Book contents
- A Great Deal of Ruin
- A Great Deal of Ruin
- Copyright page
- Contents
- Tables
- Preface
- I Introduction
- Part I Financial Crises
- Part II Five Case Studies
- 3 The Great Depression, 1929–1939
- 4 The Latin American Debt Crisis, 1982–1989
- 5 The Asian Crisis, 1997–1999
- 6 The Subprime Crisis in the United States
- 7 The Financial Crisis in Europe
- Part III Lessons
- Abbreviations and Acronyms
- Bibliography
- Index
7 - The Financial Crisis in Europe
from Part II - Five Case Studies
Published online by Cambridge University Press: 05 August 2019
- A Great Deal of Ruin
- A Great Deal of Ruin
- Copyright page
- Contents
- Tables
- Preface
- I Introduction
- Part I Financial Crises
- Part II Five Case Studies
- 3 The Great Depression, 1929–1939
- 4 The Latin American Debt Crisis, 1982–1989
- 5 The Asian Crisis, 1997–1999
- 6 The Subprime Crisis in the United States
- 7 The Financial Crisis in Europe
- Part III Lessons
- Abbreviations and Acronyms
- Bibliography
- Index
Summary
The institutional origins of the European Union began with the signing of several treaty agreements by a handful of European countries in the 1950s. These were important but not comprehensive, covering coal and steel trade, peaceful development of atomic power, and a six-nation free trade agreement. The original goals of the founders were motivated by a desire for deeper political integration as a means to end the “frequent and bloody wars between neighbors” (European Union, 2018). The movement toward political integration required countries to cede some sovereignty to a federal European authority but that proved to be beyond the reach of political leaders. It was possible to reduce economic barriers, however, and movement toward economic integration encouraged the belief that trade agreements could serve as a platform for approaching deeper political ties. Today, the original six countries have expanded into twenty-eight and the free trade area is an economic union of more than 500 million people and nearly $20 trillion in GDP. Perhaps more importantly, it has helped to bring peace and prosperity to a region with a long history of war and deep cultural and linguistic divisions. The EU is one of the world’s great institutional achievements of the second half of the twentieth century.
- Type
- Chapter
- Information
- A Great Deal of RuinFinancial Crises since 1929, pp. 165 - 182Publisher: Cambridge University PressPrint publication year: 2019