Overview

The euro was generally considered a success in its first decade. Nevertheless, the unanticipated financial crisis in the summer of 2007 has developed gradually into the worst global economic crisis in post-war economic history and a sovereign debt crisis, calling into question the endurance of positive externalities under the current form of European economic integration. The experience of double-dip recessions in the core of the euro-area and the occurrence of a deflationary spiral in its southern periphery brings into question the wisdom of fiscal consolidation via austerity in the adjustment programmes adopted to exit the crisis. They also put into doubt the adequacy and efficiency of the European Economic and Monetary Union's core elements, its political instruments and macroeconomic assumptions, as can be seen in the role of the Stability and Growth Pact and the stance of the European Central Bank. The title of this collective volume refers to the country where the European sovereign debt crisis began, while its contents concentrate on the extent to which this crisis should be a national or a European concern. Moreover, the focus on Greece stimulates discussion about the neglected factor of the shadow economy and the potential to boost government revenue through its successful transfer to the formal economy. The chapters address the inefficiencies of both euro-area institutions and policies adopted to exit the current predicament. Experts from several disciplines review the literature and critically evaluate the existence of issues such as contagion effects, domino effects, deflationary spirals, institutional efficiency and the reality of the option to exit the euro-area.

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9781443845120

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Dr Aristidis Bitzenis is an Associate Professor of International Entrepreneurship in the Department of International and European Studies at the University of Macedonia in Thessaloniki, Greece. He has published seven books (four of which are in Greek), sixteen book chapters, fifteen entries in encyclopedias, thirty-six refereed journal articles, nine refereed papers in conference proceedings, and has received fifteen research grants. Dr Ioannis Papadopoulos is an Assistant Professor at the University of Macedonia in Thessaloniki, Greece, and a Visiting Professor at the University Pantheon-Sorbonne Paris 1 and Sciences Po in Paris, France. His fields of interest include political and legal philosophy, comparative constitutional law and human rights, and European policies. He has published four books (winning an award for one of them) and several articles in French, American, Italian, and Belgian scholarly journals. Vasileios A. Vlachos is a PhD candidate at the Department of International and European Studies at the University of Macedonia in Thessaloniki, Greece. He is a member of both the organising and the scientific committees of the International Conference on International Business, and his publications and recent research interests concern direct investment, economic growth, unemployment and the shadow economy.

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