Bulletin n. 1/2012
June 2012
CONTENTS
  • Section A) The theory and practise of the federal states and multi-level systems of government
  • Section B) Global governance and international organizations
  • Section C) Regional integration processes
  • Section D) Federalism as a political idea
    • De Boissieu Christian
    L'europe au pied du mur
    in Politique internationale , n. 133 - Automne, 2011 ,  2011
    The global economy has slowed significantly in the past few months. Following the financial crisis which began in August 2007 is a major sovereign debt crisis in Europe, which since summer has developed into a full-blown banking crisis. Until now, the euro's standing as a benchmark and global reserve currency has not been under threat. But it is clear that if the turbulence worsens, the euro's credibility will be called into question. From the beginning of this crisis, the main objective has been to maintain the integrity of the euro zone by limiting contagion. This is the thinking behind the establishment of a support mechanism, the European Financial Stability Facility (EFSF). Some have argued that the facility is not large enough. Others have called for the introduction of euro-bonds which would pool European debt. One thing is sure: any "top-down" solution will have to involve strengthening Europe's economic and political governance.
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