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PAGOULATOS G. & TSOUKALIS L. - The Political Economy of Europe in Crisis and Beyond (25h)

Professors George PAGOULATOS & Loukas TSOUKALIS 

Since 2009-2010 Europe and the Eurozone were in a severe, far-reaching and prolonged crisis. What started from the other side of the Atlantic, soon spread into Europe as a global financial crisis, subsequently transmuting into various crises: a (private and sovereign) debt crisis, a banking and a fiscal crisis, an economic and social crisis for the member states specifically affected, and thus a socio-political crisis and a crisis of democracy. The Eurozone crisis exposed the construction defects of EMU, was aggravated by the policy failures at national and European level, and thrust the viability of the EMU project into doubt. It generated poisonous divisions and discontent, both within and between member states, splitting the Eurozone between creditors and debtors, unleashing forces of fragmentation. It also gave impetus to institutional, governance and policy reform initiatives, in a Eurozone that was operating in perpetual crisis mode.

Starting with a historical background aimed to identify and explain important long-term trends of European integration, this course will concentrate on the Eurozone crisis and its broader implications. It will try to understand the workings and interdependencies between institutions, socio-politics and economics, between the national, the intergovernmental and the European. It will seek to shed light on the rationale underlying policy and political decisions, on the complex trade-offs, the legacies, the coalitions, the winners and losers, the broader implications, and the crucial stakes involved.

The course will examine a range of topics related to the EU and Eurozone crisis, with special emphasis on the dilemmas it has presented to both the Union and its member states. A political economy perspective will be combined with a policy orientation. A series of introductory lectures on the subject will be followed by seminars on specific topics, in which students will be expected to present short essays.