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Lack of European Identity and the Failure of the Eurozone
Author(s) -
Carl Noah
Publication year - 2017
Publication title -
the political quarterly
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.373
H-Index - 37
eISSN - 1467-923X
pISSN - 0032-3179
DOI - 10.1111/1467-923x.12414
Subject(s) - european debt crisis , economics , unemployment , debt , international economics , european integration , economy , european union , macroeconomics
Since late 2007, the Eurozone has been embroiled in a crisis that has seen GDP per capita stagnate, public debt soar, and unemployment reach record levels. This article argues that the Eurozone crisis will inevitably force fundamental changes in the structure of the EU . The only way to make the Eurozone work is through deeper fiscal integration of Eurozone economies. Yet wholesale fiscal integration cannot be achieved in the near term, due to the fact that EU citizens continue to identify more with their own nationalities than with Europe as a whole. The Eurozone economies of southern Europe will, therefore, continue to flounder, leading to further anti‐ EU sentiment. Anti‐ EU sentiment may eventually increase up to the point where one or all of these countries leave the Eurozone or the EU altogether. These propositions are supported with arguments from economic theory, and are bolstered by evidence from surveys and opinion polls.