The European Council on Foreign Relations

Commentary: Economic Crisis

What does the crisis mean for Europe - its member states, institutions and policies? How can the EU protect, and expand, its project during the crisis? How can Europe use the economic crisis to push for common solutions to global problems?

The economic crisis has hit Europe hard. ECFR's experts have been analysising what the crisis means for the future of the EU's foreign policy and global outlook.

ECFR's work on the crisis 

  • Europe in a world of crisis”. Both a timely and vast topic. It was also the theme for ECFR’s latest council meeting, held in Stockholm (the current seat of the EU Presidency) on 10-12 May. Click here for more information. 
  •  ECFR's Berlin office held a high level meeting on 7 May, dealing with many of the issues posed by the economic crisis. For more information on this event, please click here.
  • Mark Leonard presented his paper, EU-Russia relations: Is the global economic crisis another false opportunity? at an experts seminar on EU policy on Russia on 23 April 2009.
  • ECFR and Asia Centre published the March edition of China Analysis: China and the global crisis: Will Beijing be part of the solution?.

See more examples of ECFR's work on the economic crisis in the below commentary pieces.

Time to say basta to the nonsense of austerity

Citizens across Europe are being asked to replace politics and economics with a sheer act of faith in austerity. But it's clear that they are starting to feel the need to stop this nonsense, and European leaders need to take this seriously.

 

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Preparing for President Hollande

24 Apr 12 - Thomas Klau,

The prospect of a victory by François Hollande may be causing nervousness in Berlin and elsewhere, but the socialist candidate in the French presidential elections is a natural compromise-builder, and Europe should have no real reason to fear his victory.

 

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France deserves better than this

20 Apr 12 - Thomas Klau,

As France votes in the first round of its presidential elections, the French people have been denied an analytically, politically honest and comprehensive engagement by the politicians with the real issues at hand in France and Europe.

 

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The ominous rise of geoeconomics

The lack of a defined European response to the current crisis is forcing EU member states to renationalise their own foreign policy, rather than forge common positions. This new age of geoeconomics carries a hidden cost for Europe in the long run.

 

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A road map for the euro

17 Jan 12 - ,

The financial markets have repeatedly shown their distrust in the long term sustainability of European Monetary Union. Confidence desperately needs to be restored, and that means rapid and credible agreement on measures that include a more integrated political framework.

 

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The year of the HUBRICS

12 Jan 12 - Daniel Korski,

With Europe and much of the West facing a seemingly painful decline, attention continues to shift to the BRICS and the world's other rising powers. But are these countries overplaying their hands as the cracks begin to show in their economic virility?

 

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The eurozone will pay a high price for Germany's economic narcissism

09 Jan 12 - Hans Kundnani,

Germany's minimalist approach to fixing the eurozone crisis is not only leading to ever more bailouts. It is also harming the rest of the eurozone because Germany's 'ordoliberalism' is too inflexible to provide a coherent answer to the crisis.

 

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Ten trends for 2012

21 Dec 11 - , Nicholas Walton,

After a frenetic 2011, what are the big trends that are going to shape Europe and the wider world in 2012? Here are ten that ECFR experts think are likely - and one widely predicted trend that we don't think will happen...

 

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The economics of the summit: an expensive signal to the ECB

12 Dec 11 - Sebastian Dullien,

The only real success of the euro summit was that it might encourage the ECB to step up its role in the euro area. But years more austerity and a major rift with Britain are a high price the whole euro zone will have to pay for German ideology.

 

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How the eurozone crisis affects EU power

25 Nov 11 - ,

The economic crisis has huge implications for EU foreign policy. There is less time for it, less money available, and Europe's ability to project soft power is in a coma.

 

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To get out of this crisis we need to rebuild Europe from scratch

22 Nov 11 - ,

The answer to the EU's current problems is to rebuild from scratch, replacing the existing EU with a new, two layered structure with an inner and an outer core.

 

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A deepening crisis requires further integration

17 Nov 11 - Thomas Klau,

The economic crisis is now at a critical point, and Europe's leaders must chose between a federated eurozone power or yielding to the power of the markets and economic and political disruption.

 

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Europe's deceptive aggregate deficits

14 Nov 11 - ,

Despite the deepening crisis, when taken as a whole the Eurozone's basic figures do not look too bad. But because the Eurozone is a flawed construction these figures are only a distraction, and the need for real reforms remains.

 

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A marginalised Britain makes EU break-up more likely

03 Nov 11 - Mark Leonard,

The actions of Britain's coalition government are making it more likely that we will see the EU disintegrate, leaving behind a saved Eurozone that marginalises all those outside it - including Britain itself.

 

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The return of political economy

02 Nov 11 - ,

The present crisis of the Eurozone is a direct consequence of a half hearted, half considered, half explained and therefore half finished integration. Europeans must be prepared for sacrifice, but our leaders must make sure that sacrifice is worthwhile.

 

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In the Press

New York Times
15 May 12

Thomas Klau quoted on Hollande's visit to Berlin

Le Monde
15 May 12

Le Monde quotes ECFR's Policy Brief on China and Germany new special relationship

Francetv Info
15 May 12

Thomas Klau is quoted on Hollande’s first meeting with Merkel in Berlin

Rzeczpospolita
15 May 12

Thomas Klau quoted on Hollande's visit to Berlin and negotiations of Fiscal Pact

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