The economic crisis is severely affecting many EU policy areas. Observers have been looking very closely at the distressing effects brought about by the austerity measures implemented by European governments. However, little attention has been paid to the impact on the foreign policy of the European Union and its member states. This "ISPI Studies" intends to shed light on this issue and tries to understand to what extent this general disregard has being translating into an increasingly inward-looking attitude of the EU in times of crisis. In this regard, Nicoletti points out how the EU's response to the current crisis fails to address the long-standing causes of today's economic and political conundrum, while Giumelli examines the effects of budget cuts on the Common Security and Defence policy and how this is going to affect the EU standing on the world stage. In particular, Macias puts the spotlight on a specific, but extremely relevant aspect of the European external dimension: the EU as a key player in the field of international cooperation and the impact of the crisis on this source of soft power. Besides, Monteleone draws attention on the effects of the EU debt crisis on the EU-US relations placing emphasis on the risk of growing marginalization of the former in the international arena. Eventually, Zotti focuses on the consequences of the crisis on Greek foreign policy thus trying to grasp the rationale behind austerity measures imposed by the troika and the (negative) effects not only on Athens but also on the foreign policy of the EU.
Read the ISPI Studies Crisis and Austerity: Is Europe a Declining World Power?