Introduction: What will become of Europe?

Czajka, Agnes and Isyar, Bora (2013). Introduction: What will become of Europe? In: Czajka, Agnes and Isyar, Bora eds. Europe After Derrida: Crisis and Potentiality. Edinburgh: Edinburgh University Press, pp. 1–8.

URL: http://www.euppublishing.com/book/9780748683369

Abstract

Since 2008, and for reasons dating back to at least the turn of the millennium, sizeable sections of the globe have been repeatedly hit by the aftershocks of a polytypic crisis. Christened "the great recession" by economic analysts (Rampell 2009), "the lesser depression" by Nobel laureate Paul Krugman (Krugman 2011), and "the long recession" by financial institutions led by the International Monetary Fund, the longevity of the crisis has defied expectations. In Europe, the crisis presented as the sovereign debt crisis (also referred to as the eurozone crisis), which made it difficult, if not impossible, for certain eurozone member states to repay or refinance their government debt. With concerns over a financial melt-down intsifying, steps were take to implement a series of financial support measures - including the European Financial Stability Facility (EFSF) and the European Stability Mechanism (ESM) - and bailout packages were "offered" to the most vulnerable governments. Despite these and a plethora of other measures, the details of which cannot be adequately engaged with here, it would require unprecedented levels of optimism to claim that the crisis has been managed, let alone overcome.

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