Europe Under Stress: Convergence and Divergence in the European Community is the second of two volumes which flow from a Chatham House project on the political implications of economic divergence in the European Community, funded by the Social Science Research Council. This second volume offers an interpretation of the problems that divergence poses for the European Community in a number of key sectors, from the perspective of a political economist. This book begins with a discussion of the concepts of convergence and divergence followed by an explanation of the methodology adopted in this book. The remaining chapters are organized into two parts. The chapters in Part I examine the attitudes of the major EEC member states to the convergence/divergence issue and what the terms mean for each of them. This part also attempts to relate these positions to the concerns and interests of the countries involved. The chapters in Part II analyze the impact of economic divergence on community policies.
This book explores the political and economic issues currently challenging EU member states affecting both the core Eurozone and non-core states. It analyses and explains how its own economic, and political, relationships have been critically influenced by fierce competition from its rivals in other major global economies, as well as by the systemic weaknesses in the economic and financial model it created. The book provides insight into both the underlying and more immediate economic and social challenges created by: its post-2007 enlargement to 28 countries - excluding the Balkan remnants of former Yugoslavia; the nature of the regulatory regime centralized in Brussels, and the host of issues and critiques this fosters; its ‘open borders’ policy and precious guiding principle, crystallized in the Schengen agreement; security weaknesses exacerbated by increasing volumes of migration; and the ongoing debt crises as the greatest existential challenge to the EU project. Featuring interviews with high profile key players from inside and outside Europe the book will examine new and underlying stresses - political and economic - to guide a greater understanding of the EU plan.
This volume brings together the leaders in the field of PTSD research to present an up-to-date summary and understanding of this complex disorder. All of our current knowledge and controversies concerning the diagnosis, epidemiology, course, pathophysiology and treatment are described in detail. The evidence for efficacy for each of the different forms of psychotherapy and pharmacotherapy is reviewed. Particular attention is paid to at-risk groups, including minorities, and coverage of PTSD throughout the world is reviewed as well. The authors present state-of-the-art findings in genetics, epigenetics, neurotransmitter function and brain imaging to provide the most current and comprehensive review of this burgeoning field.
In a representative study made of European workers, twenty-eight per cent of employees reported that stress affects their health and their performance at work. Occupational stress is a serious problem for the performance of individuals, organisations and as a consequence, for national economies. Preventing Stress, Improving Productivity investigates the ways in which companies can combat stress by changing the working environment rather than only treating individual employees with stress symptoms. Costs and benefits of stress prevention are discussed, with an emphasis on appraoches that involve both the work situation and the individual worker. The heart of the book consists of eleven European country chapters, each overviewing the current status with respect to occupational stress and its prevention in that country and then presenting one detailed case study an example of good preventive practice. Preventing Stress, Improving Productivity identifies five factors that are critical for a stress reduction programme to work, both in terms of employee health and well-being and from a financial point of view. Successful strategies combine participation from workers and support from top management. Useful as a reference for psychologists, human resource managers, occupational physicians, ergonomists and consultants, this book will also be an invaluable aid to managers in the day-to-day running of organisations.
This book offers the first comprehensive political analysis of the Euro crisis that erupted in Greece in 2010 and subsequently threatened the very survival of the Euro area. It has left a profound mark on democratic politics all over Europe, changing public attitudes and voting preferences, institutional and societal norms, and deeply anchored political traditions. The contributors to this volume reveal the extent to which policymakers are torn between the pressures emanating from financial markets and the demands put forward by their own constituents; how they struggle to reconcile national preferences with wider European interests; and how a polarized and politicized Union seeks to maintain some degree of cohesion. The emerging picture is that of a European Union under serious stress, transformed by new governance structures and a shifting balance of power. In response, the authors evaluate the prospects of a more legitimate and democratic Europe. They provide a rich and pluralist set of new analyses and proposals, aimed at understanding and navigating the myriad tensions which surround the EU in the aftermath of the crisis. If the European project is to regain the trust of its citizens, such considerations must take a central place in public debate.
This paper proposes a stochastic volatility model to measure sovereign financial distress. It examines how key European sovereign credit default swap (CDS) spreads affect each other; specifically, the paper analyses the volatility structure of Germany, Greece, Ireland, Italy, Spain and Portugal. The stability of Germany is a close proxy for the resilience of the euro area as markets use Germany’s sovereign CDS as a hedge for systemic risk. Although most of the CDS changes for Germany during 2009–12 were due to idiosyncratic factors, market developments in Italy and Spain contributed significantly, likely due to their relative importance in the region. Changes in Greece’s sovereign CDS had no significant effect on Germany’s sovereign CDS despite initial widespread concerns about such linkages. Spain and Italy show a notable co-dependence in explaining each other’s volatility while Germany also plays an important role. It is found that extreme bad news led to persistent and nearly permanent effects on the stochastic volatility of European sovereign CDS spreads.
DEMOCRACY UNDER STRESS focuses on the global financial crisis of 2008-2009 and its implications for democracy. Why and how did the crisis come about? Are there any instructive lessons to be drawn from comparisons with the Great Depression of the 1930s? What are the democratic response mechanisms to cope with serious crises? Do they work? Is China a new trend setter? Do values matter? Are global democratic rules a possibility? These are some of the key questions addressed in the volume.
Regionalism is under stress. The European Union has been challenged by the Eurozone crisis, refugee flows, terrorist attacks, Euroscepticism, and Brexit. In Latin America, regional cooperation has been stagnating. Studying Europe and Latin America within a broader comparative perspective, this volume provides an analytical framework to assess stress factors facing regionalism. The contributors explore how economic and financial crises, security challenges, identity questions raised by immigration and refugee flows, the rise of populism, and shifting regional and global power dynamics have had an impact on regionalism; whether the EU crisis has had repercussions for regionalisms in other parts of the world; and to what extent the impact of stress factors is mediated by characteristics of the region that may provide elements of resilience. Written by specialists from Europe and Latin America with a shared interest in the new field of comparative regionalism, this book will be an invaluable resource for students, scholars and policy specialists in regional integration, European politics, EU studies, Latin American studies, and international relations and international law more generally.
The crisis threatens the welfare of about 160 million people in the Europe and Central Asia (ECA) region who are poor or are just above the poverty line. Using pre-crisis household data along with aggregate macroeconomic outturns to simulate the impact of the crisis on households transmitted via credit market shocks, price shocks, and income shocks this report finds that adverse effects are widespread and that poor and non-poor households alike are vulnerable. By 2010, for the region as a whole, some 11 million more people will likely be in poverty and over 23 million more people will find themselves just above the poverty line because of the crisis. The aggregate results mask the heterogeneity of impact within countries, including the concentration of the poverty impact in selected economic sectors. Meanwhile, stress tests on household indebtedness in selected countries suggest that ongoing macroeconomic shocks will expand the pool of households unable to service their debt, many of them from among the ranks of relatively richer households. In fact, already there are rising household loan delinquency rates. Finally, there is evidence that the food and fuel crisis is not over and a new round of price increases, via currency adjustments, will have substantial effects on net consumers. Lessons from last year s food crisis suggest that the poor are the worst hit, as many of the poor in Albania, Kyrgyz Republic, and Tajikistan, for example, are net food consumers, with limited access to agricultural assets and inputs. The resilience of households to macroeconomic shocks ultimately depends upon the economy's institutional readiness, the flexibility of the economic policy regime, and the ability of the population to adjust. However, compared with previous crises, the scope for households to engage in their traditional coping strategies may be more limited. Fiscal policy responses in the short-term are also constrained by rapidly falling revenues. Governments in ECA have to make difficult choices over what spending items to protect and what items to cut, social protection programs to reform and scale-up, and new interventions to mitigate the impact of the crisis.
