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The Global Financial Crisis: Lessons for European Integration

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  • Marek Dabrowski

Abstract

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

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    1. Ms. Susan M Schadler & Mr. Pipat Luengnaruemitchai, 2007. "Do Economists’ and Financial Markets’ Perspectives on the New Members of the EU differ?," IMF Working Papers 2007/065, International Monetary Fund.
    2. Jakob von Weizsäcker, 2009. "Estimating the size of the European stimulus packages," Policy Contributions 266, Bruegel.
    3. Willem H. Buiter, 2010. "The limits to fiscal stimulus," Oxford Review of Economic Policy, Oxford University Press, vol. 26(1), pages 48-70, Spring.
    4. 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.
    5. Alan Greenspan, 2004. "Risk and Uncertainty in Monetary Policy," American Economic Review, American Economic Association, vol. 94(2), pages 33-40, May.
    6. Nicolas Véron, 2007. "Is Europe ready for a major banking crisis?," Policy Briefs 234, Bruegel.
    7. Zsolt Darvas & Jean Pisani-Ferry, 2008. "Avoiding a new European divide," Policy Briefs 227, Bruegel.
    8. Marek Dabrowski, 2007. "EMU enlargement: A progress report," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 8(01), pages 39-44, April.
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    More about this item

    Keywords

    financial crisis; European integration; European Union; Economic and Monetary Union; fiscal policy; financial supervision; global financial architecture; IMF;
    All these keywords.

    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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