The Quadruple Crisis of Europe: Europe and its Changing Role in the International Political Economy

Year 2013, Volume: 18 Issue: 4, 47 - 70, 01.01.2013

Paul Simon Adams

Abstract

This article examines the causes of and responses to Europe’s economic, monetary, and political crises as well as their implications on Europe’s position in the global economic order and its ability to shape governance of the international political economy. Europe is in the midst of a quadruple crisis of economic stagnation, debtfiscal- monetary challenges, national and regional political squabbling, and an increasingly weaker position and competitiveness in the global economy. The pessimism over Europe’s current condition is well founded as are dire predictions regarding its future if there is little or no economic growth, fiscal and monetary reforms are not well implemented or supported, and greater solidarity amongst the members of the European Union is not rediscovered. Yet some of the glaring issues facing Europe can be addressed through adaptive policy regimes, positive political leadership and cooperation that would relieve some of the stress upon the short and long-term viability and sustainability of the European economic models. Nonetheless, the impact on Europe’s position in the global economy has been and will likely be permanently altered and weakened

Keywords

European Union, Europe, international political economy, globalization, debt crisis

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