The impact of the financial crisis to the collective interest of the European Union

Taşlardan Ersoy, Doğa (2011) The impact of the financial crisis to the collective interest of the European Union. [Thesis]

[thumbnail of DogaTaslardan_396513.pdf] PDF

Download (911kB)


Back in 1950s, the whole construction of the European Union was based on an effort to replace the ruinous and bloody rivalries of European history, with a new logic based around mutual economic interests. By early 1980s, strong neo-liberal pressures in the global economy had further pushed European governments to converge interests under the umbrella of the European Monetary Union (EMU), as qualitatively a new step in European integration. By early 2000s, the single European currency Euro, became the united Europe's proudest achievement and centerpiece of supranationalism. While externally EMU and Euro were designed to give Europe a chance in global economy, internally they aimed 'politically' cementing Germany to the Community while 'economically' cementing Community to the orthodox monetarist/fiscal policies of Germany. However the unexpected events of the global financial crisis of 2008, global economic crisis of 2009 and the European sovereign debt crisis of 2010, had brutally exposed that the scheme was not working as well as it should. The costs of these crises to Europe were not just financial, but political and social. This thesis attempts to illustrate how the rules of the EMU turned out to be unrealistic, unsuitable, unmanageable, unsustainable, unreliable, unenforced, unsuccessful while the ad-hoc cures to save the EMU had been uncomprehensive, unpopular, unstable and unstabling, as putting all those different economies at different stages of their developments into one basket; turned out to be a "trap" for all parties involved; be it the most powerful Germany or the weaker economies of the single currency.
Item Type: Thesis
Uncontrolled Keywords: Economic and Monetary Union (EMU). -- European Monetary System (EMS). -- Exchange Rate Mechanism (ERM). -- Maastricht Treaty. -- Stability and growth pact. -- Maastricht Fiscal Convergence Criteria. -- Bundesbank. -- Deutschmark. -- Franc. -- Euro. -- European Central Bank. -- Eurosystem. -- Eurozone. -- Financial and economic crisis 2008. -- State aid. -- Bailout. -- Greece. -- Ireland. -- Portugal. -- European Financial Stability Facility (EFSF). -- Germany. -- France. -- Lisbon Treaty. -- European Union. -- Sovereign debt crisis 2010. -- Economic entegration. -- Economic recession. -- Economic crisis. -- Ekonomik ve Parasal Birlik (EPB). -- Avrupa Parasal Sistemi (APS). -- Döviz Kuru Sistemi (DKS). -- Maastricht Antlaşması. -- İstikrar ve Büyüme Paktı. -- Maastricht Mali Yakınsama Kriterleri. -- Bundesbank. -- Alman Markı. -- Fransız Frangı. -- Euro. -- Avrupa Merkez Bankası (AMB). -- Euro sistemi. -- Euro alanı. -- 2008 finansal ve ekonomik krizi. -- Devlet yardımı. -- Şirket kurtarma. -- Yunanistan. -- İrlanda. -- Portekiz. -- Avrupa Finansal İstikrar Aracı (AFİA). -- Almanya. -- Fransa. -- Lizbon Anlaşması. -- Avrupa Birliği. -- Devlet borcu krizi 2010. -- Ekonomik bütünleşme. -- Ekonomik durgunluk. -- Ekonomik kriz.
Subjects: D History General and Old World > D History (General)
Divisions: Faculty of Arts and Social Sciences > Academic programs > European Studies
Faculty of Arts and Social Sciences
Depositing User: IC-Cataloging
Date Deposited: 06 Nov 2012 14:48
Last Modified: 26 Apr 2022 09:57

Actions (login required)

View Item
View Item