The Euro-Zone Crisis

Abstract

The Euro-zone crisis started out as a financial crisis, developed into a fiscal crisis, and has since unfolded as a major institutional – even constitutional – crisis. Why is it that a crisis that emerged in the U.S. has taken on such distinctive features in Europe? The question brings up the issue of EU resilience to external shocks and the implications of several of the EU’s design flaws, not the least of which is the lopsided relationship between monetary and fiscal union. We are interested in papers that discuss how the Euro-zone crisis has altered the EU, in political, institutional and constitutional terms, as well as papers that discuss how the Euro-zone crisis affects the EU’s abilities to grapple with the other crises. In what way(s) does the Euro-zone crisis constrain the EU’s ability to deal with the refugee crisis and Brexit?