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The outbreak of the sovereign debt crisis in the Eurozone in 2010 has generated a passionate debate about economic governance in the European Union (EU). As European policymakers struggle to restore confidence in the single European currency, the Euro, and contain the contagion across the Eurozone’s southern flank (and beyond), much attention has been directed to the structural inadequacies of the Economic and Monetary Union (EMU) project and the EU’s ultimate inability to ‘police’ fiscal discipline amongst its Member States. Yet the sharply contrasting macroeconomic records of southern European ‘sinners’ and northern European ‘prudes’ tell only part of the story. A much larger elephant is in the room. Since the introduction of the Euro in the late 1990s, the competitiveness gap between the Eurozone’s ‘core’ and ‘periphery’ has been growing steadily. This pattern of internal divergence is set against the backdrop of the wider concern that the EU, as a whole, is losing ground to the rapidly growing economies of Asia and Latin America.
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Bibsonomy
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In The EU’s Lisbon Strategy: Evaluating Success, Understanding Failure, edited by Copeland, Paul and Papadimitriou, Dimitris, 1-7, Palgrave Macmillan UK, 2012
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