bruegel.
    2. Marek Dabrowski, 2007. "EMU enlargement: A progress report," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 8(1), pages 39-44, April.
    3. Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
    4. Susan M Schadler & Pipat Luengnaruemitchai, 2007. "Do Economists’ and Financial Markets’ Perspectives on the New Members of the EU differ?," IMF Working Papers 07/65, International Monetary Fund.
    5. Marek Dabrowski & Malgorzata Antczak & Michal Gorzelak, 2006. "Fiscal Challenges Facing the New Member States," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(2), pages 252-276, June.
    6. Zsolt Darvas & Jean Pisani-Ferry, 2008. "Avoiding a new European divide," Policy Briefs 227, Bruegel.
    7. Willem H. Buiter, 2010. "The limits to fiscal stimulus," Oxford Review of Economic Policy, Oxford University Press, vol. 26(1), pages 48-70, Spring.
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    Cited by:

    1. Marek Dabrowski, 2011. "Euro Crisis or Fiscal Crisis: Looking for the Right Diagnosis and Therapy," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 12(4), pages 30-36, December.
    2. ŢURLEA, Eugeniu & ŞERBAN, Mihaela & ALBERT, Valeria Maria, 2011. "The Absorption Of European Funds For The Romanian Environmental Sector," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 2(3), pages 11-17.
    3. José L. Gallizo & Jordi Moreno & Manuel Salvador, 2016. "Banking Efficiency in the Enlarged European Union: Financial Crisis and Convergence," International Finance, Wiley Blackwell, vol. 19(1), pages 66-88, April.
    4. Nathalie Rey, 2012. "États et Systèmes financiers européens : une relation biaisée," Post-Print halshs-00697323, HAL.
    5. repec:cbu:jrnlec:y:2017:v:4:p:256-264 is not listed on IDEAS
    6. Steinmueller, W. Edward, 2017. "Science fiction and innovation: A response," Research Policy, Elsevier, vol. 46(3), pages 550-553.
    7. MIHUT Ioana Sorina & LUTAS Mihaela, 2014. "The Impact Of The Recent Financial Crisis Upon The Nominal Convergence Indicators Across New Eu Member States," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 66(2), pages 58-74.
    8. Raluca OPRESCU, 2011. "Framing the European Union: The Status Quo Shift," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 8, pages 299-308, December.
    9. CRISTE Adina & LUPU Iulia, 2013. "The Conflict Relation Between the Sovereign Debt of the Euro Area Countries and the Common Monetary Policy As a Potential Source For Geopolitical Changes," Anale. Seria Stiinte Economice. Timisoara, Faculty of Economics, Tibiscus University in Timisoara, vol. 0, pages 167-173, May.
    10. Marek Dabrowski, 2012. "Fiscal and Monetary Policy Determinants of the Eurozone Crisis and its Resolution," CASE Network Studies and Analyses 443, CASE-Center for Social and Economic Research.
    11. Eichacker, Nina, 2015. "Financial liberalization and the onset of financial crisis in Western European states between 1983 and 2011: An econometric investigation," The North American Journal of Economics and Finance, Elsevier, vol. 34(C), pages 323-343.
    12. Poghosyan, Tigran, 2011. "Slowdown of credit flows in Jordan in the wake of the global financial crisis: Supply or demand driven?," Economic Systems, Elsevier, vol. 35(4), pages 562-573.
    13. Zafirakis, D. & Chalvatzis, K. & Kaldellis, J.K., 2013. "“Socially just” support mechanisms for the promotion of renewable energy sources in Greece," Renewable and Sustainable Energy Reviews, Elsevier, vol. 21(C), pages 478-493.
    14. Mező, Júlia & Udvari, Beáta, 2012. "Effects of the debt crisis on the EU-China relations," MPRA Paper 40367, University Library of Munich, Germany.
    15. Bellelah, M.A. & Bellelah, M.O. & Ben Ameur, H. & Ben Hafsia, R., 2017. "Does the equity premium puzzle persist during financial crisis? The case of the French equity market," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 851-866.
    16. Criste, Adina & Mosneanu, Elena Ana, 2009. "Effects Induced By The Global Economic And Financial Crisis In The New Eu Member States," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 13(4), pages 154-161.
    17. Rughoo, Aarti & Sarantis, Nicholas, 2014. "The global financial crisis and integration in European retail banking," Journal of Banking & Finance, Elsevier, vol. 40(C), pages 28-41.
    18. Dewandaru, Ginanjar & Masih, Rumi & Masih, A. Mansur M., 2016. "What can wavelets unveil about the vulnerabilities of monetary integration? A tale of Eurozone stock markets," Economic Modelling, Elsevier, vol. 52(PB), pages 981-996.
    19. Batten, Jonathan A. & Jacoby, Gady & Liao, Rose C., 2014. "Corporate yield spreads and real interest rates," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 89-100.
    20. Marek Dabrowski, 2010. "The Global Financial Crisis and its Impact on Emerging Market Economies in Europe and the CIS: Evidence from mid-2010," CASE Network Studies and Analyses 411, CASE-Center for Social and Economic Research.
    21. Saucedo Acosta Edgar J. & Rullán Rosanis Samantha, 2014. "Two Effects of the European Financial Crisis," Business Systems Research, De Gruyter Open, vol. 5(2), pages 46-60, September.
    22. Nathalie Rey, 2012. "European States and Financial Systems: A Biased Relationship," Post-Print halshs-00758892, HAL.
    23. Zuzana Brixiova & Margaret H. Morgan & Andreas Wörgötter, 2010. "On The Road to Euro: How Synchronized Is Estonia with the Euro zone?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 7(1), pages 203-227, June.

    More about this item


    financial crisis; European integration; European Union; Economic and Monetary Union; fiscal policy; financial supervision; global financial architecture; IMF;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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