Despite the large output declines suffered by emerging Europe in 2008-09, a major currency and banking crisis was avoided. This paper argues that European economic and political integration was a mitigating factor in this. Cross-border banking groups, in particular, seem to have forestalled a...

Up until the economic and financial crisis, economic conditions in the European regions had been converging. This process has come to a complete standstill in recent years due to lower growth in Eastern Europe and stagnation in Southern Europe.

Among the many meanings given to the idea of a European ‘constitution’, perhaps the most widespread relates to the limitation and constraint of power. Missing from this conception, however, is arguably the very essence of genuinely ‘constituted’ authority: the capacity to mobilise fiscal...

Seit einigen Jahren bereits taumelt Europa von einer Krise in die nächste. Allen Beschwichtigungen zum Trotz verlieren Deutschland und die europäischen Staaten des Nordens durch den Euro unaufhörlich Milliardenvermögen zugunsten überschuldeter Volkswirtschaften in Südeuropa. 2015 erlebte...