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The European debt crisisThe Greek case$
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Costas Simitis

Print publication date: 2014

Print ISBN-13: 9780719095795

Published to Manchester Scholarship Online: September 2014

DOI: 10.7228/manchester/9780719095795.001.0001

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A new European policy is necessary

A new European policy is necessary

(p.320) 32 A new European policy is necessary
The European debt crisis

Costas Simitis

Manchester University Press

The chapter discusses the way in which the European Union has sought to resolve the Eurozone crisis. It is argued that the crisis revealed major shortcoming in the architecture of Economic and Monetary Union which did not attract sufficient attention early on. The response to the crisis was also coloured by the dominance of centre right political forces in the EU as well as by the weakening of the European Commission in recent years. In this context a radical overhaul of economic governance within the Eurozone is required, based on the empowering of European institutions and on greater solidarity, rather than retreat to economic nationalism.

Keywords:   European Union, EMU, Eurozone, Economic governance, Social democracy, Euro

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