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Of Bailouts, Populists and Inertia: Lessons from the Greek Crisis for Managing the 'Euro'

Event Type
European Union Center, Modern Greek Studies Program, Illinois Institute of Technology, CAS/MillerComm Lecture Series
McCormick Tribune Campus Center, Illinois Institute of Technology, 3201 S State Street, Chicago, IL (map)
Nov 13, 2013   12:50 pm  
Kevin Featherstone, professor of Contemporary Greek Studies, London School of Economics and Political Science
Originating Calendar
European Union Center Events

Almost everyone now agrees that the rules and institutions set up to
manage the 'euro' currency have proved inadequate to the task.  The
single currency project was always ahead of what economic theory might
dictate, but the debt crises that have consumed Europe's leaders since
2010 have revealed fundamental questions of politics and of good
governance that will linger on the agenda for some years to come.
Reforms to the institutional management of the 'euro' have been rightly
criticised for being delayed, inadequate and largely locked-in to the
same paradigm that created the imbalances in the first place.  Of equal
concern is the unprecedented intervention of the European Union at the
domestic level to enforce discipline and a set of reforms.  Both
developments - at the European and the national level - stretch and
expose 'Europe' to further risks of failure.  What are the lessons to be
drawn from the Greek crisis?  The developments also  expose 'Europe',
and its advocates, to attacks from the political extremes.  An agenda
that once united and was a synonym for 'modernisation' has provoked new
divisions.  Can the European Union regain its momentum?  This is an
opportune time to examine the lessons and prospects - with further
experience of Greece's performance and after the German elections.

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