Europe Beyond the Euro: Building Protection for Europe’s Economies in the Time of Risks

Author: Charles Enoch

• Outlines how responses to financial and physical risk overlap in EU institutions
• Argues for strengthening the European Systemic Risk Board
• Asks how the EU can better prepare for unknown future risks

This book observes that a key determinant of Europe’s welfare over the coming decades will be how the region manages crises, both financial and societal. It examines how key institutional developments, such as Economic and Monetary Union, reflected differentiated integration (DI) in the EU, but argues that modern-day risks are highly interconnected, and their management therefore has to be inclusive. In that connection it looks in particular at the European Systemic Risk Board (ESRB), whose mandate to protect financial stability also gives it relevance with regard to other crises. The book considers that the strengthening of this institution, and bringing it to the fore, would help EU member states, as well as countries around the EU including applicant nations, to manage financial and societal risks, including COVID-19 and the transition to a green economy, thus safeguarding the economies of Europe. It builds on a model of the EU allowing for DI in some activities, while ensuring sound governance arrangements between those inside and those outside that activity, and embodying inclusivity in the fundamentals of the EU, including ​in the management of risk. 

Reviews
‘This book is a timely and ambitious contribution to the discussion of where the European Union, in its most encompassing sense, should be heading - and how it should proceed. It will be a great read for anyone in need of a deeper understanding of the institutional set-up of EU financial market institutions, as well as of the challenges that lie ahead’.
—Stefan Ingves, Governor of the Swedish Riksbank, and Former Chair of the Basel Group of bank supervisors

‘This book offers the first systematic assessment of the EU’s achievements and lacuna in making its regulatory and operational risk infrastructure fit-for-purpose, and in the process offers precious guidance on the appropriate balance between stability, inclusivity and differentiation’.
 —Kalypso Nicolaïdis, Chair in International Affairs, School of Transnational Governance, European University Institute, Italy

‘Charles Enoch has produced a magnum opus on important aspects of Europe’s unfinished business of improving financial stability. The book demonstrates many of the difficult trade-offs between efficiency, stability and sovereignty in a clear manner. It also lets us analyse and draw conclusions on areas other than finance. As such, a must-read for anybody interested in European politics’.
—Thomas Wieser, Breugel Institute, Former President of the Euro Working Group and the European Financial Committee of the EU.

Charles Enoch is the European Studies Centre Fellow at St Antony’s College, University of Oxford, UK, and Previous Deputy Director, International Monetary Fund, and Senior Advisor, Bank of England, UK. He is also the author and editor of numerous books and article, including on economic integration, and financial stability and restructuring, and has a Ph.D. from Princeton University, USA, and an MA from Cambridge University, UK.

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