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Über dieses Buch

This book describes the history of European integration and the Eurozone, before presenting ways in which the European Union can move forward. Charting integration from before the Second World War, the foundations of the Eurozone are examined to provide insight into the challenges faced by the European Union, including the Global Financial Crisis, over recent decades. The impact of TARGET2 and the European Monetary System are also discussed.

This book aims to highlight ways that current challenges to European integration, such as the COVID-19 crisis, environmental degradation, and fiscal debt, can be overcome to promote economic growth and social advancement. It will be relevant to students, researchers, and policymakers interested in the political economy and European economic policy.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Wrong Intentions and Flawed Foundations

Abstract
Built on flawed and uneven foundations a building can be raised to the Pleiades and it will still be neither strong nor straight. As the ancient wisdom says, the loftier the building, the deeper must the foundation be laid. The same logic holds for the architect of the Economic and Monetary Union of the European Union (EMU) which is the longest economic and political integration project with still work in process and no ending in sight.
Muhammad Ali Nasir

Chapter 2. Great Moderation Let the Party Going

Abstract
Launch of the Euro was just the beginning not an end to an infinitely perpetual project of integration. The period that proceeded the rollout of the Euro was the reign of treatise and the readers may find treaty-related section a bit tedious read (Readers not interested in the Treaties can skip to the section on Steroid-Enhanced Economic development Post-Euro), for which I can express my sympathy.
Muhammad Ali Nasir

Chapter 3. Global Financial Crisis—Tip of the Iceberg

Abstract
Global Financial Crisis of 2008–2009 which is declared as once in a century crisis by the IMF still has its scars on the global economic and financial systems. A crisis that will never be forgotten was the first test for the young ECB, it was also the tip of the iceberg that hit the Eurozone Titanic in the form of the European Sovereign Debt Crisis later on! In specific to the European Union, there are two aspects and contexts in which we shall see the Global Financial Crisis, and which shall be of our prime interest (a) how the Europeans responded to the crisis and (b) what impact the crises had on the European integration.
Muhammad Ali Nasir

Chapter 4. Flawed Fiscal and Stimulus Plans: A World Beyond ECB

Abstract
While the Global Financial Crisis reshaped the functioning of the Economic and Monetary Union of the European Union and European Central Bank, it also affected the fiscal side and the other intuitions and pillars of the Union, including the European Commission. Monetary policy on its own has not and shall never be enough to deliver the mandate of mere price stability never mind the stability of macroeconomy and financial system. Therefore, it was obvious that sooner or later the fiscal policy and the public policy will have to play their parts.
Muhammad Ali Nasir

Chapter 5. A Jigsaw of Financial Institutions and Unions Within Union

Abstract
In addition to steps taken by the European Central Bank and sovereign states that I discussed in previous sections, there was still more to be done as the existing apparatus to deal with the crisis at the Union level was almost non-existent and the ECB with its limited remit and internal tensions could only do so much.
Muhammad Ali Nasir

Chapter 6. Stagnation in Europe: A Lost Decade

Abstract
In the previous passages of this treatise, I looked at the monetary and fiscal stance of the EU and the institutional infrastructures and the enormous changes that followed from the Global Financial Crisis and European Sovereign Debt Crisis. Now the question is that what has been the net result of these supposedly massive monetary and somewhat fiscal expansions and changes in the institutional architecture of the EU.
Muhammad Ali Nasir

Chapter 7. TARGET2: Off the TARGET

Abstract
Despite the similarities between Japan and the Eurozone in terms of slow growth and stagnation upon which I have drawn earlier, there are some major differences between EuroZone and its counterparts including the UK, Japan and the USA and one of the key differences is in their monetary system.
Muhammad Ali Nasir

Chapter 8. Europe: The Way Forward

Abstract
Architects of the European integration project were well aware of the difficulties and challenges it entails and occasionally, they did openly and honestly express their concerns, though often with hope and pinch of optimism.
Muhammad Ali Nasir

Backmatter

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