Crisis in the European Monetary Union: A Core-Periphery Perspective

ISBN-13: 9781138685833 / Angielski / Twarda / 2018 / 298 str.

Annamaria Simonazzi; Andrea Ginzburg; Giuseppe Celi

Opis

The book provides a new framework for the analysis of the economic crisis that is shaking the countries participating in the European Monetary Union. The analysis goes beyond the short-term, to study the medium and long-term relations between 'core' countries (in particular Germany) and Southern European 'peripheral' countries. The policy implications differ in many respects from the policies suggested by both mainstream and Keynesian approaches that have so far dominate the debates on the economic policy alternatives. The book focuses instead on how product-led competitiveness can promote economic growth. In presenting this analysis, the book is able to make suggestions for future policy implications, with the aim of diversifying, innovating and strengthening the economic structures of 'peripheral' countries in a long period perspective.

Spis treści

Introduction,  Part 1: A medium term perspective, 1. The current Euro crisis: a faulty institutional construction, 1. Introduction, 2. The Werner Report and the idea of Europe, 3. The Snake and the EMS, 4. The bumpy road to the EMU, 5. The EMU’s institutional flaws, 6. In the crisis: bail-outs, politics, reforms, 7. Conclusions,  2. The European core-periphery divergent development paths before the crisis: 1999–2008, 1. Introduction, 2. Germany: from Europe's sick man to export superstar, 3. Wage moderation, 4. Housing: a ‘non-tradable’ sector?, 5. The construction of the Central European Manufacturing Core, 6. Conclusions,  3. France: the waning of a core country, 1. Introduction, 2. From dirigisme to statist liberalism, 3. The waning of a key sector: the automotive industry, 4. Conclusions,  4. The Eurozone’s double-dip recession: interpretations and policies, 1. Introduction, 2. A standard balance of payments crisis?, 3. The Target2 debate: a stealth bail-out?, 4. The unfolding of the crisis and the role of austerity, 5. The structural impact of the crisis, 6. Conclusions,  5. Inequality, poverty and imports: core, periphery and beyond, 1. Introduction, 2. Rich Germany, poor Germans, 3. Poor Southern Europe, poor Southern Europeans, 4. South of South: the case of the Italian Mezzogiorno, 5. Conclusions,  6. The network of European trade between core and periphery, 1. Introduction, 2. The European trade networks, 3. The structure of trade, 4. The evolution of the automotive industry in Europe, 5. Conclusions.  Part II: European de-industrialization processes in a long-term perspective,  7. The weakening of the European growth engine, 1. Introduction, 2. The fading of the golden age, 3. Heterodox explanations of the fall in investment: industry and finance, 4. Orthodox explanations of the fall in investment: secular stagnation, 5. Financialization and Europeanization6. Conclusions,  8. The interruption of industrialization in Southern Europe: a centre-periphery perspective, 1. Introduction, 2. The embeddedness of centre-periphery relations, 3. The global crisis of the mid-1970s in Southern Europe: peripheral tertiarization and impoverishment of the productive structures, 4. The European integration of a latecomer country: Italy, 5. The late-latecomers’ European integration, 6. Democratic transition and restructuring without re-industrialization, 1975–1985, 7. The financialization of the European periphery, 8. The German internationalization strategy: 'widen the market and narrow the competition', 9. Conclusions,  9. A policy divide: industrial policies in the ‘core’ and ‘peripheral’ countries, 1. Introduction, 2. The vicissitudes of a concept, 3. European industrial policy, 4. The Investment Plan for Europe (Juncker Plan), 5. Industry 4.0: a Europe-wide opportunity or a new factor of divergence?, 6. Conclusions,  10. Conclusions, 1. Institutional flaws and policy mistakes, 2 Structural differences, 3 Partial, cautious reforms, 4 Institutional reforms, 5 A German Europe, 6 A European Germany, 7 A longer-term perspective, 8 Income distribution and the European social model for long-term sustainability, 9 Towards a shared alternative programme