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The relationship between economics and politics in the E. U. during that period will be discussed, paying special attention to the arrival of the EMU (European Monetary Union), and the real and potential perils of the asymmetry between a unified Monetary Policy versus a divergent Fiscal Policy. If the divergence grows, then the future of the Euro and the E. U. itself could be put at risk. The Great European Recession This part of the module will discuss the current economic recession in Europe. The purpose is both to analyze the financial and business causes explaining the economic crisis and to identify the conditions for economic recovery and structural change, and its policy implications. The effects of the changing economic and financial geography on economic growth and recovery will be discussed; and the role played by emerging countries in the European economic recovery process will be emphasized. Reading Michael D. Bordo (2008) An Historical Perspective on the Crisis of 2007-2008. NBER Working Paper nК14569, December 2008. (17 pages) Paul De Grauwe (2010) t. Crisis in the Eurozone and how to deal with it. Centre for European Policy Studies, nК 204,February,2010. (5 pages) Barry EichengreenДs (2007) The European Economy since 1945. Princeton University Press, 2007. (Chapter 2, 12 and 13). (86 pages). European Commission (2011). The EU s comprehensive policy response to the crises. Quaterly Report on the European Area, Volume 10, number 1, pp. 7-14. European Commission (2009). Economic Crisis in Europe: Causes, consequences and responses. Directorate-General for Economic and Financial Affairs. Brussels. Pp. 7-22 Peter Kenen and Ellen Meade (2008) Regional Monetary  Integration. Cambridge University Press, 2008. (Chapter 3). (40 pages). The Economist, Charlemagne, July 14th, 2011. (2 pages) http://www.economist.com/node/18959279. Allen Sinai (2010). 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