Europe’s path to crisis

Disintegration via monetary union

Author: Tom Gallagher

Cooperation and trust were increasingly scarce commodities in the inner councils of the EU. This book explores why the boldest initiative in the sixty-year quest to achieve a borderless Europe has exploded in the face of the EU. A close examination of each stage of the EU financial emergency that offers evidence that the European values that are supposed to provide solidarity within the twenty eight-member EU in good times and bad are flimsy and thinly distributed. The book aims to show that it is possible to view the difficulties of the EU as rooted in much longer-term decision-making. It begins with an exploration of the long-term preparations that were made to create a single currency encompassing a large part of the European Union. The book then examines the different ways in which the European Union seized the initiative from the European nation-state, from the formation of the Coal and Steel Community to the Maastricht Treaty. It focuses on the role of France and Germany in the EU. Difficulties that have arisen for the EU as it has tried to foster a new European consciousness are discussed next. The increasingly strained relationship between the EU and the democratic process is also examined. The book discusses the evolution of the crisis in the eurozone and the shortcomings which have impeded the EU from bringing it under control. It ends with a portrait of a European Union in 2013 wracked by mutual suspicions.

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