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Article from the book The Search for Europe: Contrasting Approaches

The Euro Crisis and the Future of European Integration

Estimated reading time Time 25 to read
For decades, the European Union has been a vehicle for peace and prosperity in Europe but it is in trouble today. The response to the crisis has had negative economic and political effects. The decision to subsidize debt in return for austerity has stymied growth in southern Europe. Although European elites favor deeper integration, the response to the crisis has reduced popular support for it. A deeper fiscal union threatens to intensify technocracy. However, the Euro may endure without deeper union provided some institutional reforms are consolidated and economic growth can be revived in southern Europe.
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