George Papaconstantinou

The need for collective action has never been greater, but geopolitics, structural changes and diverging preferences mean that existing global governance arrangements, devised at Bretton Woods in the 1940s, are either unravelling or outmoded. Reconciling this contradiction is today’s pressing global policy challenge. In this short book, two of Europe’s most-experienced policymakers and analysts outline a new agenda for global governance. They examine governance practices across several key policy areas – climate, health, trade and competition, banking and finance, taxation, migration and the digital economy – and consider what works and what doesn't, and why. The global governance solutions they put forward are ambitious but pragmatic. They require complexity, flexibility and compromise. Attributes that global governments are demonstrably short of, but today’s global crises urgently demand.

For generations, Europeans have become accustomed to rising prosperity, an increasingly supportive social safety net and the expectation that each generation will fare better than the last. Europe has built a social model that is second to none, and fashioned a continent of disparate nations into a community that shares common values with democratic institutions that are the envy of the world. Yet, Europe, as a common project is increasingly questioned by its citizens. The emphasis on solidarity, the driving force behind the social and economic integration, has given way to suspicion and nationalism. Openness and tolerance are strained by xenophobic, anti-immigrant sentiments, while populists and extremists set the agenda and dominate the policy debate. European countries have borne the brunt of the global economic forces that have strained its institutions and capacity to respond appropriately. Characterised by uncertainty and delay both in handling the Euro crisis, Greece’s ongoing economic woes, Brexit and now a migrant crisis, Europe is at a crossroads in its development: a restructuring at the very least, if not a new settlement of power within the union, is on the cards. This book will attempt to understand what "post-crisis Europe" will look like, and what the opportunities are to rethink its economic, social and institutional architecture as well as to address the nagging democratic deficit that undermines its legitimacy as a democratic entity. George Papaconstantinou is uniquely placed to offer commentary on the machinations of the union and its internal behaviour. Appointed Greek Finance Minister by Papandreou in the newly formed government in 2009, he played a key role in the Greek crisis, negotiating the first bail-out with the Troika.

For generations, Europeans have become accustomed to rising prosperity, an increasingly supportive social safety net and the expectation that each generation will fare better than the last. Europe has built a social model that is second to none, and fashioned a continent of disparate nations into a community that shares common values with democratic institutions that are the envy of the world. Yet, Europe, as a common project is increasingly questioned by its citizens. The emphasis on solidarity, the driving force behind the social and economic integration, has given way to suspicion and nationalism. Openness and tolerance are strained by xenophobic, anti-immigrant sentiments, while populists and extremists set the agenda and dominate the policy debate. European countries have borne the brunt of the global economic forces that have strained its institutions and capacity to respond appropriately. Characterised by uncertainty and delay both in handling the Euro crisis, Greece’s ongoing economic woes, Brexit and now a migrant crisis, Europe is at a crossroads in its development: a restructuring at the very least, if not a new settlement of power within the union, is on the cards. This book will attempt to understand what "post-crisis Europe" will look like, and what the opportunities are to rethink its economic, social and institutional architecture as well as to address the nagging democratic deficit that undermines its legitimacy as a democratic entity. George Papaconstantinou is uniquely placed to offer commentary on the machinations of the union and its internal behaviour. Appointed Greek Finance Minister by Papandreou in the newly formed government in 2009, he played a key role in the Greek crisis, negotiating the first bail-out with the Troika.

Praise for Game Over: "A surprisingly compelling book"..." Highly readable" - Peter Spiegel in the Financial Times "A brisk and lucid account of Greece's descent into economic hell"..."among the most important books on the Greek crisis" - Marcus Walker in the Wall Street Journal "Game Over....lays bare a Eurozone driven by markets" - Times Literary Supplement "The most important book to date on the 6-year crisis" - Kathimerini "The pages where the political account turns into a legal and existential thriller are some of the most electrifying" - Ta Nea "A Greek patriot's important, readable chronicle" Fmr. EU Commissioner Olli Rehn "More suspense than in Stieg Larsson's trilogy. Excellent, scary and well written. Highly recommended " Jens Henriksson "You don't get closer to the Greek tragedy than this.... A must-read, for insiders and outsiders" - @w_lelieveld "The best book about the Greek crisis comes from an insider: 'Game Over' is a must read " - @jens_bastian In this real-life political thriller, former Finance Minister George Papaconstantinou tells the inside story of the six years during which the Greek drama changed Europe and riveted the world. It is the story of a country forced by past mistakes into unprecedented actions with enormously painful consequences. A story about the people who shaped events by trying to respond to rapidly evolving circumstances often beyond their control. About decisions - good and bad, right and wrong - taken in official and behind-the-scenes gatherings in Brussels, Berlin, Frankfurt, Paris, London, New York, Washington and Athens; in Luxembourg ch teaux courtyards, Davos kitchens and Bilderberg gatherings; in elegant offices and dreary basement meetings rooms. The story begins in October 2009 in Athens, when after a landslide victory, the new government shocks the world by announcing a fiscal deficit of an alarming size, until then kept secret. The "accident waiting to happen" since the launch of the Euro is finally here - but there are no contingency plans to deal with it, and the systemic nature of the crisis is initially not fully appreciated. When a bailout mechanism is finally put together, it fails to convince markets that the Eurozone will do whatever it takes to prevent the bankruptcy of one of its members. The bluff is called, and Greece is forced to apply in May 2010 for a massive loan from the Eurozone and the IMF, and accept a harsh austerity program. As the first loan installment arrives one day before the country declares default, the first wage and pension cuts produce riots and social unrest which leave three people dead. But the crisis is not over - it mutates. Delays in recognizing the problem and mistakes in the way it is dealt with end up opening the gates of hell for the entire Eurozone. Ireland is forced into a bailout - Portugal follows. And in Greece, the initial good program results are soon swept away by the concern in international markets that Greece might exit the Eurozone. Meanwhile the continuing austerity leads to an ever-deeper recession, rapidly rising unemployment, increasing social tensions, and real suffering. Six years down the road since the crisis erupted, Greece is in its third bailout, still in a severe social and economic crisis, and there are so many questions. Were other solutions available? Should Greece have threatened to default in order to get a better deal? Should there have been debt relief from the beginning? Would Greece have been better off if it had left the Euro? Has Greece saved the Euro but not itself? The book addresses these questions with the eye of someone at the heart of decision-making during the crisis. This is the breath-taking story of an incredible period, told for the first time not by an outside observer, but by one of its protagonists.