Year of Graduation
The Eurozone Anti-Crisis Policy as a Factor of Intensifying Institutional Integration
The main purpose of this paper is to identify effectiveness of anti-crisis measures while coping with European debt crisis and to prove the transition to the next stage of integration, namely to the creation of a banking union. This paper seeks to focus on the following objectives: 1)to analyze the background and causes of the debt crisis in the Eurozone;2)to identify the shortcomings laid in the construction of EMU (economic and monetary union);3)to study the anti-crisis measures in the framework of the EU and the Eurozone;4)to analyze the importance of creating a banking union;5)to determine the role of Germany in resolving the crisis;6)to evaluate the first results of anti-crisis measures;7)to analyze possible future scenarios for the European Union and EMU;The main result is the confirmation of the hypothesis, which states that despite the fact that the present crisis of the Eurozone has jeopardized the existence of integration union that resulted not in the weakening of ties between the member-states countries, but in the strengthening the integration and transferring more sovereignty to a supranational level. In addition, the author of the study came to the conclusion that, despite intensifying rhetoric during the fervor of the crisis that the interests of national governments within the EMU are too contradictory, and consensus will be extremely difficult to find, European leaders were able to achieve the opposite and since 2008 they adopted a number of unprecedented measures. Besides, now we can talk about the first results which anti-crisis measures have brought, which in its turn prove the effectiveness of EU and Eurozone anti-crisis management. It is important that the decision to establish a banking union in response to the crisis was the confirmation that the EMU is not just able to withstand a severe blow to the economy of the Union and recover after it, but also continue operating at a qualitatively new level and significantly succeed in promoting the integration.