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E U & E M U: Beyond the 2005 - 2014 Crises Decade

Author:
Jaap Hoeksma  


Issue Date:
2015


Abstract(summary):

Over the past decade, the EU has been hit by severe crises. The political turmoil caused by the abandonment of the Constitution for Europe in 2005 had not yet started to ease or the sovereign debt crisis erupted. While the political crisis had hardly any bearing on the financial markets, the sovereign debt crisis almost led to the premature demise of the EU. 'Fails the euro, so falls the EU' chancellor Merkel famously predicted during a speech in the German parliament in 2010. So far, the crises of the EU have been studied in isolation. Political theorists and financial experts are hardly communicating with each other about the nature of the crises they have to analyse and comprehend. By applying an interdisciplinary approach, this paper argues that the turbulent years, which started in 2005 with the rejection of the Constitution for Europe and ended with the renewal of confidence in the euro and the EMU in 2014, may well be regarded as the formative decade of the European Union. By overcoming the crises of the last decennium, the EU has established itself as a new polity on the global stage with an own legal structure and a distinct model of governance. Beyond the Westphalian paradigm, the EU may be described as a Union of citizens and member states, which functions as a common democracy. The hallmarks of the European model of international relations are that a) war has been ruled out as a means of solving conflicts between member states, b) states can share the exercise of sovereignty in a number of fields without losing statehood and c) states can enjoy a single currency without having to merge into a federal state.


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