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The EU, a Fair-Weather Ship Between Scylla and Charybdis

Hänska, Max, (2016), “The EU, a Fair-Weather Ship Between Scylla and Charybdis”, LSE blogs/EuroCrisis, 5 April

The EU faces debilitation by multiple crises: economic malaise and high unemployment, an influx of refugee and mounting security concerns. They all lay bare that resilience was not build into the EU’s architecture, it lacks the institutional capacities to respond to external shocks. Either its members create the capacities needed to respond resolutely to such shocks, or it heads for sclerotic decline. The EU, and the Eurozone, have been grappling with the consequences of an incomplete monetary union since Greece first required assistance from other Eurozone countries in 2010. Sharing a currency, unable to devalue, and without mechanisms that allow for intra-Eurozone transfers, the Greek economy has been on life-support ever since.

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