The Political Economy of Italy in the Euro

Between Credibility and Competitiveness

Author: Leila Simona Talani

Publisher: Springer

ISBN: 113757755X

Category: Political Science

Page: 278

View: 4333

This book proposes an alternative political economy framework in which to analyse the question of the credibility of international economic agreements, in general, and monetary arrangements in particular. The focus is on European monetary arrangements, from the establishment of the European Monetary System to the crisis of the Euro-zone. The analysis is predicated around the political economy of Italy’s access and permanence in the Economic and Monetary Union (EMU). The author argues that the case of Italy, which made a concerted effort to join the EMU in the first wave, is particularly striking. Support for the single currency was widespread when it was introduced, yet something went wrong. Nowadays, its participation to the European monetary integration process cannot be easily taken for granted, especially after the vicissitudes of the Euro-zone crisis.
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The Political Economy of Italy's Decline

Author: Andrea Lorenzo Capussela

Publisher: Oxford University Press

ISBN: 0198796994

Category: Business & Economics

Page: 304

View: 7459

Italy is a country of recent decline and long-standing idiosyncratic traits- a rich society where the rule of law is weak and political accountability is low. This book draws on political economic literature and historical analysis to argue that a battle of ideas can ease the shift to a fairer and more efficient equilibrium.
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Eurozone Politics

Perception and reality in Italy, the UK, and Germany

Author: Philip Giurlando

Publisher: Routledge

ISBN: 1317376064

Category: Political Science

Page: 190

View: 9014

The crisis of the Eurozone has had a significant impact on the politics of Europe. In many countries, the euro was largely interpreted by elites as a development that would ameliorate their nations’ problems. However, recent events have proven the contrary, with the rise of radical right-wing politics and populism across the continent. This book investigates the politics of the euro, with a primary focus on Italy, but also with additional chapters on the UK and Germany. Using a range of original and secondary data, it reconstructs how the euro was interpreted by both elites and non-elites from the late nineties to 2010. By recruiting a large sample of non-elites, it examines perceptions of the euro and the ways in which these views allowed for the justification of painful austerity measures required to enter the Economic and Monetary Union. In doing so, it sheds light on the ways in which non-elites interpret complex political objects like the euro and provides a systemic comparison of the cognitive schema of non-elites and elites. This book will be of key interest to scholars and students of the European Union, European politics, Italian politics, comparative politics and political economy.
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The Political Economy of the Eurozone

Author: Ivano Cardinale,D'Maris Coffman,Roberto Scazzieri

Publisher: Cambridge University Press

ISBN: 1107124018

Category: Business & Economics

Page: 350

View: 4842

The Eurozone is not a mere currency area. It is also a unique polity whose actors span multiple levels (supranational, national, regional, sectoral) and pursue overlapping economic and political objectives. Current thinking on the Eurozone relies on received categories that struggle to capture these constitutive features. This book addresses this analytical deficit by proposing a new approach to the political economy of the Eurozone, which captures economic and political interdependencies across different levels of decision making and sheds light on largely unexplored problems. The book explores the opportunities afforded by the structure of the Eurozone, and lays the foundations of a political economy that poses new questions and requires new answers. It provides categories that are firmly grounded in the existing configuration of the Eurozone, but are a precondition for overcoming the status quo in analysis and policy.
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Energy Relations in the Euro-Mediterranean

A Political Economy Perspective

Author: Simone Tagliapietra

Publisher: Springer

ISBN: 3319351168

Category: Business & Economics

Page: 203

View: 2980

This book investigates the current status and future prospects of energy relationships for European Mediterranean countries. By adopting a political economy perspective, this book provides insight into regional cooperation in the fields of natural gas and renewable energy. The author posits that regional energy relations have yet to be examined through a comprehensive analytical framework in order to realistically assess the potential role of energy in acting as a catalyst for greater economic and political cooperation in the region. To do so, the author provides a detailed analysis of the region’s energy relations and pertinent case studies. Chapters illustrate the political and economic drivers underpinning the region’s energy dynamics, providing the reader with a wide-ranging overview of the Euro-Mediterranean energy relations of today and tomorrow.
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The Political Economy of the European Social Model

Author: Philip Whyman,Mark Baimbridge,Andrew Mullen

Publisher: Routledge

ISBN: 0415476291

Category: Business & Economics

Page: 398

View: 3714

This book seeks to analyse the development of the European Union (EU), which was founded upon the principle of the free movement of capital, goods, services and people in 1957. Its central thesis is that, from a practical and theoretical point of view, such a basis is fundamentally at odds with the creation of an interventionist regime that the construction of a social Europe would require. The authors argue convincingly that - economically: the EU does not currently possess the budget or the economic tools to pursue such a strategy; politically: close to none of the institutions of the EU have backed such a policy; practically: conservative and neo-liberal forces (among member states and the institutions of the EU) have repeatedly thwarted any moves in this direction. In reality, the Single Internal Market, Economic and Monetary Union, enlargement, the Lisbon Agenda and European Constitution projects all prioritise supply-side measures and expanding the scope of the market rather than the boosting of demand and other economic intervention. Consequently, constructing a social Europe in the face of this would appear problematic. Hence, in both theory and practice, the idea that there can be a social Europe vis-à-vis neoliberalisation is a contradiction in terms. This controversial book will be an educating and refreshing read for advanced students and academics involved with European politics, the European Union, European Economics and Economic instititutions.
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The Eurozone Crisis and the Future of Europe

The Political Economy of Further Integration and Governance

Author: Rajeesh Kumar

Publisher: Springer

ISBN: 1137356758

Category: Political Science

Page: 310

View: 9629

The authors uncover the roots of the eurozone crisis, focusing on how this can be solved against the backdrop of a very deep financial and economic crisis and its strong social impact. Looking at the impact of the financial crisis on the eurozone, they explore the European Union's recent and future developments.
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The Euro

The Battle for the New Global Currency

Author: David Marsh

Publisher: Yale University Press

ISBN: 0300173903

Category: Euro

Page: 352

View: 5616

This book is the first comprehensive political and economic account of the birth and development of the Euro. Today the Euro is the supranational currency for sixteen European countries and the world's second-largest reserve currency. David Marsh tells the story of the rivalries, intrigues, and deal making that brought about a currency for Europe, and he analyzes the achievements and shortcomings of its first decade of existence. While the Euro represents a remarkable triumph of political will, great pressures are building on the single currency. Drawing on more than 100 interviews with leading figures associated with the Euro, and scores of secret documents from international archives, Marsh underscores the Euro's importance for the global economy, in particular for U.S. and British economic and political agendas. Hidden facts and fresh insights from "The Euro" --How the legacy of France and Germany's tortuous relations affects the Euro--Why the United Kingdom is unlikely to accept the Euro before 2025--The impact on the Euro of the U.S. credit crisis--How the Euro has rebounded against the aspirations of its founders--How Italy and Spain have massively lost competitiveness--Why radical changes must be adopted to prevent a European upheaval
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Resolving the European Debt Crisis

Author: William R. Cline,Guntram Wolff

Publisher: Peterson Institute

ISBN: 0881326496

Category: Business & Economics

Page: 293

View: 4137

What began as a relatively localized crisis in Greece in early 2010 soon escalated to envelop Ireland and Portugal. By the second half of 2011, the contagion had spread to the far larger economies of Italy and Spain. In mid-September the Peterson Institute and Bruegel hosted a conference designed to contribute to the formulation of policies that could help resolve the euro area debt crisis. This volume presents the conference papers; several are updated through end-2011. European experts examine the political context in Greece (Loukas Tsoukalis), Ireland (Alan Ahearne), Portugal (Pedro Lourtie), Spain (Guillermo de la Dehesa), Italy (Riccardo Perissich), Germany (Daniela Schwarzer), and France (Zaki Laidi). Lessons from past debt restructurings are then examined by Jeromin Zettelmeyer (economic) and Lee Buchheit (legal). The two editors separately consider the main current policy issues: debt sustainability by country, private sector involvement and contagion, alternative restructuring approaches, how to assemble a large emergency financing capacity, whether the European Central Bank (ECB) should be a lender of last resort, whether joint-liability "eurobonds" would be feasible and desirable, and the implications of a possible break-up of the euro area. The luncheon address by George Soros and a description (by Steven R. Weisman with Silvia B. Merler) of the policy simulation game played on the second day of the conference complete the volume. Involving market participants and experts representing the roles of euro area governments, the ECB, IMF, G-7, and credit rating agencies, the game led to a proposal for leveraging the capacity of the European Financial Stability Facility through arrangements with the ECB.
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Political and Economic Dynamics of the Eurozone Crisis

Author: James A. Caporaso,Martin Rhodes

Publisher: Oxford University Press

ISBN: 0198755732

Category:

Page: 304

View: 1060

This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis, focusing on the interlinked origins and impacts of the Euro-Zone crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the too-often simplistic analysis that has characterized political, media and regrettably some academic coverage, and by its attempt to escape from the tyranny of day-to-day events and short-term developments. Each of the contributors identifies an important question and undertakes a careful empirical, theoretically-informed analysis that produces novel perspectives. Together they seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis-management; the power and centrality of particular member states, notably Germany which has been attributed with 'hegemonic' status; the supposed entrapment of EU policy makers by an 'austerity ideology'; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as Banking Union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.
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The Future of the Euro

Author: Matthias Matthijs,Mark Blyth

Publisher: OUP Us

ISBN: 0190233249

Category: Political Science

Page: 339

View: 3269

"An attempt by political economists to analyze the fundamental causes of the euro crisis, determine how it can be fixed, and consider what likely futures lie ahead for the currency. The book makes three interrelated arguments that emphasize the primacy of political over economic factors. First, the 'euro problem' is discussed as the result of the single currency's fundamental lack of institutional embeddedness, insofar as its original design omitted three 'forgotten unions' alongside of monetary union: a financial and banking union, mutually supporting institutions of fiscal union and economic government, and a political union holding similar legitimacy to the nation-state. Second, the 'euro experience' shows how the euro's unfinished design led to economic divergence - quietly altering the existing distribution of economic and political power within Europe prior to the crisis - which in turn determined the EU's crisis response. The book highlights how the euro's four most important members - Germany, France, Italy and Spain - each changed once they adopted the euro, why the crisis affected them so differently, and how each has since struggled to live with the commitments the euro necessitates. Third, the book examines three possible 'euro futures' through the lens of the politics of its reluctant leader Germany; through the lens of the EU's capacity to 'move forward' through crises; and through the geopolitical lens of the international monetary system. The book concludes that any successful long-term solution to the euro's predicament needs to start with the political foundations of markets"--Publisher's description.
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Economic Crisis and Structural Reforms in Southern Europe

Policy Lessons

Author: Paolo Manasse,Dimitris Katsikas

Publisher: Routledge

ISBN: 1351987348

Category: Business & Economics

Page: 248

View: 7943

In recent years the countries of southern Europe have undergone, with varying intensity, a serious and prolonged economic crisis. Most have had to implement comprehensive economic adjustment programmes, including a wide range of structural reforms. Economic Crisis and Structural Reforms in Southern Europe examines these reforms, drawing policy lessons from their successes and failures. This book employs two basic strands of analysis: issues of policy design, and political economy considerations. It considers the choice of timing and sequencing of reforms, the choice of the appropriate policy instruments, the pressure of interest groups and the political calculations involved in reforms. Featuring chapters in which contributors explore both national cases of specific structural reforms, and a comparative approach in order to evaluate similar reforms across countries, this important and topical work explores ongoing issues within the economy. Focusing on the challenges of designing and implementing structural reforms under conditions of crisis, this book will be of interest to policy makers and researchers from national and international organizations as well as academics and members of research institutes interested in the economics and politics of the Eurozone crisis.
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Crisis in the Eurozone

Author: Costas Lapavitsas,Eustache Kouvélakis

Publisher: Verso Books

ISBN: 1844679691

Category: Business & Economics

Page: 243

View: 977

A controversial call to break up the Eurozone and stop the debt crisis. First, there was the credit crunch, and governments around the world stepped in to bail out the banks. The sequel to that debacle is the sovereign debt crisis, which has hit the eurozone hard. The hour has come to pay the piper, and ordinary citizens across Europe are growing to realize that socialism for the wealthy means punching a few new holes in their already-tightened belts. Building on his work as a leading member of the renowned Research on Money and Finance group, Costas Lapavitsas argues that European austerity is counterproductive. Cutbacks in public spending will mean a longer, deeper recession, worsen the burden of debt, further imperil banks, and may soon spell the end of monetary union itself. Crisis in the Eurozone charts a cautious path between political economy and radical economics to envisage a restructuring reliant on the forces of organized labour and civil society. The clear-headed rationalism at the heart of this book conveys a controversial message, unwelcome in many quarters but soon to be echoed across the continent: impoverished states have to quit the euro and cut their losses or worse hardship will ensue.
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Europe and the Euro

Integration, Crisis and Policies

Author: Enrico Marelli,Marcello Signorelli

Publisher: Springer

ISBN: 3319457292

Category: Business & Economics

Page: 182

View: 3143

This book offers a fresh perspective on the recent Eurozone "double crisis" and its related economic policies. The authors present empirical evidence which sheds new light on the growing economic and political debate on the future of the Euro, the Eurozone and the EU. The book investigates and assesses the impact of the crisis with particular reference to monetary and fiscal policy, whose protracted austerity approach has dampened economic growth. In their discussion of the long-run European integration process, the authors emphasize the original weaknesses in the construction of the European Monetary Union and examine its failure to respond to the recent crisis. The concluding chapter focuses on the need for crucial reform in European governance and discusses the impact of the UK’s recent EU membership referendum. Scholars, students and members of the general public with an interest in the future of the Eurozone will find this work thought-provoking, instructive and highly informative.
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Core-periphery Relations in the European Union

Power and Conflict in a Dualist Political Economy

Author: José M. Magone,Brigid Laffan,Christian Schweiger

Publisher: Routledge

ISBN: 1317496604

Category: Political Science

Page: 312

View: 7883

Successive Enlargements to the European Union membership have transformed it into an economically, politically and culturally heterogeneous body with distinct vulnerabilities in its multi-level governance. This book analyses core-periphery relations to highlight the growing cleavage, and potential conflict, between the core and peripheral member-states of the Union in the face of the devastating consequences of Eurozone crisis. Taking a comparative and theoretical approach and using a variety of case studies, it examines how the crisis has both exacerbated tensions in centre-periphery relations within and outside the Eurozone, and how the European Union’s economic and political status is declining globally. This text will be of key interest to students and scholars of European Union studies, European integration, political economy, public policy, and comparative politics.
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The Euro, The Dollar and the Global Financial Crisis

Currency challenges seen from emerging markets

Author: Miguel Otero-Iglesias

Publisher: Routledge

ISBN: 1317636759

Category: Political Science

Page: 262

View: 1089

This book analyses how financial elites in key dollar-holding emerging markets perceive the contest between the euro and the dollar for global currency status. It also assesses how far the Eurozone has gone in challenging US hegemony in monetary affairs through the prism of these elites. Drawing on Chartalist and Constructivist theories of money, the author provides a systematic approach to studying global currency dynamics and presents extensive original empirical data on financial elites in China, Saudi Arabia, the UAE and Brazil. The author demonstrates, amongst other things, how the gradual ascendance of a structurally flawed currency like the euro has highlighted the weaknesses of the dollar ad how the euro has demonstrated that sovereignty sharing in monetary affairs is possible and that the international monetary system can be a multicurrency and multilateral system. In this highly innovative and important book, Otero-Iglesias shows the importance of studying financial elites in Brazil, China and the GCC countries in order to understand the full impact, material and ideational, of the euro in the transformation of the IMS. It will be vital reading for students and scholars of International Political Economy, International Economics, International Finance, Economic History, Economic Sociology, International Relations, Comparative Political Economy and Comparative Politics.
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European Political Economy

Political Science Perspectives

Author: Leila Simona Talani

Publisher: Ashgate Publishing, Ltd.

ISBN: N.A

Category: Political Science

Page: 235

View: 2289

European Political Economy provides a useful didactic tool for all scholars and students interested in a non-formalized political economy approach to European economic integration. Beginning with a theoretical orientation to European economic issues and European political economy, Leila S. Talani shows that political scientific approaches to political economy can generate new and important insights into the nature and dynamics of the European Union (EU). The chapters collectively present a comprehensive and coherent statement of political scientists' definitions of political economy, and apply their concepts, theories, and insights to contemporary developments in the EU. The book derives its distinctive focus from an emphasis on ideas, interests, and institutions as basic approaches to the study of European economic and political developments.
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Central and Eastern Europe in the EU

Challenges and Perspectives Under Crisis Conditions

Author: Christian Schweiger,Anna Visvizi

Publisher: Routledge

ISBN: 135186369X

Category: Business & Economics

Page: 218

View: 9481

Since the onset of the global financial crisis in 2008, the EU has been in almost permanent crisis mode. It is witnessing new dimensions of internal differentiation among its member states, and the migration crisis has shown that the Central and Eastern European countries (CEEs) in particular are slowly but certainly transforming themselves from predominantly passive policy-takers towards becoming more active players in the process of shaping the EU’s governance agenda. This edited volume offers the first comprehensive and critical insight into how the CEEs position themselves in the EU’s changing internal and external environment, their stance towards the European integration process under current crisis conditions, and what political and economic strategies they prioritize.
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The Political Economy of Monetary Union

Towards the Euro

Author: Francesco Giordano,Sharda Persaud

Publisher: Routledge

ISBN: 1136224165

Category: Business & Economics

Page: 216

View: 3626

This book places the whole issue of monetary union in its wider political economic context. The authors discuss: * the effect of EMU on fiscal and monetary policies * Central bank independence * the impact of EMU on unemployment * ERM II * international perspectives. Drawing on their experience in the European financial markets, the authors use a non-technical approach to discuss these issues - both in a general european sense and more specifically, Germany, the UK and Italy.
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Good Italy, Bad Italy

Why Italy Must Conquer Its Demons to Face the Future

Author: Bill Emmott

Publisher: Yale University Press

ISBN: 0300199481

Category: History

Page: 312

View: 5374

Not long ago Italy was Europe's highly touted emerging economy, a society that blended dynamism and super-fast growth with a lifestyle that was the envy of all. Now it is viewed as a major threat to the future of the Euro, indeed to the European Union as a whole. Italy's political system is shorn of credibility as it struggles to deal with huge public debts and anemic levels of economic growth. Young people are emigrating in droves, frustrated at the lack of opportunity, while older people stubbornly cling to their rights and privileges, fearful of an uncertain future. In this lively, up-to-the-minute book, Bill Emmott explains how Italy sank to this low point, how Italians feel about it, and what can be done to return the country to more prosperous and more democratic times. With the aid of numerous personal interviews, Emmott analyzes "Bad Italy"—the land of disgraced Prime Minister Silvio Berlusconi, an inadequate justice system, an economy dominated by special interests and continuing corruption—against its contrasting foil "Good Italy," the home of enthusiastic entrepreneurs, truth-seeking journalists, and countless citizens determined to end mafia domination for good.
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