Leila Simona Talani

Europe and the financial crisis

Introduction Part I: Europe and the financial crisis: general issues: The Regulation Of The European Financial Market After The Crisis The monetary policy response to the financial crisis in the Euro area and in the United States: a comparison Real divergence across Europe and the limits of the EMU macroeconomic governance The euro in the international monetary system after the global financial and economic crisis and after the European public debt crisis. Europe in crisis: more political integration in the eurozone is the solution. Economic Crisis and Industrial Policy in the Union: the need for a long-term vision of industrial development Part II: the impact of the financial crisis on single european countries: The UK and the Euro in the aftermath of the global financial crisis The Greek debt crisis: Causes, policy responses and consequences from miracle to crash. he impact of the global financial crisis on Spain France: Steering out of crisis? The Effects of the Financial Crisis on the Italian and USA Labour Markets Reaching Out in a Time of Crisis How External Anchors Assist South Eastern Europe Russia in crisis: Implications for Europe Conclusion

The Impact of the Global Financial Crisis on the City of London: Towards the End of Hegemony?

This paper seeks to understand whether the global financial crisis — and the subsequent, alleged, crisis of the City of London — is likely to modify the relationship between the industrial and the financial components of the British capitalist elite and put an end to British ‘exceptionalism’. I argue that the crisis mostly impacted on the labour force of the British and global financial sector and produced a restructuring that consolidated and enhanced the political economy relevance of the City of London. By no means did the crisis resut in a decrease of the hegemonic power of the City of London. Instead, it confirmed its capacity to influence the decisionmaking process of the British government in favour of its preferences.

Stopping the Run on the PIIGS! EMU Structural Imbalances, the Sovereign Debt Crisis and the Response of the EU

The global financial crisis was an unprecedented blow to the global economy whose consequences still need to be fully appreciated. The last phase to date in the unfolding of the crisis was the outburst of a sovereign debt crisis in the euro area, first in Greece, in May 2010, then in Ireland at the end of November 2010 and finally to all the members of the so-called PIIGS group (Portugal, Ireland, Italy, Greece and Spain). In this paper, the run on the sovereign debt of the ‘PIIGS’ group of European Union (EU) member states is analysed within the context of the structural asymmetries of the Economic and Monetary Union (EMU). It tries to identify the impact of the crisis on the future of the EMU and of the PIIGS within it. Far from having been socialized among the members of the eurozone and of the EU through the adoption of a real common fiscal policy and the attribution to the European Central Bank of its natural role as lender of last resort, the burden of the costs of the crisis was inflicted on the weakest countries of the system through austerity and internal devaluation. It remains to be seen if this is a price worth paying in exchange for fiscal stability.

The future of EMU

Preface Introduction L.S.Talani Some Thoughts on Monetary and Political Union P.De Grauwe European Fiscal Policy Coordination and the Persistent Myth of Stabilization E.Jones The Role of Preferences and the Sustainability of EMU F.Torres Globalisation vs. Europeanization: Assessing the Impact of EMU on Business Cycle Affiliation M.Artis EMU and the Euro-Mediterranean Dialogue: Trade Interdependence Between Mediterranean and Euro-area Countries G.Fazio In and Out of Monetary Unions: Lessons from, and Risks for the EMU: An Alternative Approach to Monetary Unions A.Verde EMU and the Quest for Competitiveness L.S.Talani The Lisbon Strategy, Macroeconomic Stability and the Dilemma of Governance with Governments: Or Why Europe Is Not Becoming the Worlds Most Dynamic Economy S.Collignon Conclusion: The Future of EMU L.S.Talani

International migration: IPE perspectives and the impact of globalisation

The dimensions acquired by the phenomenon of mass migration, the degree of involvement of organised crime groups in the smuggling of migrants, the appalling conditions in which immigrants often find themselves in the hosting countries, all pose a number of questions which make it imperative to investigate the underlying causes and consequences of the problem. There seems to be a certain degree of consensus in the literature on the fact that the process of globalisation has indeed modified the terms within which migratory processes take place.1 However, scholars are still divided on the assessment of the ‘hows’ and ‘whys’ of the impact of globalisation on migration. This is partly due to the fact that the issues relating to migration tend to be interdisciplinary by their very nature, covering the most various academic fields, from urban studies to anthropology, and from sociology to political economy. Moreover, the definition of globalisation seems to be surrounded by a certain degree of mystery, often being invoked in different contexts or debates without a proper systematic attempt to define it. The main objective of this chapter is to study the impact of globalisation on migratory flows from a distinct international political economy (IPE) perspective. The theoretical aims of the chapter are, first, to identify the theoretical IPE background to address the questions relating to migration and to understand the problem of migration, both legal and illegal, in the context of globalisation; and second, to assess the relationship between globalisation, marginalisation and national and regional responses to mass immigration from less developed countries. The chapter therefore focuses on the following theoretical questions:

A Dead Stability and Growth Pact and a Strong Euro: There Must be a Mistake!

Combining economic and political science perspectives, this timely and important book describes and analyses the circumstances and events leading to the demise and subsequent reform of the Stability and Growth Pact (SGP).

Globalization, Money Laundering and the City of London

This chapter analyses the extent to which the City of London can be considered the ‘laundry of choice’ for many criminals. Moreover, it addresses the reaction of the City of London, and of the United Kingdom more generally, to the introduction of Anti-Money Laundering Requirements (AMLR). Finally, it considers the motivations behind the City’s attitude vis-a-vis both money laundering and anti-money laundering legislation. In theoretical terms, this contribution adds to widespread literature underlying how globalization has produced a clustering of financial activities in global cities. Globalization is also at the roots of the increased capacity of criminal proceeds to successfully enter the legal economy.

Assessing the Relation between the Underground Economy and Irregular Migration in Italy

AbstractA number of studies show the importance of the underground economy in defining the dynamics of migratory flows to southern European countries. A very high number of foreign-born workers are...Abstract A number of studies show the importance of the underground economy in defining the dynamics of migratory flows to southern European countries. A very high number of foreign-born workers are employed in the underground economy in Italy. However, by no means has the informal economy in the country been created by migrants. Instead, the opposite is true. Research demonstrates that it is precisely because the underground economy provides a wealth of employment opportunities that there is a strong incentive for migrants to access southern European countries, especially Italy, despite the difficulties in gaining regular migration status.

Exchange Rate Agreements: A Socio-economic Understanding of Credibility

Was the Italian commitment to the Euro credible? On what is the credibility of a monetary arrangement based? To understand the motivations behind the success or the failure of international economic regimes, it has become increasingly importantly to address the question of their ‘credibility’. In turn, the notion of credibility is the subject of a thriving debate in IPE as well as in cognate disciplines, such as economics. It needs therefore further definition and clarification to be properly applied.

Italy and the Loss of Credibility: The Crisis of the Eurozone

This chapter analyses what went wrong in the relation between Italy and the Euro with reference to the latest events such as the sovereign debt crisis and the reaction of the Italian establishment to it. The answer to this question is predicated around the unfolding of the power relations between the different socio-economic groups not only at the domestic level but also in the transnational arena. In particular, it is noticed here that the Italian national elite had, over the time, constantly targeted labour market restructuring as the way to increase competitiveness within a monetary union. Whereas such a strategy proved successful in substantially reducing the power of the trade unions in the domestic and transnational decision-making process, it failed to boost the Italian productive structure, thus exacerbating the subordination of Italian capital to its transnational counterparts. The chapter will develop this argument starting from a forensic analysis of the sovereign debt crisis in Italy. It will then study the attempts at Italian labour market reform as historically developed. It will conclude by tackling the structural consequences of Renzi’s labour reform known under the name of ‘Jobs Act’.