Publication

This commentary argues that the immediate consequence of the eurozone crisis is the degradation of the reputation of the European Union as a whole on two accounts. The fact that the management of the crisis has been collectively incompetent and that the eurozone’s governance structure has proved to be systemically flawed affects the reputation of the EU as a model of competent economic policy management and as a model of enlightened regional integration. The author warns that this reputational degradation heightens resentment in the rest of the world at the overrepresentation of European states in the major multilateral organizations.