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Politics of European Integration: Political Union or a House Divided? by Andrew Glencross

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12

Integration and Democracy in the Shadow of the Eurozone Debt Crisis

Contents
12.0 Introduction: The Eurozone Crisis as a Challenge to Democracy and Integration
12.1 The Causes of the Eurozone Crisis
12.1.1 Benefits and concerns surrounding the European Monetary Union (EMU)
12.1.2 The global financial crisis' effect on the Eurozone
12.2 The Travails of Formulating an EU Response
12.2.1 Deciding whether to provide a bailout and on what terms
12.2.2 The Fiscal Compact and moves toward a banking union
12.3 Criticism and Controversies Surrounding the EU Response
12.3.1 Democratic decision-making?
12.3.2 The right response?
12.3.3 Who is to blame?
12.4 Conclusion: What the Crisis Means for the Future of Integration
Learning Objectives
  • to identify structural problems with the design of EMU;
  • to analyze the impact of the 2008 global financial crisis on government finances in the Eurozone;
  • to evaluate why bailouts were provided and what consequences result from their terms;
  • to identify the changes in EMU wrought by the Fiscal Compact and banking union;
  • to evaluate why the democratic basis of the EU response to the sovereign debt crisis is contested;
  • to identify alternative policy responses and analyse why these have not been pursued;
  • to evaluate the significance of the debate over where responsibility for the sovereign debt crisis ultimately lies.

Timeline of Key Events 12.1: The Eurozone Crisis (2008–2013)

September 2008US Investment bank Lehman Brothers ...

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