Finance, Growth and Democracy: Connections and Challenges in Europe and Latin America in the Era of Permacrisis

We live in a world shuddered by multiple and profound crises. From the global financial crisis and the Eurocrisis that followed to the pandemic, Russia’s invasion in Ukraine, the consequent energy and inflation crises, the continuously evolving climate crisis, and the brewing tension among the world’s major powers, the last few years have been marked by political and economic instability, leading many to talk about a new era in the world’s history. New concepts have emerged to describe this era. ‘Permacrisis’ is one of these concepts. Permacrisis differs from the traditional notion of crisis, which is characterized by temporality, as it implies that crisis should be seen as ‘context’, which in turns means that we are now living in a ‘new normal’, which is more volatile and unpredictable than the past. In this book, we focus on how permacrisis has been experienced and dealt with in Europe and in Latin America, employing the analytical lens of comparative regionalism. Our focus is on finance and its connections to growth and democracy. This choice is deliberate and lies at the heart of the Jean Monnet Network ‘Crisis-Equity-Democracy for Europe and Latin America’, which funded the research conducted for the book. With this book, we aim (a) to critically analyse and evaluate the response of regional organizations and governments in the EU and Latin America to the crises that have shook these regions in recent years, (b) to contribute to a better understanding of the promised benefits and risks of digital currencies and fintech, more generally, for economic growth, financial stability, and inclusion and (c) to promote mutual understanding about the challenges of permacrisis in Europe and Latin America and advocate for their cooperation at the multilateral and bi-regional levels.