After the Crisis: Reform, Recovery, and Growth in Europe
Francesco Caselli, Mário Centeno, and José Tavares
Abstract
This book reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. A brief introduction compares the pre-crises debate to the current situation, and highlights a number of ways in which both reform and further integration may have become more difficult, but also less complementary. The first chapter surveys the state of the structural-reform agenda, its successes, failures, and priorities for further action. The second chapter focuses on the fiscal-policy response to the crisis, advocating a greater ba ... More
This book reassesses the twin projects of structural reform and European integration in the wake of the Great Recession and the European Sovereign Debt Crisis. A brief introduction compares the pre-crises debate to the current situation, and highlights a number of ways in which both reform and further integration may have become more difficult, but also less complementary. The first chapter surveys the state of the structural-reform agenda, its successes, failures, and priorities for further action. The second chapter focuses on the fiscal-policy response to the crisis, advocating a greater balance between supply side reforms and demand side management. The third chapter focuses on the asymmetric shocks across economies in the monetary union, and discusses institutional mechanisms to reduce their frequency and impact. Chapter 4 examines the cyclical behaviour of output and financial indicators, as well as the counter-cyclical role of macro-financial policies, both at the national and the European level. The fifth chapter studies changes in Europeans’ attitudes, showing how the recent crises eroded public confidence in European institutions. The sixth chapter tackles the demographic challenges facing Europe, and particularly the way that demographic change may impact the reform agenda. Chapter 7 highlights the under-appreciated extent to which ‘Europe,’ taken as a whole, is characterized by a substantial amount of inequality and geographical income clustering, and the challenge these facts pose for further integration.
Keywords:
structural reform,
European integration,
Great Recession,
Sovereign Debt Crisis,
supply side reforms,
demand side management,
asymmetric shocks,
monetary union,
financial indicators,
reform agenda
Bibliographic Information
Print publication date: 2016 |
Print ISBN-13: 9780198754688 |
Published to Oxford Scholarship Online: August 2016 |
DOI:10.1093/acprof:oso/9780198754688.001.0001 |
Authors
Affiliations are at time of print publication.
Francesco Caselli, editor
Norman Sosnow Professor of Economics, London School of Economics
Mário Centeno, editor
Advisor of the Board, Banco de Portugal and Professor of Economics, Lisbon University
José Tavares, editor
Professor of Economics, Nova School of Business and Economics
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