Table Of ContentGLOBAL REORDERING
Series Editors: A. Broome
and S. Breslin
RISING POWERS AND
ECONOMIC CRISIS
IN THE EURO AREA
Ferdi De Ville and
Mattias Vermeiren
Global Reordering
Series Editors
André Broome
University of Warwick
Coventry , Warwickshire , UK
Shaun Breslin
University of Warwick
Coventry , UK
Aims of the Series
How is the global order changing, and why? The contemporary d ynamics
of the global political economy and global security in the twenty-fi rst
century are experiencing a series of fundamental transitions, which are
challenging and transforming the existing global order. These dynamics
are reshaping relations between and within different categories of actors
such as states, club forums, international organizations, transnational
policy communities, private sector agencies and corporations, and civil
society organizations. At the same time, processes of global reordering
have led to the emergence of new issue areas and policy problems that the
existing landscape of national, regional, and global governance is strug-
gling to effectively address. The Centre for the Study of Globalisation and
Regionalisation (CSGR) at the University of Warwick has been home,
since 2011, to a major EU funded research project on Global Reordering.
With 16 partners from across the world, the project has focussed on how
European interests, objectives, and modes of governance might i nfl uence
the way in which a post-unipolar global order takes shape. Global
Reordering seeks to build on this research agenda, and also expand it
by moving beyond just a European focus towards a truly global perspec-
tive. Global Reordering invites manuscript submissions based on innova-
tive empirical research that is theoretically-informed and is relevant for
contemporary policy debates. The series welcomes proposals for authored
monographs, edited volumes and short length Pivots. Key areas include:
changing modes of global governance and multipolarity; global public
policy networks; emerging powers and multipolar alternatives; regions and
regionalism; as well as regional and global leadership.
More information about this series at
http://www.springer.com/mycopy/series/15015
Ferdi De Ville • M attias Vermeiren
Rising Powers and
Economic Crisis in
the Euro Area
Editors
Ferdi De Ville Mattias Vermeiren
Department of Political Science Department of Political Science
Ghent University Ghent University
Gent , Oost-Vlaanderen, Belgium Gent , Oost-Vlaanderen, Belgium
Global Reordering
ISBN 978-1-137-51439-4 ISBN 978-1-137-51440-0 (eBook)
DOI 10.1057/978-1-137-51440-0
Library of Congress Control Number: 2016940310
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In loving memory of Brigitte Buyse (1958-2015)
v
C
ONTENTS
1 Introduction 1
2 External Imbalances and Varieties of Capitalism
in the Euro Area 11
3 The Euro Area and the Rise of the BICs:
An Asymmetric Shock 39
4 CMEs: Profi ting from the BICs’ Industrialization 71
5 MMEs: Outcompeted by Low-Cost Economies 97
6 Conclusions 127
Annexes 145
Index 149
vii
A
BBREVIATIONS
AD Anti-dumping
BIC B razil, India, China
CC C omparative capitalism
CME Coordinated market economy
CPE C omparative political economy
DQP Diversifi ed quality production
EA Euro area
EC E uropean Commission
ECB European Central Bank
EMDC E merging markets and developing countries
EME Emerging market economy
EMU E conomic and Monetary Union
GDP G ross domestic product
GFC Global fi nancial crisis
GIPS Greece, Ireland, Portugal, Spain
HS H armonised system
IMF I nternational Monetary Fund
IPE I nternational political economy
LME Liberal market economy
MIP M acroeconomic imbalances procedure
MME M ixed-market economy
MTCI Merchandise trade correlation index
NEER N ominal effective exchange rate
OCA Optimal currency area
OECD O rganisation for Economic Co-operation and Development
OMT O utright monetary transactions
PBoC P eople’s Bank of China
ix
