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Palgrave Macmillan

The Year the European Crisis Ended

ISBN 9781137451101
Publication Date May 2014
Formats Hardcover Ebook (EPUB) Ebook (PDF) 
Publisher Palgrave Pivot
Series Global Reordering

The European crisis came to an end when first political leaders and then the European Central Bank promised to do whatever it takes to safeguard the euro. Specifically they committed to create a European banking union and to buy unlimited amounts of sovereign debt in distressed markets for governments that made a binding commitment to reform. Markets were initially sceptical and yet ultimately persuaded by the commitment of European elites. Events in Italy and Cyprus threatened to return Europe to crisis and yet were ultimately managed without major turmoil. Somehow along the way, however, the desire of European elites to do whatever is necessary began to waver and their commitment to banking union diminished. The European crisis has ended but Europe is not yet resilient enough to ensure that it will not recur.

Erik Jones is Director of European and Eurasian Studies, School of Advanced International Studies, The Johns Hopkins University. He is also Senior Research Fellow at Nuffield College, UK, and a contributing editor of Survival.

Prologue: How Europe Fell Into Crisis
1. Europe Decides to Act
2. The Markets Respond
3. Risk Returns through Italy and Cyprus
4. The European Crisis Ends
5. Beyond the European Crisis


"The Eurozone crisis threw a bewildering array of factors, actors, institutions and rules in the faces of those who sought to divine what was actually going on. In the midst of the crisis few of us thought to provide the world with a week-by-week summary and analysis of events. And yet Erik Jones has done just that, giving scholars and policymakers perhaps the definitive timeline of what went wrong, where, and why." - Mark Blyth, author of Austerity: The History of a Dangerous Idea (2014)
"A really good idea, really well implemented. Jones tackles a year of the eurozone crisis with typical verve and originality. The reader can follow events enfolding, and gain a profound insight both into the decisions taken, the rationales behind them, and their potential implications." - Anand Menon, Professor of European Politics and Foreign Affairs, King's College London, UK
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