The EU and the Eurozone Crisis: Policy Challenges and Strategic Choices

The global financial crisis, which started in the United States in 2007 and spread to Europe in 2009, has shown that the Economic and Monetary Union is faulty, preventing monetary policy autonomy and inhibiting competitiveness. Part of the response to the crisis so far has been incremental moves towards fiscal and banking union, which will mean a deepening of European integration at a time when many observers believed that a certain equilibrium had been reached after the entry into force of...