Federico Tibaldi I35027 Introduction to International Relations The Question What is the implication of Eurozone crisis to European regional integration? That is, in what manner do you think Eurozone crisis would affect European integration? How do you foresee the future of EU? Consequences of the crisis European Citizens: Feel EU as distant and imposing its interests on national ones Growing dissatisfaction with and distrust of the EU and Euro currency EU Citizens Creditor countries: Feel they disproportionately carry the burden Pay for others with their own money Debtor countries: Feel that measures of austerity and cuts are excessive. Blame Germany and EU for imposing too many sacrifices EU Citizens Greece Debt crisis calls for austerity measures In 2010 IMF-EU-ECB rescue package, require stricter cuts and austerity Mass strikes and protest against the bailout, the government, IMF, EU and Germany Eu Citizens 2014 European Parliament elections Growth of anti-EU and Eurosceptic groups: main parties in France, UK and Greece Indirect effect: other leaders, fearing to lose consensus might review their positions on EU. French President Hollande: EU has to be simple, clear, to be effective where it is needed and to withdraw from where it is not necessary EU leaders Seem to have strenghtened their commitment Tried new reforms to respond to challanges shown by the crisis: European Stability Mechanism; Banking union (in progress) European citizens initiative The Future of the Union Still, pro-Eu groups control 2/3 of the European Parliament Some evidence that leaders opposing it, once in power might take more accomodating views Depends on the speed of recovery: Better economic conditions will make people more cooperative; the EU will not have to be linked with austerity and bailout but with more positive integration The Future of the Union Some challanges: One currency but different economic conditions: Germany and South-European states, created trade imbalances Need for convergence The Future of the Union Declining Europe on world stage Citizens and leader might feel the need for cooperation and integration United stronger bargaining power Pooling resources, sharing institutions and tasks can be economically efficient The Future of the Union