Euro crisis: Europe's crisis?

The global financial crisis has had a profound impact upon Europe and the euro. How is Europe coping, what does the crisis mean for Europe's place in the world, and what does the future hold? On this page we will collect reports, articles and podcasts on the different aspects of the crisis from ECFR's experts.

Audio - you can also subscribe to our podcasts via iTunes or on your favourite podcasting software via http://ecfr.podhoster.com

In English: 

• Thomas Klau previews the emergency eurozone summit. Click here for the podcast
• A major panel discussion on 'Europe in crisis - what next?' including George Soros, Emma Bonino, Joschka Fischer, Lord Kerr, Anatole Kaletsky & Mark Leonard. Click here to listen to the full seminar; click here to listen to a short podcast of highlights.
• Jose Ignacio Torreblanca on how Spain's World Cup win is a relief after all its economic problems. Click here for the podcast.
• Richard Gowan on how the economic crisis affects Europe's responses to security threats abroad. Click here for the podcast.
• Vita Terauda on how Latvia is coping with its severe budget cuts. Click here for the podcast.
• Nick Witney & Daniel Korski debate European security after the economic crisis. Click here for Part 1 of 'Hedgehog Europe'; click here for Part 2.
• Kalypso Nicolaidis on the Reflection Group & Europe in 2020. Click here for the podcast. 
• Paul Adamson on how the crisis is being viewed from inside Brussels. Click here for the podcast.
• Jose Ignacio Torreblanca on Spanish cuts, Latin America & Europe in 2020. Click here for the podcast.
• Ulrike Guerot on elections in North Rhine Westphalia & the German response to the € crisis. Click here for the podcast.
• Thomas Klau & Jose Ignacio Torreblanca on how the financial crisis is becoming a political crisis. Click here for the podcast.
• Ulrike Guerot on the idea of setting up a European Monetary Fund. Click here for the podcast.
• Daniel Korski & Ulrike Guerot on the economic crisis affecting Europe's ability to project soft power. Click here for the podcast.
• Vessela Tcherneva & Ulrike Guerot on the Greek crisis and European security. Click here for the podcast.

En español:

• Federico Steinberg, experto en economía política de la UE, nos habla sobre el euro y la crisis económica. Haga click aquí para el audio.
• José Ignacio Torreblanca comenta la crisis griega y las consecuencias para España y Europa. Haga click aquí para el audio.

En Français:

• Thomas Klau souligne les implications de la crise monétaire pour la politique étrangère commune. Ecoutez l'audio ici

In Deutsch:

• Ulrike Guérot und Thomas Klau zur Situation in Griechenland und zu möglichen Auswirkungen auf den Euro hier

Speech

George Soros gave a public speech on the € crisis in Berlin on 23rd June 2010, organised by ECFR & the Walter-Hallstein Institut of Humboldt University. He argued that the euro crisis could lead to the destruction of the EU, setting in motion a 'downward spiral' as member states struggle to reduce deficits.

• You can download the full transcript in English, German & French.
•  Press coverage included Spiegel Online (video), The Guardian, BBC, The Daily Telegraph and Bloomberg.
• In a Financial Times op-ed on 24th June, George Soros considered what would happen if Germany left the euro.
• In the same edition of the FT, the German Finance Minister, Wolfgang Schäuble, wrote about why Germany was right to cut spending.
• The speech was published in The New York Review of Books on 8th July.

Articles

• 'Pigs can fly' by Jose Ignacio Torreblanca: a Financial Times article on what Spain's footballing triumph means to a country beset by economic and diplomatic crises.
• 'Why Cathy needs a good crisis' by Richard Gowan: Budget cuts may mean fewer EU missions to crisis zones, but Catherine Ashton may have the chance to show her worth when she faces her first international emergency.
• 'Hardware & Software' by Jose Ignacio Torreblanca: Spain needs to rethink priorities in public expenditure and education.
• 'EU policy makers need a political reality check' by Thomas Klau: The European Commission's budget monitoring proposals are sensible, but need to be rooted in members' democratic procedures.
• 'A blow to European exceptionalism' by Richard Gowan: The € crisis shows that the EU needs international institutions like the IMF, just like everybody else.
• 'Downfall' by Jose Ignacio Torreblanca: Volcanos, Greek tragedy & collapsing governments, & why greed & stupidity play a role in the € crisis.
• 'Why the euro will continue to weaken' by Wolfgang Münchau: Why a monetary union cannot exist with a political union in the long run.
• 'Piñata capitalism' by Jose Ignacio Torreblanca: Europe should have a stronger voice when it comes to reforming the financial system.
• 'Has the EU escaped a Chinese rescue?' by Francois Godement: Why Greece first turned to Beijing for help with its financial problems.
• 'Europe needs to show it has a crisis endgame' by Wolfgang Münchau: The eurozone must defend its fiscal ambiguity.