What lessons can be learned from the euro crisis? (2012:9epa)
The political consequences of the euro crisis are considerabe. The role of the Eurogroup has been strengthened, with a corresponding widening of the gap between the Eurozone and other EU Member States. Furthermore, tensions regarding implementation of the various aid packages have altered the balance of power in the EU and opened up for a more conflict-ridden negotiation culture.
The worst crisis in the history of the modern European project has also opened up for hitherto unthinkable supranational solutions. The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union (the Fiscal Stability Treaty) as well as the idea of stricter regulation of the European banks, with common bailout funds and financial supervisory authority, is clearly a step towards more union.
In this analysis, Magnus Jerneck explains the development of the crisis and its effects on European cooperation. The analysis is published in the context of SIEPS research programme EU and EMU after the economic crisis.
Notice: This publication is in Swedish only.
SIEPS carries out multidisciplinary research in current European affairs. As an independent governmental agency, we connect academic analysis and policy-making at Swedish and European levels.