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The Global Financial Crisis and the Crisis of European Neoliberalism

In: The Global Crash

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  • Alan W. Cafruny

Abstract

The global financial crisis has devastated Europe’s economy and greatly damaged its prospects for closer integration. Europe’s plunge into the worst recession since the Second World War abruptly terminated the mood of triumphalism that accompanied the introduction of European Monetary Union (EMU) and the rather modest gains in productivity, growth and employment that had been achieved during the period of 2005–2007 after years of stagnation.1 By demonstrating that Europe remains especially vulnerable to external financial shocks and the contraction of global trade the crisis has shattered dreams of de-coupling from the US. It has also brought into sharper relief a number of underlying problems that have bedeviled the EU throughout its neoliberal phase of development: overemphasis on price stability and flexible labour and capital markets to generate employment and growth; uneven development and mounting financial imbalances; and German mercantilism.

Suggested Citation

  • Alan W. Cafruny, 2010. "The Global Financial Crisis and the Crisis of European Neoliberalism," Palgrave Macmillan Books, in: Leila Simona Talani (ed.), The Global Crash, chapter 6, pages 121-139, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-28153-0_7
    DOI: 10.1057/9780230281530_7
    as

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