The 2008 financial and economic crisis has had a severe impact on the world economy and in Europe in particular. The negative consequences of the crisis may be much worse in Europe than in the US, despite the fact that both the US and the European countries have been obliged to provide their economies with a substantial fiscal stimulus. The contributors to this volume examine both the general effects of the crisis on the European institutional setup, governance and architecture; and conduct more detailed country studies. They conclude that the various 'crises' hitting the European economy and polity in the recent years have clearly demonstrated structural problems that will have to be tackled and solved to avoid permanent crisis. This book is essential reading for all interested political economy, transition economics and for those wishing to further understand the implications of the recent financial and economic crisis in Europe.