This book observes that a key determinant of Europe¿s welfare over the coming decades will be how the region manages crises, both financial and societal. It examines how key institutional developments, such as Economic and Monetary Union, reflected differentiated integration (DI) in the EU, but argues that modern-day risks are highly interconnected, and their management therefore has to be inclusive. In that connection it looks in particular at the European Systemic Risk Board (ESRB), whose mandate to protect financial stability also gives it relevance with regard to other crises. The book considers that the strengthening of this institution, and bringing it to the fore, would help EU member states, as well as countries around the EU including applicant nations, to manage financial and societal risks, including COVID-19 and the transition to a green economy, thus safeguarding the economies of Europe. It builds on a model of the EU allowing for DI in some activities, while ensuring sound governance arrangements between those inside and those outside that activity, and embodying inclusivity in the fundamentals of the EU, including ¿in the management of risk.

Charles Enoch is the European Studies Centre Fellow at St Antony's College, University of Oxford, UK, and Previous Deputy Director, International Monetary Fund, and Senior Advisor, Bank of England, UK. He is also the author and editor of numerous books and article, including on economic integration, and financial stability and restructuring, and has a Ph.D. from Princeton University, USA, and an MA from Cambridge University, UK.

1. Introduction.- 2. The EU in a Dangerous World: The Importance of Regional Economic Arrangements .- 3. Not All Member States are Created Equal.- 4. Treaties, Frameworks, and Powers.- 5. Economic and Monetary Union and Beyond: Differentiation in the EU.- 6. Non-treaty Relationships Across Core and Periphery and Beyond.- 7. Response to the GFC: the European Supervisory Authorities.- 8. The Macroprudential Approach: A Strategy for All Seasons?.- 9. The European Systemic Risk Board: Financial Stability for the Entire Membership.- 10. The Covid-19 Pandemic, the Green Economy, and Financial Stability.- 11. Not all Member States Move Together: Differentiated Integration.- 12. Inclusive and Differentiated: Building Back Safer.- 13. Conclusions.