The Politics of Europeanization

2020 ◽  
pp. 69-85
Author(s):  
Kevin Featherstone ◽  
Dimitris Papadimitriou
Keyword(s):  
Political Development ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Future Research ◽  
The European Union ◽  
Eu Legislation ◽  
Current State ◽  
European Dimension ◽  
History Of ◽  
Domestic Reform

‘Europe’, ‘Europeans’, and ‘Europeanness’ have been crucial themes in the history of modern Greece, from the creation of the new state in 1832 to the sovereign debt crisis of 2010. As elsewhere, these notions have served as référentiels in questions of national identity, progress, capability, legitimation and strategic interest. In the Greek case, the European dimension to these questions has been felt acutely. This chapter considers Greece’s political development in the context of its membership of the European Union, assessing the extent to which the latter has prompted domestic reform. A general theme that emerges from the scholarly literature in this area is of Greece’s uneven adaptation across different sectors, a feature that provokes interesting research contrasts, but also challenges of interpretation. To understand how EU pressures for adaptation have been received domestically, the chapter opens with a discussion of the changing images and meanings of ‘Europe’ in Greece. This is followed by an assessment of the range and significance of the domestic adaptation of policies and regulations to EU legislation, as established by existing academic studies and policy papers. We note the current state of knowledge of Europeanization impacts on Greece, the implications of the findings, and pointers for future research. The unevenness of adaptation is an essential lens for analysis.

The EU Migration Crisis: A Crisis Analysis Case Study

2021 ◽  
Author(s):  
Peter Slominski
Keyword(s):  
Decision Making ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Migration Policy ◽  
Future Research ◽  
The European Union ◽  
Eu Member States ◽  
Migration Crisis ◽  
And Migration ◽  
The Eu

The European Union (EU) migration crisis has been part and parcel of a conglomerate of crises that have affected the EU since the late 2000s, as have the financial and sovereign debt crisis, “Brexit,” the Russia–Ukraine conflict, as well as tensions within transatlantic relations. Scholarship on the EU has devoted much attention in assessing what the migration crisis means for EU integration at large. In particular, EU scholars are interested why the migration crisis has led to political gridlock and a renationalization of border controls rather than a deepening of integration. While they differ in their explanations, these explanations shed light on different aspects of the crisis and are far from mutually exclusive. Scholars who are more interested in the area of EU Justice and Home Affairs (JHA) largely agree with EU theorists that the field suffers from an incomplete governance design, the dominance of EU member states, and weak supranational capacities. Their analysis also focuses on intra-EU dynamics but offers a more nuanced empirical assessment of relevant EU institutions and decision-making in the course of managing the migration crisis. This growing body of research produces valuable insights and largely confirms existing scholarship, including that on the growing securitization and externalization of EU asylum and migration policy. The EU’s understanding as a norm-based power is particularly challenged by the migratory movements in the wake of the crisis. A small but growing scholarship analyses how the EU is balancing its non-entrée policy with its legal obligation, and what kind of governance arrangements result from that. While this scholarship has enriched our understanding of the EU migration crisis, it has not generated a major refinement of the standard approaches of EU theorists and JHA scholars. To further enrich the literature on the migration crisis, scholars should go beyond studying the dynamics of EU decision-making and the role of EU institutions. Such an approach should engage more systematically with international actors and institutions that have the capacity to influence EU migration policy. At the same time, global phenomena such as war, poverty, or climate change should also be taken into account in assessing the EU’s room for maneuver in handling migratory pressures. Future research on the migration crisis as well as on migration challenges should thus not only connect with other subfields of political science, such as policy analysis or international relations, but also open up to other disciplines such as law, demography, or environmental studies.

scholarly journals The Impact of the Introduction of Uniform European Collective Action Clauses on European Government Bonds as a Regulatory Result of the European Sovereign Debt Crisis

2020 ◽  
Vol 14 (1) ◽  
pp. 1
Author(s):  
Nicoletta Layher ◽  
Eyden Samunderu
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Sovereign Debt Crisis ◽  
The European Union ◽  
Bond Yields ◽  
Member States ◽  
Sovereign Bond ◽  
European Sovereign Debt Crisis ◽  
Collective Action Clauses

This paper conducts an empirical study on the inclusion of uniform European Collective Action Clauses (CACs) in sovereign bond contracts issued from member states of the European Union, introduced as a regulatory result of the European sovereign debt crisis. The study focuses on the reaction of sovereign bond yields from European Union member states with the inclusion of the new regulation in the European Union. A two-stage least squares regression analysis is adopted in order to determine the extent of impact effects of CACs on member states sovereign bond yields. Evidence is found that CACs in the European Union are priced on financial markets and that sovereign bond yields do respond to the inclusion of uniform CACs in the European Union.

Eurobonds: Three Lessons from China’s “Debt Centralization/Decentralization” Experience

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Zhiyong An
Keyword(s):  
Moral Hazard ◽  
Euro Area ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Budget Constraint ◽  
Sovereign Debt Crisis ◽  
The European Union ◽  
Member States ◽  
Institutional Mechanism ◽  
Previous Series

Abstract Eurobonds, dubbed as Coronabonds in the context of the current coronavirus crisis, are being hotly debated among the euro area member states amid the COVID-19 pandemic. The debate is in many ways a retread of the euro area sovereign debt crisis of 2011–2012. As China’s “debt centralization/decentralization” experience is comparable with the introduction of Eurobonds in the European Union (EU) in terms of institutional mechanism design, we review our previous series of studies of China’s “debt centralization/decentralization” experience to shed some light on the Eurobonds debate. We obtain three key lessons. First, the introduction of Eurobonds in EU is likely to soften the budget constraint of the governments of the euro area member states. Second, it is also likely to strengthen the moral hazard incentives of the governments of the euro area member states to intentionally overstate their budget problems. Finally, the magnitudes of the moral hazard effects generated by the introduction of Eurobonds in EU are likely larger than their respective counterparts in China.

Has Germany “Fallen Out of Love” with Europe? The Eurozone Crisis and the “Normalization” of Germany's European Identity

2015 ◽  
Vol 33 (1) ◽  
pp. 25-41 ◽  
Author(s):  
Charlotte Galpin
Keyword(s):  
National Identity ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
European Identity ◽  
Media Discourse ◽  
The European Union ◽  
Eurozone Crisis ◽  
Northern European ◽  
European Crisis ◽  
Political Speeches

The European Union has been in its biggest ever crisis since the onset of the Greek sovereign debt crisis in 2010. Beyond the political and economic dimensions, the crisis has also sparked discussions about Germany's European identity. Some scholars have argued that Germany's behavior in the crisis signals a continuation of the process of “normalization” of its European identity toward a stronger articulation of national identity and interests, that it has “fallen out of love” with Europe. This article will seek to reassess these claims, drawing on detailed analysis of political and media discourse in Germany—from political speeches through to both broadsheet and tabloid newspapers. It will argue that the crisis is understood broadly as a European crisis in Germany, where the original values of European integration are at stake. Furthermore, the crisis is debated through the lens of European solidarity, albeit with a particular German flavor of solidarity that draws on the economic tradition of ordoliberalism. Rather than strengthening expressions of national identity, this has resulted in the emergence of a new northern European identity in contrast to Greece or “southern Europe.”

State-building and the European Union: Markets, War, and Europe's Uneven Political Development

2021 ◽  
pp. 001041402110473
Author(s):  
R. Daniel Kelemen ◽  
Kathleen R. McNamara
Keyword(s):  
European Union ◽  
Political Development ◽  
Institutional Development ◽  
State Building ◽  
Legal Authority ◽  
Market Forces ◽  
The European Union ◽  
Eu Governance ◽  
History Of ◽  
The Eu

The European Union’s institutional development is highly imbalanced. It has established robust legal authority and institutions, but it remains weak or impotent in terms of its centralization of fiscal, administrative, and coercive capacity. We argue that situating the EU in terms of the history of state-building allows us to better understand the outcomes of EU governance. Historically, political projects centralizing power have been most complete when both market and security pressures are present to generate state formation. With the EU, market forces have had a far greater influence than immediate military threats. We offer a preliminary demonstration of the promise of this approach by applying it to two empirical examples, the euro and the Schengen area. Our analysis suggests that the EU does not need to be a Weberian state, nor be destined to become one, for the state-building perspective to shed new light on its processes of political development.

The building of economic governance in the European Union

2013 ◽  
Vol 19 (1) ◽  
pp. 23-35 ◽  
Author(s):  
Amy Verdun
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Social Dimension ◽  
Monetary Integration ◽  
Economic Governance ◽  
The European Union ◽  
The Past ◽  
The Social ◽  
Shed Light ◽  
The Eu

This article seeks to shed light on the development over the past decades of the concept of economic governance. It asks what is understood by economic governance and what role the social dimension has played. The article offers an analysis of the problems and possible issues confronting the EU as it seeks ways to address the sovereign debt crisis by embarking on deeper economic integration. The article concludes that from the early days there have been questions about the exact interaction between economic and monetary integration and thus between ‘economic’ and ‘monetary’ union. Despite Delors’ original inclination, few were willing to establish any linkage between EMU and social matters. The crises have again brought out the need to consider the two in tandem. Moreover, with the increased role in economic governance accorded to EU-level institutions, there is a need to rethink the EU democratic model.

From embedded to uncompromising neoliberalism: Competitiveness policies and European Union interscalar relations in the case of Greece

2016 ◽  
Vol 24 (3) ◽  
pp. 227-240 ◽  
Author(s):  
Nicos Souliotis ◽  
Georgia Alexandri
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Central Government ◽  
Debt Crisis ◽  
The European Union ◽  
Governance System ◽  
Before And After ◽  
Supranational Level ◽  
Of Greece ◽  
The Eu

This article traces the transfer of competitiveness and cohesion policies from the European Union (EU) institutions to the national and subnational authorities in Greece, both before and after the sovereign debt crisis. We argue that prior to the crisis, the flexibilities of the EU governance system allowed the Greek central government to use the competitiveness and cohesion agenda, as well as the associated funds, to build a domestic socio-political consensus focused on the idea of ‘convergence’ with Europe. The crisis-induced bailout programme deepened neoliberal policies and reorganised vertical and horizontal power relations: policy-making powers have been upscaled towards the supranational level, while the national authorities have been socially disembedded.

scholarly journals Tsunami currents in ports

2015 ◽  
Vol 373 (2053) ◽  
pp. 20140372 ◽  
Author(s):  
Jose C. Borrero ◽  
Patrick J. Lynett ◽  
Nikos Kalligeris
Keyword(s):  
Historical Record ◽  
First Century ◽  
Future Research ◽  
Current State ◽  
Early Twenty ◽  
Tsunami Current ◽  
History Of ◽  
Induced Currents ◽  
Port Engineering ◽  
Maritime Community

Tsunami-induced currents present an obvious hazard to maritime activities and ports in particular. The historical record is replete with accounts from ship captains and harbour masters describing their fateful encounters with currents and surges caused by these destructive waves. Despite the well-known hazard, only since the trans-oceanic tsunamis of the early twenty-first century (2004, 2010 and 2011) have coastal and port engineering practitioners begun to develop port-specific warning and response products that accurately assess the effects of tsunami-induced currents in addition to overland flooding and inundation. The hazard from strong currents induced by far-field tsunami remains an underappreciated risk in the port and maritime community. In this paper, we will discuss the history of tsunami current observations in ports, look into the current state of the art in port tsunami hazard assessment and discuss future research trends.

scholarly journals Financial and Banking Regulation and Supervision within the EU

2013 ◽  
Vol 3 (2) ◽  
pp. 17-37
Author(s):  
Constanze Lehleiter
Keyword(s):  
Financial Stability ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Banking Regulation ◽  
Capital Requirements ◽  
Green Paper ◽  
Shadow Banking ◽  
The European Union ◽  
European Banking ◽  
The Eu

AbstractThe European Union (EU) has faced not only the international financial crisis, but also the European banking and the sovereign debt crisis. A lack of efficient regulations and supervision were a serious cause of recent developments. As a reaction, the EU finally implemented a framework covering both micro- and macro-prudential policies. Measures such as the new capital requirements, the deposit guarantee schemes, the green paper on shadow banking and, most importantly, the new approach for a macro-prudential supervision are headed towards crisis prevention. However, the challenge is to define regulations enhancing financial stability, which, at the same time, do not prevent institutions from generating reasonable financial risks and do not reduce growth. In that regard, the presented measures still have deficits which have to be faced. Furthermore, coordination between various authorities and the European Commission remains another challenge.

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