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11 - The Euro Area Crisis: From Pre-history to Aftermath

from Money and Society

Published online by Cambridge University Press:  12 October 2023

By
Amy Verdun
Edited by
Mathieu Segers  and
Steven Van Hecke
Mathieu Segers
Affiliation:
Universiteit Maastricht, Netherlands
Steven Van Hecke
Affiliation:
Katholieke Universiteit Leuven, Belgium
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Summary

On 26 July 2012, Mario Draghi declared in front of a group of about 200 London business people that he would do ‘whatever it takes to save the euro’.1 These seven words have been analysed to have made all the difference.2 By doing so, the European Central Bank (ECB) effectively ended a long period of uncertainty and indecisiveness. The markets needed a strong signal so that they knew that the young European currency would be supported politically and economically.

After summer 2012, the euro area did not experience the same level of crisis, although the sovereign debt crisis was truly resolved only in 2015 and there were still challenging times until then.

Type
Chapter
Information
The Cambridge History of the European Union , pp. 308 - 338
Publisher: Cambridge University Press
Print publication year: 2023

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References

Recommended Reading

Chang, M. Economic and Monetary Union (Basingstoke, Palgrave Macmillan, 2016).CrossRefGoogle Scholar
Dyson, K. and Featherstone, K.. The Road to Maastricht: Negotiating Economic and Monetary Union (Oxford, Oxford University Press, 1999).Google Scholar
Dyson, K. and Quaglia, L.. European Economic Governance and Policies, vol. i: Commentary on Key Historical and Institutional Documents (Oxford, Oxford University Press, 2010).Google Scholar
Jones, E. The Politics of Economic and Monetary Union: Integration and Idosyncrasy (Lanham, MD, Rowman and Littlefield, 2002).Google Scholar
McNamara, K. R. The Currency of Ideas: Monetary Politics in the European Union (London, Cornell University Press, 1998).Google Scholar
Mourlon-Druol, E. A Europe Made of Money: The Emergence of the European Monetary System (Ithaca, NY, Cornell University Press, 2012).Google Scholar
Sadeh, T. Sustaining European Monetary Union: Confronting the Cost of Diversity (Boulder, CO, Lynne Rienner, 2006).CrossRefGoogle Scholar
Verdun, A. European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany (Basingstoke, Palgrave Macmillan, 2000).Google Scholar

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