On January 7, the Center on the United States and Europe (CUSE) at Brookings hosted a discussion exploring the European financial crisis and the future of Europe’s economic and political union. The discussion featured remarks by Brookings Nonresident Senior Fellow Carlo Bastasin, who recently released an updated and expanded version of his definitive book about the European financial crisis entitled, Saving Europe: Anatomy of a Dream (Brookings Press, January 2015).
In his book, Bastasin argues that Europe’s financial crisis is by no means over. In fact, Bastasin writes, the problems that developed between 2008 and 2011 have grown more insidious. From a crisis of politics, it has turned into an outright crisis of European democracy and a warning for the future of globalization.
Following an introduction by CUSE Director Fiona Hill and Bastasin’s opening remarks, Brookings Fellow Douglas Elliott moderated a wider discussion between Bastasin, Brookings Vice President Kemal Dervis and Peterson Institute for International Economics Visiting Fellow Nicolas Veron. The panelists assessed how far European leaders and institutions have come in resolving the crisis, where there is work still to be done and offer perspectives on how the United States might engage with its European counterparts to help preserve the economic and political union.