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Author: Stephen Pickford
Publisher: Chatham House
ISBN: 9781784130138
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
The global economic and financial crisis that started in 2007 exposed serious flaws in the euro's original design. This report examines why Europe's economic and monetary union was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it. A Chatham House, Elcano and AREL Report
Author: Stephen Pickford
Publisher: Chatham House
ISBN: 9781784130138
Category : Business & Economics
Languages : en
Pages : 56
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Book Description
The global economic and financial crisis that started in 2007 exposed serious flaws in the euro's original design. This report examines why Europe's economic and monetary union was so badly affected by the crisis, and assesses whether further changes need to be made to the structure of economic governance that underpins it. A Chatham House, Elcano and AREL Report
Author: Jean Pisani-Ferry
Publisher: Oxford University Press, USA
ISBN: 0199993335
Category : Business & Economics
Languages : en
Pages : 225
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Book Description
The euro's life, while only slightly more than a decade long, has been riddled by a series of challenges and crises. The disparity between the prosperous Northern countries of Germany and France and the plummeting Southern countries, including Italy and Greece, has exacerbated problems withinthe political and economic union of the Eurozone. The North, especially Germany, has debated where to draw the line between doing whatever is necessary to save the common currency and what they have viewed as a charity bailout of countries who flouted the rules for a decade and suffered predictableconsequences. Meanwhile, Southern countries such as Italy, Spain, and Greece have grown increasingly bitter at the attitudes of their partners to the North. Amidst loud and frequent debates, solutions including routes for increased integration and punitive policies and reforms have been enacted anddiscarded to a limited degree of success. The struggles facing this monetary union continue to unfold even today.The Euro Crisis and Its Aftermath was written to inform readers about the history of this enduring European crisis and the alternative proposals for ending it. In four parts, Jean Pisani-Ferry explains the origins of the European currency, the build-up of imbalances and oversights that led to thecrisis, the choices European policymakers have both addressed and ignored since 2010, the evolution of the policy agenda, and possible options for the future. The book is as much of an informative and analytical history as it is a prescriptive solution for a more prosperous future world economy.Rather than putting forth and supporting a thesis, Pisani-Ferry helps readers understand the past and present of the euro crisis and form their own opinions about potential solutions. It has grown out of his book Le Reveil des Demons published in France in 2011. The content has been updatedextensively to cover the events of the past few years and augmented to better explain the Eurozone to a global audience. This book is not intended to reach only economists, as time has long passed since European monetary unification was a debate limited to academics. This book is also for the policymakers searching for solutions, citizens of Europe enduring the consequences, and the international community that has felt the effects of an unstable Eurozone.
Author: Erik Jones
Publisher:
ISBN: 9780745690957
Category :
Languages : en
Pages : 240
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Book Description
The Euro is in crisis. Economic performance is diverging across EU countries. Politics is tense. Decision-making slow and often conflictive. Policymakers, it seems, are running out of options. Cyprus almost left the single currency by accident in 2013 whilst Greece looked set to opt out by choice (or requirement) just over two years later. The architects of the European Union imagined the Euro would be a crowning achievement; now everyone is asking what went wrong. They also want to know how to fix it. There are many different answers to this pressing question but the key is identifying a path that will unlock a workable solution. In this incisive analysis, Erik Jones argues that we can solve the problems of the Euro by focusing not on the single currency but on the single market. The stresses and strains that Europe is experiencing at the moment derive from the forces unleashed through market liberalization dating back to the late 1980s, if not earlier. European policy-makers, he contends, must do more to channel those forces and to underpin market confidence. In doing so, they will not only safeguard the Euro, they will also help to preserve the achievements and the integrity of the European Union itself.
Author: Markus K. Brunnermeier
Publisher: Princeton University Press
ISBN: 1400883334
Category : Business & Economics
Languages : en
Pages : 457
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Book Description
How philosophical differences between Eurozone nations led to the Euro crisis—and where to go from here Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe’s survival. As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe’s future.
Author: Stefan Kawalec
Publisher: Economics in the Real World
ISBN: 9780367149369
Category : Euro
Languages : en
Pages : 0
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Book Description
In order to save the European Union and the common market, the book proposes an orderly dismantling of the eurozone, and the creation of a new European currency coordination system. The authors make the case that the optimal solution would be to start the process with the most competitive countries exiting the Eurozone first.
Author: John Peet
Publisher: Hachette UK
ISBN: 161039450X
Category : History
Languages : en
Pages : 240
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Book Description
The euro was supposed to create an unbreakable bond between the nations and people of Europe. But when the debt crisis struck, the flaws of the half-built currency brought the European Union close to breaking point after decades of post-war integration. Deep fault-lines have opened up between European institutions and the nation-states -- and often between the rulers and the ruled -- raising profound questions about Europe's democratic deficit. Belief in European institutions and national governments alike is waning, while radicals on both the left and the right are gaining power and influence. Europe's leaders have so far proved the doomsayers wrong and prevented the currency from breaking up. "If the euro fails, Europe fails," says Angela Merkel. Yet the euro, and the European project as a whole, is far from safe. If it is to survive and thrive, leaders will finally have to confront difficult decisions. How much national sovereignty are they willing to give up to create a more lasting and credible currency? How much of the debt burden and banking risk will they share? Is Britain prepared to walk away from the EU? And will other countries follow? In Unhappy Union, The Economist's Europe editor and Brussels correspondent provide an astute analysis of the crisis. They describe America's behind-the-scenes lobbying to salvage the euro, economists' bitter debates over austerity, the unseen maneuvers of the European Central Bank and the tortuous negotiations over banking union. In the final chapter, they set out the stark choices confronting Europe's leaders and citizens.
Author: Stefan Kawalec
Publisher:
ISBN: 9780429054006
Category : Business & Economics
Languages : en
Pages : 212
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Book Description
"This book presents a new narrative on the Eurozone crisis. It argues that the common currency has the potential to kill the European Union, and the conventional wisdom that the Eurozone can be fixed by a common budget and further political integration is incorrect. The authors address key questions such as why the European Union and the single market have been successful, why the common currency poses a threat to European integration, and whether it is possible to either fix the Eurozone or dissolve it while keeping the EU and the single market. Contrary to the view that it would be best if the Southern European countries left the Eurozone first, the book makes the case that the optimal solution would be to start the process with the most competitive countries exiting first. The authors argue that a return to national currencies would be beneficial not only to the crisis-ridden southern countries, but also to France and Germany, which were the main promoters of the single currency. An organised unwinding of the Euro area would be beneficial both for the European economy and for Europe's main trading partners. The authors contend that to defend the Euro at all costs weakens the European economy and threatens the cohesion of the European Union. If pro-European and pro-market EU leaders do not dismantle the Eurozone, it will most likely be done by their anti-European and anti-market successors. If that happens, the European Union and the common market will be destroyed. This book will be a useful and engaging contribution to the existing literature in the fields of macro, monetary and international finance and economics"--
Author: Matthew Lynn
Publisher: John Wiley & Sons
ISBN: 1119990688
Category : Business & Economics
Languages : en
Pages : 290
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Book Description
Athens, Greece—May Day 2010. The International Monetary Fund (IMF) and the European Union (EU) were putting together the final details of a $100 billion euro rescue package for the country. The Greek Prime Minister, George Papandreou, had agreed to a savage package of “austerity measures” involving cuts in public spending and lower salaries and pensions. Outside, riot police were deployed as protestors gathered to fight the austerity program. A country with a history of revolution and dictatorship hovered on the brink of collapse—with the world’s financial markets watching to see if the deal cobbled together would be enough to both calm the markets and rescue the Greek economy, and with it the euro, from oblivion. In Bust: Greece, the Euro, and the Sovereign Debt Crisis, leading market commentator Matthew Lynn blends financial history, politics, and current affairs to tell the story of how one nation rode the wave of economic prosperity and brought a continent, a currency, and, potentially, the global financial system to its knees. Bust is a story of government deceit, unfettered spending, and cheap borrowing: a tale of financial folly to rank alongside the greatest in history. It charts Greece’s rise, and spectacular fall from grace, but it also explores the global repercussions of a financial disaster that has only just begun. It explains how the Greek debt crisis spread like wildfire through the rest of Europe, hitting Ireland, Portugal, Italy, and Spain, and ultimately provoking a crisis that brought the euro to the edge of collapse. And it argues that the Greek crisis is just the start of a decade of financial turmoil that will eventually force the break up of the euro, and a massive retrenchment in the living standards of all the developed economies. Written in a lively and entertaining style, Bust: Greece, the Euro, and the Sovereign Debt Crisis is an engaging and informative account of a country gone wrong and a must-read for anyone interested in world events and global economics.
Author: Benjamin Martill
Publisher: UCL Press
ISBN: 1787352773
Category : Political Science
Languages : en
Pages : 314
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Book Description
Brexit will have significant consequences for the country, for Europe, and for global order. And yet much discussion of Brexit in the UK has focused on the causes of the vote and on its consequences for the future of British politics. This volume examines the consequences of Brexit for the future of Europe and the European Union, adopting an explicitly regional and future-oriented perspective missing from many existing analyses. Drawing on the expertise of 28 leading scholars from a range of disciplines, Brexit and Beyond offers various different perspectives on the future of Europe, charting the likely effects of Brexit across a range of areas, including institutional relations, political economy, law and justice, foreign affairs, democratic governance, and the idea of Europe itself. Whilst the contributors offer divergent predictions for the future of Europe after Brexit, they share the same conviction that careful scholarly analysis is in need – now more than ever – if we are to understand what lies ahead for the EU. Praise for Brexit and Beyond 'a wide-ranging and thought-provoking tour through the vagaries of British exit, with the question of Europe’s fate never far from sight...Brexit is a wake-up call for the EU. How it responds is an open question—but respond it must. To better understand its options going forward you should turn to this book, which has also been made free online.' Prospect Magazine 'This book explores wonderfully well the bombshell of Brexit: is it a uniquely British phenomenon or part of a wider, existential crisis for the EU? As the tensions and complexities of the Brexit negotiations come to the fore, the collection of essays by leading scholars will prove a very valuable reference for their depth of analysis, their lucidity, and their outlining of future options.' - Kevin Featherstone, Head of the LSE European Institute, London School of Economics 'Brexit and Beyond is a must read. It moves the ongoing debate about what Brexit actually means to a whole new level. While many scholars to date have examined the reasons for the British decision to leave, the crucial question of what Brexit will mean for the future of the European project is often overlooked. No longer. Brexit and Beyond bundles the perspectives of leading scholars of European integration. By doing so, it provides a much needed scholarly guidepost for our understanding of the significance of Brexit, not only for the United Kingdom, but also for the future of the European continent.' - Catherine E. De Vries, Professor in the department of Government, University of Essex and Professor in the department of Political Science and Public Administration Free University Amsterdam 'Brexit and Beyond provides a fascinating (and comprehensive) analysis on the how and why the UK has found itself on the path to exiting the European Union. The talented cast of academic contributors is drawn from a wide variety of disciplines and areas of expertise and this provides a breadth and depth to the analysis of Brexit that is unrivalled. The volume also provides large amounts of expert-informed speculation on the future of both the EU and UK and which is both stimulating and anxiety-inducing.' -Professor Richard Whitman, Head of School, Professor of Politics and International Relations, Director of the Global Europe Centre, University of Kent
Author: Simon Hix
Publisher: Polity
ISBN:
Category : Law
Languages : en
Pages : 234
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Book Description
The European Union seems incapable of undertaking economic reforms and defining its place in the world. Public apathy towards the EU is also increasing, as citizens feel isolated from the institutions in Brussels and see no way to influence European level decisions. Taking a diagnosis and cure approach to the EU's difficulties, Simon Hix tackles these problems with distinct clarity and open-mindedness. What the EU needs, Hix contends, is more open political competition. This would promote policy innovation, foster coalitions across the institutions, provide incentives for the media to cover developments in Brussels, and enable citizens to identify who governs in the EU and to take sides in policy debates. The EU is ready for this new challenge. The institutional reforms since the 1980s have transformed the EU into a more competitive polity, and political battles and coalitions are developing inside and between the European Parliament, the Council, and the Commission. This emerging politics should be more central to the Brussels policy process, with clearer coalitions and identifiable winners and losers, at least in the short term. The risks are low because the EU has multiple checks-and-balances. Yet, the potential benefits are high, as more open politics could enable the EU to overcome policy gridlock, rebuild public support, and reduce the democratic deficit. This indispensable book will be of great interest to students of the European politics, scholars, policy makers and anyone concerned with the future of the European Union.
