How the 2008 Financial Crisis Exposed Weakness in the EU

Shockwaves from the 2008 financial crisis still impact politics in the E.U. today. Dr. Samuel Moyn, Chancellor Kent Professor of Law and History at Yale University, argues that the 2008 financial crisis "absolutely did expose weaknesses" in the European Union: "The Europeans decided to have a monetary union without something more thoroughgoing. And so a lot of big decisions were postponed about who was going to have power in the event of a crisis. And, of course, the crisis came. And what was revealed after 2008 was that it wasn't a very democratic area. And it really ended up being a device for kind of forcing the southern parts of Europe in into debt to the northern parts, and especially Germany."
This interview is from the FPA archives.