The Effects of the Eurozone Sovereign Debt Crisis - Differentiated Integration between the Centre and the New Peripheries of the EU

The book analyses the emerging centre-periphery divisions within the European Union which result from the unprecedented conditions created by the 2008-09 global financial crisis and the subsequent Eurozone sovereign debt crisis. The multiple layers of policy coordination which emerged in response to the crisis have initiated a process by which the EU is increasingly divided in terms of the level of vertical integration between the Eurozone core group and differentiated peripheries amongst the outsiders. At the same time the sovereign debt crisis has created a periphery of predominantly Southern European countries within the Eurozone that became dependent on external financial support from the other member states. The contributions in this book critically examine various aspects of the emerging internal post-crisis constellation of the EU. The main focus lies on national and supranational governance issues, national dynamics and dynamics in the Eurozone core as well as in the periphery. This book was originally published as a special issue of Perspectives on European Politics and Society.

1. Differentiated Integration and Cleavage in the EU under Crisis Conditions 2. Framing the Crisis, Defining the Problems: Decoding the Euro Area Crisis 3. Boundaries of Welfare between the EU and Member States during the ‘Great Recession’ 4. The EU-25 Fiscal Compact: Differentiated Spillover Effects under Crisis Conditions 5. Why has the German Job Market done astonishingly well despite the 2008-2009 ‘Great Recession’? New Economic Miracle, Institutional Transformation or Beggar-thy-Neighbour Policies? 6. The Limits of Transnational Solidarity and the Eurozone Crisis in Germany, Ireland and Slovakia 7. From Grexit to Grecovery: The Paradox of the Troika’s Engagement with Greece 8. Portugal is not Greece: Policy Responses to the Sovereign Debt Crisis and the Consequences for the Portuguese Political Economy 9. The Tale of two Peripheries in a divided Europe 10. Poland under economic Crisis Conditions 11. Hungary and the Eurozone – the need for a more systematic Approach