ANU Centre for European Studies
The European Financial Crisis:
Potential Solutions and Consequences
Dr Heribert Dieter,
German Institute for International and Security Affairs, Berlin
Wednesday 19 October 2011, 11:00am – 12:30pm
The financial crisis of some member countries of the Eurozone has exposed structural weaknesses.
Member countries continue to be independent in their fiscal policy, provided they observe certain,
defined restrictions. The crisis has exposed that fault line.
The potential consequences of the crisis are currently discussed along two trajectories. The first is the
‘Giant leap forward’ approach, in essence the creation of supranational structures in the Eurozone.
The second is the ‘Back to responsible policy’ approach, which aims at strengthening the incentives
that were part of the treaty of Maastricht at the national level. Whereas the former approach requires
major legal and political change in Europe, the second approach could be implemented in a
significantly shorter period of time. Given the increasing opposition, if not outright hostility, to the
European integration process the ‘Back to responsible policy’ approach appears to be the only realistic
option for the short- and medium term.
Dr Heribert Dieter has worked on a broad range of issues related to the
development of the world economy. Specifically, he has written about regional
integration in the Asia-Pacific, Africa and Central Asia as well as monetary
regionalism. The international financial system has been another area of
research. Since early 2010, he has contributed to the debate on the future of
monetary and financial co-operation in the European Union. Dr Dieter studied
political science and economics at the Free University of Berlin and at the
Australian National University in Canberra. He holds a doctorate in economics
and political science from the Free University Berlin, where he has been an
adjunct professor since 2005. Since 2011, he has worked as Senior Fellow in
the Research Unit Global Issues at the German Institute for International and
Security Affairs in Berlin. Dr Dieter is also an Associate Fellow at the Centre
for the Study of Globalisation and Regionalisation, University of Warwick.
Venue: ANU Centre for European Studies, 1 Liversidge Street (Bldg 67C), Canberra
Parking: please see the Visitor Parking Map
RSVP: europe@anu.edu.au by Tuesday 18 October
ANUCES is an initiative involving four ANU Colleges (Arts and Social Sciences, Law, Business
and Economics and Asia and the Pacific) co-funded by the ANU and the European Commission.
ANU COLLEGE OF ARTS AND SOCIAL SCIENCES