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Human Affairs

Postdisciplinary Humanities & Social Sciences Quarterly

Editor-in-Chief: Višnovský, Emil

Ed. by Bianchi, Gabriel / Hrubec, Marek / Tartaglia, James

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Volume 23, Issue 3

Issues

The current economic and debt crisis in eurozone and crisis of grand theories of European integration

Dušan Leška
  • The Institute of European Studies and International Relations, Faculty of Social and Economic Sciences, Comenius University, Bratislava, Mlynské luhy 4, 821 05, Bratislava, Slovakia
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Published Online: 2013-06-28 | DOI: https://doi.org/10.2478/s13374-013-0139-z

Abstract

The economic and debt crisis threaten many eurozone countries and the very existence of the common currency, the euro. The crisis has meant that some special mechanisms have had to be created (EFSF, ESM) and the introduction of special procedures in heavily indebted countries. The deepening of the crisis and the economic recession in the euro area have resulted in the growth of nationalism and anti-European sentiments in EU member states. Resolving the crisis, however, requires further convergence of the eurozone countries, the formation of a fiscal union and a banking union. At the same time, the crisis has shown that the grand theories of European integration, neo-functionalism and liberal intergovernmentalism, have failed to provide answers to the questions raised by the crisis, and this has led to the growing importance of social constructivism.

Keywords: economic and debt crisis; European Financial Stability Facility; European Stability Mechanism; fiscal union; banking union; neo-functionalism; intergovernmentalism; supranationalism; constructivism

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About the article

Published Online: 2013-06-28

Published in Print: 2013-07-01


Citation Information: Human Affairs, Volume 23, Issue 3, Pages 429–442, ISSN (Online) 1337-401X, ISSN (Print) 1210-3055, DOI: https://doi.org/10.2478/s13374-013-0139-z.

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© 2013 Institute for Research in Social Communication, Slovak Academy of Sciences. This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License. BY-NC-ND 3.0

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