ABSTRACT
What led to Greece's financial collapse? Why could the Eurogroup not preempt it? How does the future look for European regional integration? Analysis points to a Europe divided by economic culture, and overly top-heavy decision-making. This is evident in (a) public sectors expanding alongside market reforms; (b) credit agencies literally toying with EU members; (c) ‘fringe’ movements exploiting the growth-versus-austerity debate to flaunt nationalism over Europeanism; (d) EU dependence on ‘external’ input weakening regional bonds; and (e) democratic preferences challenging integration. A mixture of Hoffmann's statism, Moravcsik's inter-governmentalism, and Haas's turbulence better explain European dynamics today than any regional integration model.
