The current economic and debt crisis in eurozone and crisis of grand theories of European integration

• Authors: Dušan Leška
• Languages of publication: EN

Abstracts

EN

The economic and debt crisis threaten many eurozone countries and the very existence of the common currency, the euro. The crisis has meant that some special mechanisms have had to be created (EFSF, ESM) and the introduction of special procedures in heavily indebted countries. The deepening of the crisis and the economic recession in the euro area have resulted in the growth of nationalism and anti-European sentiments in EU member states. Resolving the crisis, however, requires further convergence of the eurozone countries, the formation of a fiscal union and a banking union. At the same time, the crisis has shown that the grand theories of European integration, neo-functionalism and liberal intergovernmentalism, have failed to provide answers to the questions raised by the crisis, and this has led to the growing importance of social constructivism.

Keywords

EN

economic and debt crisis; European Financial Stability Facility; European Stability Mechanism; fiscal union; banking union; neo-functionalism; intergovernmentalism; supranationalism; constructivism

• Publisher: Sciendo
• Journal: Human Affairs
• Year: 2013
• Volume: 23
• Issue: 3
• Pages: 429-442

Dates

published

2013-07-01

online

2013-06-28

Contributors

author

Dušan Leška

• Comenius University

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Identifiers

DOI

10.2478/s13374-013-0139-z