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Author: Paul Wallace
Publisher: Cambridge University Press
ISBN: 1107104890
Category : Business & Economics
Languages : en
Pages : 343
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Book Description
A clear, analytical and balanced guide to the euro experiment and subsequent crisis that will appeal to a wide readership.
Author: Paul Wallace
Publisher: Cambridge University Press
ISBN: 1107104890
Category : Business & Economics
Languages : en
Pages : 343
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Book Description
A clear, analytical and balanced guide to the euro experiment and subsequent crisis that will appeal to a wide readership.
Author: Waltraud Schelkle
Publisher: Oxford University Press
ISBN: 0198717938
Category : Business & Economics
Languages : en
Pages : 387
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Book Description
Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.
Author: Markus K. Brunnermeier
Publisher: Princeton University Press
ISBN: 0691178410
Category : Business & Economics
Languages : en
Pages : 456
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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 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. 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: Ashoka Mody
Publisher: Oxford University Press
ISBN: 0199351384
Category : Business & Economics
Languages : en
Pages : 673
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Book Description
EuroTragedy is an incisive exploration of the tragedy of how the European push for integration was based on illusions and delusions pursued in the face of warnings that the pursuit of unity was based on weak foundations.
Author: Todd Huizinga
Publisher: Encounter Books
ISBN: 1594037906
Category : Political Science
Languages : en
Pages : 273
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Book Description
What caused the eurozone debacle and the chaos in Greece? Why has Europe’s migrant crisis spun out of control, over the heads of national governments? Why is Great Britain calling a vote on whether to leave the European Union? Why are established political parties declining across the continent while protest parties rise? All this is part of the whirlwind that EU elites are reaping from their efforts to create a unified Europe without meaningful accountability to average voters. The New Totalitarian Temptation: Global Governance and the Crisis of Democracy in Europe is a must-read if you want to understand how the European Union got to this point and what the European project fundamentally is. This is the first book to identify the essence of the EU in a utopian vision of a supranationally governed world, an aspiration to achieve universal peace through a global legal order. The ambitions of the global governancers are unlimited. They seek to transform not just the world’s political order, but the social order as well—discarding basic truths about human nature and the social importance of tradition in favor of a human rights policy defined by radical autonomy and unfettered individual choice. And the global governance ideology at the heart of the EU is inherently antidemocratic. EU true believers are not swayed by the common sense of voters, nor by reality itself. Because the global governancers aim to transfer core powers of all nations to supranational organizations, the EU is on a collision course with the United States. But the utopian ideas of global governance are taking root here too, even as the European project flames into rancor and turmoil. America and Europe are still cultural cousins; we stand or fall together. The EU can yet be reformed, and a commitment to democratic sovereignty can be renewed on both sides of the Atlantic.
Author: Johan Van Overtveldt
Publisher: Agate Publishing
ISBN: 1572846887
Category : Business & Economics
Languages : en
Pages : 240
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Book Description
From the acclaimed author of Bernanke’s Test, “an essential title for any reader with investments or interest in financial instruments” (Library Journal). The End of the Euro begins with an overview of the birth of the euro itself. Understanding this history is essential to understand the anomalies built into the project from the beginning. These anomalies form the subject of chapter two, along with how they led to the situation that turned Greece, Portugal, and Spain into euro-destroying economic disaster areas. Chapter three shows how this was not an unforeseeable situation, as Europe’s history is filled with earlier failed attempts to build monetary unions. Chapter four is focused on Germany, by far the most important country within EMU, and why the chances of Germany leaving the union are much higher than is generally assumed. The book concludes with an analysis of what lies in wait for the remains of the monetary union—and for a deeply divided and troubled continent in general. Either the EMU transforms itself fundamentally or it disintegrates. “Johan Van Overtveldt is a consistently insightful and incisive writer and I await each of his books with real anticipation.” —Tyler Cowen, The Marginal Revolution blog “A whole generation of Europeans has found comfort in the idea that economic cooperation has overruled the pull of power politics and even some basic laws of economics. This book forcefully squashes that illusion. A must-read!” —Jonathan Holslag, research fellow at the Brussels Free University
Author: Otmar Issing
Publisher: Cambridge University Press
ISBN: 1139473573
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998–2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.
Author: Jonathan Ashworth
Publisher:
ISBN: 9781788212229
Category :
Languages : en
Pages : 192
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Book Description
This book offers a thorough and perspicacious analysis of quantitative easing, which has become a recovery method of last resort. While it was successful in stimulating growth, this strategy remains controversial and continues to promote widespread debate in economics, financial, and political economy circless.
Author: Martin Sandbu
Publisher: Princeton University Press
ISBN: 0691175942
Category : Business & Economics
Languages : en
Pages : 340
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Book Description
A timely account of the Euro crisis that challenges our assumptions about debt and economic recovery Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. Sandbu traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro’s creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous—and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone’s troubles, Europe’s Orphan charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition contains a new preface addressing the economic and political implications of Brexit, as well as updated text throughout. Europe’s Orphan charts what actually must be done for the continent to achieve a full recovery.
Author: Philipp Bagus
Publisher: Ludwig von Mises Institute
ISBN: 1610163168
Category : Euro
Languages : en
Pages : 159
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Book Description
