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

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