The adoption and management of the common currency has led the Eurozone to a critical point. This book analyzes in an interdisciplinary way the fundamental causes of distress, making sure to relate economic issues to the social and political aspects of the problem. The book explores the reasons why the Eurozone has fallen into a policy trap, as well as what Europe did and should do to exit the crisis, and why this is proving to be so difficult. The book also considers what role the United States has played, and could play to help foster a solution for the Eurozone.

The main topics explored are the complex nature of the crisis, the short circuit between policies and the given institutional architecture, the controversial role of Germany, and the importance of an active role of the US. The book brings together a transatlantic group of scholars in order to offer an interdisciplinary analysis of the deep causes of the Eurozone distress. The authors recognize that the Eurozone countries have contrasting situations and interests and face different problems with complex consequences for the vexed question of national sovereignty within the EU; and pay attention to the social and political consequences of the economic and financial distress and of the perceived strain of the common currency.

chapter |18 pages


The European crisis in the transatlantic context

part I|50 pages

Transatlantic linkages

chapter 1|14 pages

The emergence of global value chains

Implications for trade policy and trade agreements

chapter 2|16 pages

The deeper roots of the financial system's propensity to crisis

The role of financialization in the global crisis

chapter 3|18 pages


From distress to deeper integration?

part II|48 pages

The crisis and policies: a transatlantic perspective

chapter 4|13 pages

Secular crisis

The Mundell–Fleming Trilemma and EU de-legitimation

chapter 6|21 pages

A tale of two cities

The evolution of the crisis and exit policies in Washington and Frankfurt 1

part IV|32 pages

The European currency and transatlantic relations