Weathering the Storm – The Financial Crisis and the EU Response. Javier Villar Burke. 2017. Business Expert Press.
An overview of how the economic and financial crisis unfolded and of the comprehensive response given by EU and national authorities.
In 2007 and 2008 a major financial crisis unleashed. Starting with the sub-prime segment in the US, the crisis soon spread across the globe impacting not only financial markets but also the real economy and public accounts in many countries. The reaction of public authorities was unprecedented. In the wake of the crisis, various major changes continue to significantly affect the life and social organization of Europeans. For instance, a new ESM with a size financially comparable to that of the IMF was created; similarly, the reforms in economic governance imply much more intrusive participation of European countries in each other’s macroeconomic policies. Moreover, the organization, regulation, and supervision of the financial sector have been drastically revamped.
Weathering the Storm explores the factors leading up to the recent global financial and economic crisis, how the crisis unfolded, and the response of European and national authorities. The book describes the rationale behind the measures undertaken to mitigate the consequences of the recession and to ensure that a similar situation does not happen again in the future.
The decisions taken by European and national authorities affect the daily lives of hundreds of millions of European citizens and countless more around the globe. An insightful read for anyone interested in understanding the topic and its effect on their lives, the book primarily addresses undergraduate students and graduate students in fields such as economics, finance, and political science.
In the last couple of years, a rise in discontent has been observed in many countries, in parallel with the development of new political parties with extreme views on both the right and left wing. Political decisions incorporate a strong component of social choice. This book provides information to citizens to help them understand the choices that were made and why. By providing comprehensive data and information, this book allows the reader to better understand the difficult circumstances surrounding those decisions so that they can build their own judgment about whether or not they would like their representatives to adjust the path in some areas.
Although much has already been written about the crisis, the strength of this book is to provide a helicopter view of the various dimensions, including a first-hand perspective of the actors involved in the decisions. While it would be difficult to recount this in minute detail, the book tries to go deep enough in each topic for the reader to get a clear understanding of the issues involved. The book can be seen as a starting point for understanding sometimes complex issues. There is a wealth of information that the reader can easily access to gain more in depth knowledge, starting from the references provided for each part.
Two sample chapters can be consulted electronally: here