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Book Review: Christian Schweiger, The EU and the Global Financial Crisis: New Varieties of Capitalism

The global financial crisis hit the national economies of the European Union (EU) with full force in the fall of 2008. The Member States’ economic and social models, or Varieties of Capitalism (VoC), stood in the middle of the calamity, each affected in a different yet profound way. Apart from economic destruction, the crisis has also brought a long awaited opportunity to deepen, re-establish and fine-tune the Member States’ commitments to building a fair and prosperous Union. The book by Christian Schweiger sets out to explain how the 2008–2009 global financial crisis has shifted the debate on economic policy-making, deepened political integration and affected different VoC in the EU. Essentially, the author presents a ‘snapshot’ (p. 17) of the changes which have been triggered by the crisis, affecting economic policymaking and the European Single Market. Part I of the publication provides an overview, critique and development of the general VoC approach, offering a framework of analysis for the policy changes. It reveals that prior to the crisis, too much emphasis had been placed on the role of companies and the promotion of open market competition, while the political dimension of economies and the role of the state was largely neglected. Schweiger analyses the changing political economy of the Single Market, emphasising the re-emerging role of the state in stabilising and sustaining national economies. He evaluates the regulatory and economic responses to the crisis, also revealing the emergence of deeper political cooperation within the Eurozone. Schweiger masterfully shows how the new economic policy-making and deeper political integration could be driven by external forces and could occur against the will of the Member States, all of which has essentially divided the EU into three different integrative cores. Part II examines the impact of the crisis on selected national VoC and on the relevant national policies, such as fiscal, monetary, employment, welfare and education. This seminal work offers a thorough analysis of the emerging post-crisis VoC in Europe. It helps the reader to understand ongoing national changes that take place within economic and social models of the Member States, while also highlighting the supranational post-crisis policy shift within the Union. The book is well argued and it contributes to existing literature on the global financial crisis and European policy change. The book would appeal to anyone interested in economic policyrelated issues, as well as the processes and outcomes of the global financial crisis.