Crisis in the European Monetary Union. A Core-Periphery Perspective

Description

Cover......Page 1 Half Title......Page 2 Book Title......Page 4 Copyright......Page 5 Table of Contents......Page 6 List of figures......Page 10 List of tables......Page 13 Acknowledgements......Page 14 History and path dependence......Page 16 Embeddedness......Page 17 Old and new peripheries (and core countries)......Page 18 References......Page 26 A medium-term perspective......Page 28 1 Introduction......Page 30 2 The Werner Report and the idea of Europe......Page 32 3 The Snake and the EMS......Page 37 4 The bumpy road to the EMU......Page 43 5 The EMU’s institutional flaws......Page 48 6 In the crisis: bail-outs, politics, reforms......Page 53 7 Conclusions......Page 57 Notes......Page 59 References......Page 63 1 Introduction......Page 68 2 Germany: from Europe’s sick man to export superstar......Page 71 3 Wage moderation......Page 74 4 Housing: a ‘non-tradable’ sector?......Page 81 5 The construction of the Central European Manufacturing Core......Page 85 6 Conclusions......Page 88 Notes......Page 89 References......Page 90 1 Introduction......Page 94 2 From dirigisme to statist liberalism......Page 96 3 The waning of a key sector: the automotive industry......Page 103 Notes......Page 107 References......Page 109 1 Introduction......Page 111 2 A standard balance of payments crisis?......Page 113 3 The Target2 debate: a stealth bail-out?......Page 123 4 The unfolding of the crisis and the role of austerity......Page 127 5 The structural impact of the crisis......Page 138 Appendix......Page 142 Notes......Page 148 References......Page 151 1 Introduction......Page 155 2 Rich Germany, poor Germans......Page 156 3 Poor Southern Europe, poor Southern Europeans......Page 163 4 South of South: the case of the Italian Mezzogiorno......Page 169 5 Conclusions......Page 173 Notes......Page 174 References......Page 177 1 Introduction......Page 181 2 The European trade networks......Page 182 3 The structure of trade......Page 189 4 The evolution of the automotive industry in Europe......Page 196 5 Conclusions......Page 203 Notes......Page 204 References......Page 206 European de-industrialization processes in a long-term perspective......Page 208 1 Introduction......Page 210 2 The fading of the golden age......Page 211 3 Heterodox explanations of the fall in investment: industry and finance......Page 217 4 Orthodox explanations of the fall in investment: secular stagnation......Page 218 5 Financialization and Europeanization......Page 221 Notes......Page 227 References......Page 229 2 The embeddedness of centre-periphery relations......Page 232 3 The global crisis of the mid-1970s in Southern Europe: peripheral tertiarization and impoverishment of the productive structures......Page 237 4 The European integration of a latecomer country: Italy......Page 239 5 The late-latecomers’ European integration......Page 244 6 Democratic transition and restructuring without re-industrialization, 1975–1985......Page 246 7 The financialization of the European periphery......Page 249 8 The German internationalization strategy: ‘widen the market and narrow the competition’......Page 255 9 Conclusions......Page 257 Notes......Page 259 References......Page 262 1 Introduction......Page 266 2 The vicissitudes of a concept......Page 268 3 European industrial policy......Page 274 4 The Investment Plan for Europe (Juncker Plan)......Page 277 5 Industry 4.0: a Europe-wide opportunity or a new factor of divergence?......Page 279 6 Conclusions......Page 283 Notes......Page 284 References......Page 285 1 Institutional flaws and policy mistakes......Page 289 2 Structural differences......Page 290 4 Institutional reforms......Page 291 5 A German Europe......Page 292 6 A European Germany......Page 293 7 A longer-term perspective......Page 295 8 Income distribution and the European social model for long-term sustainability......Page 296 9 Towards a shared alternative programme......Page 297 References......Page 298 Index......Page 300