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The Calm before the Storm? The Calm before the Storm?
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A Crisis within a Crisis A Crisis within a Crisis
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Lessons from the Crisis Lessons from the Crisis
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From One Crisis to the Next? From One Crisis to the Next?
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6 A Less Close Union? The European Union’s Search for Unity amid Crisis
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Published:May 2011
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Abstract
This chapter presents a panoramic view of the EU's response to the economic crisis. It shows that there were two closely related phases to the crisis in Europe: the first concerned with systemic risk in the banking sector and the second with the sovereign debt problems of some member states. Next, the chapter tries to draw some lessons from the EU's response for broader considerations about transnational forms of governance. It argues that the recent economic crisis has raised a new set of challenges for the EU and European integration, challenges that highlight fault lines that exist between the creation of an economic union and the lack of a consensus for the creation of the political instruments to govern it.
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