The Quadruple Crisis of Europe: Europe and its Changing Role in the International Political Economy
This article examines the causes of and responses to Europe’s economic, monetary, and political crises as well as their implications on Europe’s position in the global economic order and its ability to shape governance of the international political economy. Europe is in the midst of a quadruple crisis of economic stagnation, debtfiscal- monetary challenges, national and regional political squabbling, and an increasingly weaker position and competitiveness in the global economy. The pessimism over Europe’s current condition is well founded as are dire predictions regarding its future if there is little or no economic growth, fiscal and monetary reforms are not well implemented or supported, and greater solidarity amongst the members of the European Union is not rediscovered. Yet some of the glaring issues facing Europe can be addressed through adaptive policy regimes, positive political leadership and cooperation that would relieve some of the stress upon the short and long-term viability and sustainability of the European economic models. Nonetheless, the impact on Europe’s position in the global economy has been and will likely be permanently altered and weakened
___
- Mark Leonard, Why Europe Will Run the 21st Century, New York, Public Affairs Books, 2005.
- Sebastian Rosato, “Europe’s Troubles: Power Politics and the State of the European Project”, International Security, Vol. 35, No. 4 (Spring 2011) p. 45.
- Jean-Michael Severino and Olivier Ray, Le grand basculement, la question sociale a l’echelle mondiale, Paris, Odile Jacob, 2011, pp.1-4.
- European Commission, The World in 2025: Rising Asia and Socio-Ecological Transition, Luxembourg, Office for the Official Publications of the European Communities, 2009; Pascal Lamy, “The Future of Europe in the New Global Economy”, Tribune de Notre Europe, 2 February 2012, p. 1.
- Lamy, “The Future of Europe in the New Global Economy”, p. 1. 6 Ibid., p.3.
- Tony Barber, “Rebuilding Europe’s Economic Potential”, European View, Vol. 9, No. 1 (June 2010), p.12.
- William Biebuyck and Chris Rumford, “Many Europes: Rethinking Multiplicity”, European Journal of Social Theory, Vol. 15, No. 1 (February 2012), pp. 4-5.
- Gareth Harding, “The Myth of Europe”, Foreign Policy, No. 191 (January-February 2012), p.76.
- World Trade Organization, “Trade to Remain Subdued in 2013 after Sluggish Growth in 2012 as European Economies Continue to Struggle”, at http://www.wto.org/english/news_e/ pres13_e/pr688_e.htm [last visited 25 April 2013].
- For more depth on the Irish and Spanish financializations and their impacts, see, Seán Ó. Riain, “The Crisis of Financialisation in Ireland”, The Economic and Social Review, Vol. 43, No. 4 (Winter 2012), pp. 497- 533; Charles Powell and Federico Steinberg, “The Pain in Spain: Light at the End of the Tunnel?”, International Spectator: The Italian Journal of International Affairs, Volume 47, Issue 4 (December 2012).
- Norway’s significant revenues from oil production are partially invested in a sovereign wealth fund that the state can ultimately rely upon for current and future uses. For more on its growth in 2012 see, Joachim Dagenborg and Balzas Korany, “How Norway’s $710-billion wealth fund earned 13.4 per cent last year”, Globe and Mail, at http://www.wto.org/english/ news_e/pres13_e/pr688_e.htm [last visited 25 April 2013].
- Ambrose Evans-Pritchard, “Iceland’s Viking Victory”, Telegraph, 17 February 2012.
- International Monetary Fund, “Turkey and the IMF”, at http://www.imf.org/external/ country/tur/index.htm?type=9998 [last visited 8 March 2013].
- Barry Eichengreen and Andrea Boltho, “The Economic Impact of European Integration”, CEPR Discussion Paper, No. 6820 (May 2008), p. 38.
- Rosato, “Europe’s Troubles”, p. 83.
- Roubini and Berggruen, “Only Full Integration Can Save Europe”, p.16.
- Walter Lacquer, The Last Days of Europe: An Epitaph for an Old Continent, New York, Thomas Dunne Books, 2007, p. 200; John Gillingham, Design for a New Europe, Cambridge, Cambridge University Press, 2006, p. 19; Rosato, “Europe’s Troubles”, p. 74-75.
- Philip Stevens, “A Future for Europe Shaped by Museums and Modernity”, Financial Times, 28 April 2006.
- Paul S. Adams, “Europe and Globalization: Challenges and Alternatives”, in Howard J. Wiarda (ed.), Globalization: Universal Trends, Regional Implications, Boston, Northeastern University Press, 2007, p. 119.
- Philip H. Gordon, “Globalization: Europe’s Wary Embrace”, at http://yaleglobal.yale.edu/ content/globalization-europes-wary-embrace [last visited 16 October 2013].
- Lamy, “The Future of Europe in the New Global Economy”, p.4.
- Adams, “Europe and Globalization”, p. 121.
- Lacquer, The Last Days of Europe.
- Reiner Klingholz, “Europe’s Real Demographic Challenge”, Policy Review, No. 157 (October & November 2009), pp.61-62. 49 Ibid., pp.62-65. 50 Ibid., pp.63-64. 51 Ibid., p.64. 52 Ibid., pp.65-69. 53 Ibid., p.68. 54 Ibid., pp.64-70.
- Gordon, “Globalization: Europe’s Wary Embrace”.
- Thomas Friedman, “A Race to the Top”, New York Times, 3 June 2005.
- Magnus Ryner, “An Obituary for the Third Way: The Financial Crisis and Social Democracy in Europe”, Political Quarterly, Vol. 81, No. 4 (October-December 2010), pp. 560-561.
- Ibid., pp. 556-557.
- Brian Burgoon and Damian Raess, “Does the Global Economy Mean More Sweat? Trade, Investment, Migration, and Working Hours in Europe”, Socio-Economic Review, Vol. 9, No. 4 (October 2011), p. 701.
- Damian Raess and Brian Burgoon, “The Dogs that Sometimes Barks: Globalization and Works Council Bargaining in Germany”, European Journal of Industrial Relations, Vol. 12, No. 3 (November 2006), p. 287.
- Gerhard Schröder, “A Robust Vision of Europe”, New Perspectives Quarterly, Vol. 28, No. 4 (Fall 2011), p. 11.
- Gordon, “Globalization: Europe’s Wary Embrace”. 63 Ibid. Barber, “Rebuilding Europe’s Economic Potential”, p.12.
- Jon Bloomfield, “Revitalising Europe”, Soundings, No. 40 (Winter 2008), p.70.
- Schröder, “A Robust Vision of Europe”, p.13. 67 Ibid.
- Gordon, “Globalization: Europe’s Wary Embrace”. Harding, “The Myth of Europe”, pp.76-80.
- Roubini and Berggruen, “Only Full Integration Can Save Europe”, p.15.
- Lamy, “The Future of Europe in the New Global Economy”, p.4.
- Fernando Henrique Cardoso, “Europe Faces Crisis Brazil Solved”, New Perspectives Quarterly, Vol. 28, No. 4 (Fall 2011), p.17.
- Jill Treanor, “George Soros: Eurozone Crisis has Entered a ‘More Lethal Phase’”, Guardian, 12 April 2012.
- ISSN: 1300-8641
- Yayın Aralığı: Yılda 2 Sayı
- Başlangıç: 1996
- Yayıncı: T.C Dışişleri Bakanlığı