The present project proposes to, on the one hand, continue the analysis of the crisis management mechanisms and alternatives which can render EU responses more effective and legitimate conducted by Jean Monnet Network Crisis-Equity-Democracy for Europe and Latin America, and on the other hand, deepen the analysis of the political effects on democracy at the regional and domestic levels, and broaden the research to the question of sustainability of growth and transition to low carbon economies. Finally, the new phase of the project will explore further the possibilities of international cooperation with other regions and in particular Latin America, to strengthen global level financial and social regulation, as well as to promote the protection and promotion of democracy, human rights and the environment, key EU values and to the success of its role in the world. Strengthening international cooperation is crucial not only due to ‘global commons’ nature of many of the aforementioned challenges, but also to the crisis of multilateralism and the weakening of international institutions witnessed in recent years. The impact of the 2008 crisis was felt later and was less dramatic in Latin America compared to the EU, but the region had another ‘lost decade’ in terms of growth, and the achievements in reducing economic and social inequalities were reverted, while political developments in various countries have led to an erosion of democracy. Inter-regional cooperation among governments, scholars and civil societies in Europe and Latin America are key in order to promote common values and interests, and multilateralism.