The financial crisis and the European Union / Klaus G. Efenhoff, editor.

Includes bibliographical references (page 104) and index.

Print version record.

The European Union (EU) is a treaty-based, institutional framework that defines and manages economic and political co-operation among its 27 member states (Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom). The Union is the latest stage in a process of European integration begun after World War II to promote peace and economic prosperity in Europe. Its founders hoped that by creating communities of shared sovereignty, another war in Europe would be unthinkable. Since the 1950's, this European integration project has expanded to encompass other economic sectors, a customs union, a single market in which goods, people, and capital move freely, a common agricultural policy, and a common currency (the Euro). The global financial crisis has hit the EU hard. The latest economic forecasts painted a bleak picture of close to zero growth and risks of contraction for the EU economy in 2009, with unemployment rising by some 2.7 million in the next two years, on the assumption that no corrective action is taken. Quick and decisive action is needed to stop this downward spiral. The interplay of national and EU action can help all Member States weather the worst of the global economic storms and emerge stronger from the crisis.

THE FINANCIAL CRISISAND THE EUROPEAN UNION; THE FINANCIAL CRISIS AND THE EUROPEAN UNION ; CONTENTS; PREFACE; AEUROPEAN ECONOMIC RECOVERY PLAN*; THE TIME TO ACT IS NOW; 1. INTRODUCTION; A EUROPEAN ECONOMIC RECOVERY PLAN; 2. SUPPORTING THE REAL ECONOMYAND BOOSTING CONFIDENCE; 2.1. Monetary and Credit Conditions; 2.2. Budgetary Policy; 2.3. Actions in the Four Priority Areas of the Lisbon Strategy; 3. WORKING TOWARDS GLOBAL SOLUTIONS; Keeping World Trade Moving; Tackling Climate change; Supporting Developing Countries; 4. CONCLUSIONS; REFERENCES; THE EUROPEAN UNION:QUESTIONS AND ANSWERS*

ABSTRACTWHAT IS THE EU?; HOW DOES THE EUWORK?; HOW IS THE EU GOVERNED?; WHY AND HOW IS THE EU ENLARGING?; WHAT WAS THE EU CONSTITUTIONAND WHY A NEW REFORM TREATY?; DOES THE EU HAVE A FOREIGN POLICY?; DOES THE EU HAVE A DEFENSE POLICY?; WHAT IS THE RELATIONSHIP BETWEENNATO AND THE EU?; DOES THE EU HAVE A TRADE POLICY?; HOW ARE U.S.-EU TRADE RELATIONS DOING?; HOW DO EUROPEAN COUNTRIES VIEW THE EU?; THE FINANCIAL CRISIS: IMPACT ON ANDRESPONSE BY THE EUROPEAN UNION*; ABSTRACT; OVERVIEW; Financial Architecture; Economic Performance; THE FINANCIAL CRISIS AND THE EUROPEAN UNION; PHASE I: BUILD-UP.

PHASE II: LIQUIDITY ISSUESCentral Bank Operations; Interest Rates; Currency Swap Facilities; Depositor Guarantees; PHASE III: SOLVENCY AND DELEVERAGING; The "European Framework for Action"; "Bad Banks"; PHASE IV: FISCAL INTERVENTION; EUROPEAN ECONOMIC RECOVERY PLAN; Germany; France; United Kingdom; OUTLOOK; APPENDIX A. OVERVIEW OF THE EUROPEAN UNION; Investment Services Directive; Financial Services Action Plan; Markets in Financial Instruments Directive; Capital Requirements Directive; Lamfalussy Process; REFERENCES.

THE GLOBAL FINANCIAL CRISIS:THE ROLE OF THE INTERNATIONALMONETARY FUND (IMF)*ABSTRACT; WHITHER THE IMF?; IMMEDIATE CRISIS MANAGEMENT; REFORMING GLOBAL MACROECONOMIC SURVEILLANCE; REFERENCES; ICELAND'S FINANCIAL CRISIS*; ABSTRACT ; BACKGROUND; RECENT ECONOMIC ACTIVITY; BANKING COLLAPSE; CONCLUSIONS; INDEX.

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