Rising Powers and Economic Crisis in the Euro Area PDF
Preview Rising Powers and Economic Crisis in the Euro Area
GLOBAL REORDERING Series Editors: A. Broome and S. Breslin RISING POWERS AND ECONOMIC CRISIS IN THE EURO AREA Ferdi De Ville and Mattias Vermeiren Global Reordering Series Editors André Broome University of Warwick Coventry , Warwickshire , UK Shaun Breslin University of Warwick Coventry , UK Aims of the Series How is the global order changing, and why? The contemporary d ynamics of the global political economy and global security in the twenty-fi rst century are experiencing a series of fundamental transitions, which are challenging and transforming the existing global order. These dynamics are reshaping relations between and within different categories of actors such as states, club forums, international organizations, transnational policy communities, private sector agencies and corporations, and civil society organizations. At the same time, processes of global reordering have led to the emergence of new issue areas and policy problems that the existing landscape of national, regional, and global governance is strug- gling to effectively address. The Centre for the Study of Globalisation and Regionalisation (CSGR) at the University of Warwick has been home, since 2011, to a major EU funded research project on Global Reordering. With 16 partners from across the world, the project has focussed on how European interests, objectives, and modes of governance might i nfl uence the way in which a post-unipolar global order takes shape. Global Reordering seeks to build on this research agenda, and also expand it by moving beyond just a European focus towards a truly global perspec- tive. Global Reordering invites manuscript submissions based on innova- tive empirical research that is theoretically-informed and is relevant for contemporary policy debates. The series welcomes proposals for authored monographs, edited volumes and short length Pivots. Key areas include: changing modes of global governance and multipolarity; global public policy networks; emerging powers and multipolar alternatives; regions and regionalism; as well as regional and global leadership. More information about this series at http://www.springer.com/mycopy/series/15015 Ferdi De Ville • M attias Vermeiren Rising Powers and Economic Crisis in the Euro Area Editors Ferdi De Ville Mattias Vermeiren Department of Political Science Department of Political Science Ghent University Ghent University Gent , Oost-Vlaanderen, Belgium Gent , Oost-Vlaanderen, Belgium Global Reordering ISBN 978-1-137-51439-4 ISBN 978-1-137-51440-0 (eBook) DOI 10.1057/978-1-137-51440-0 Library of Congress Control Number: 2016940310 © The Editor(s) (if applicable) and The Author(s) 2 016 The author(s) has/have asserted their right(s) to be identifi ed as the author(s) of this work in accordance with the Copyright, Designs and Patents Act 1988. This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifi cally the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfi lms or in any other physical way, and transmission or information storage and retrieval, electronic a daptation, computer software, or by similar or dissimilar methodology now known or h ereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specifi c statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Printed on acid-free paper This Palgrave Pivot imprint is published by Springer Nature The registered company is Macmillan Publishers Ltd. London In loving memory of Brigitte Buyse (1958-2015) v C ONTENTS 1 Introduction 1 2 External Imbalances and Varieties of Capitalism in the Euro Area 11 3 The Euro Area and the Rise of the BICs: An Asymmetric Shock 39 4 CMEs: Profi ting from the BICs’ Industrialization 71 5 MMEs: Outcompeted by Low-Cost Economies 97 6 Conclusions 127 Annexes 145 Index 149 vii A BBREVIATIONS AD Anti-dumping BIC B razil, India, China CC C omparative capitalism CME Coordinated market economy CPE C omparative political economy DQP Diversifi ed quality production EA Euro area EC E uropean Commission ECB European Central Bank EMDC E merging markets and developing countries EME Emerging market economy EMU E conomic and Monetary Union GDP G ross domestic product GFC Global fi nancial crisis GIPS Greece, Ireland, Portugal, Spain HS H armonised system IMF I nternational Monetary Fund IPE I nternational political economy LME Liberal market economy MIP M acroeconomic imbalances procedure MME M ixed-market economy MTCI Merchandise trade correlation index NEER N ominal effective exchange rate OCA Optimal currency area OECD O rganisation for Economic Co-operation and Development OMT O utright monetary transactions PBoC P eople’s Bank of China ix
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