Book contents
- EU Law in Populist Times
- EU Law in Populist Times
- Copyright page
- Contents
- Notes on Contributors
- Preface
- Introduction
- I Economic Policy
- 2 The Future of the European Economic and Monetary Union
- 3 Post-Crisis Economic and Social Policy
- 4 Politicized Integration
- 5 EU Financial Regulation after the Neoliberal Moment
- 6 The Euro Crisis and the Transformation of the European Political System
- II Human Migration
- III Internal Security
- IV Constitutional Fundamentals
- Conclusion
- Index
2 - The Future of the European Economic and Monetary Union
Issues of Constitutional Law
from I - Economic Policy
Published online by Cambridge University Press: 05 December 2019
- EU Law in Populist Times
- EU Law in Populist Times
- Copyright page
- Contents
- Notes on Contributors
- Preface
- Introduction
- I Economic Policy
- 2 The Future of the European Economic and Monetary Union
- 3 Post-Crisis Economic and Social Policy
- 4 Politicized Integration
- 5 EU Financial Regulation after the Neoliberal Moment
- 6 The Euro Crisis and the Transformation of the European Political System
- II Human Migration
- III Internal Security
- IV Constitutional Fundamentals
- Conclusion
- Index
Summary
The state debt crisis is not over in Europe. To give the most extreme example, the Greek debt currently owed to the European Stability Mechanism (ESM) is €45.9 billion and the debt owed to the ESM’s predecessor, the European Financial Stability Facility (EFSF), is €130.9 billion, for an average term of thirty years. This enormous debt burden is shouldered by a country with eleven million inhabitants and with a Gross National Product (GNP) per capita that ranks around fortieth place worldwide.1 State debt in the Eurozone in general is around 90 percent of GNP, and in Italy it is above 130 percent.2 Growth in both Greece and Italy is below the Eurozone average (2.5 percent). There is nearly full employment in Germany, i.e. unemployment is near 4 percent, but the unemployment rate is at 8.5 percent in the whole Eurozone, 11.0 percent in Italy, 8.8 percent in France, and a dismal 16.1 percent in Spain.3
- Type
- Chapter
- Information
- EU Law in Populist TimesCrises and Prospects, pp. 33 - 66Publisher: Cambridge University PressPrint publication year: 2020
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