Economic recession and the sustainability of European Monetary Union and Stability and Growth Pact: Greece, Spain and Portugal in comparative perspective.

Abstract

This dissertation attempts to give a point of view about the political sustainability of EMU and the integration process in Europe, highlighting the dominant role of neo-fuctionalists‘ theory in the process of European integration. Nowadays, living within a social and economic recession the problem of political sustainability of EMU, as analyzed by David Mackay in his very analytical paper with the title ―political sustainability of EMU‖ in 1999 becomes relevant. Especially in Greece the problem is very obvious. Nobody today can assure us today about the future impact on society and business but further more on the continuation of our nation and other nations with similar problems like Spain and Portugal.