The End Of The Euro
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The End Of The Euro
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Author : Johan Van Overtveldt
language : en
Publisher: Agate Publishing
Release Date : 2011-11-08
The End Of The Euro written by Johan Van Overtveldt and has been published by Agate Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-08 with Business & Economics categories.
Johan Van Overtveldt provides comprehensive documentation showing that the political dithering so apparent in the most recent euro crisis has in fact been the hallmark of the euro project from the start. --Anil Kashyap, Edward Eagle Brown Professor of Economics and Finance, The University of Chicago Booth School of Business From noted economic journalist Johan Van Overtveldt, an up-to-the-minute examination of the fate of the Euro. In a process that began with the Maastricht Treaty of 1991 and concluded on January 1, 1999, 11 Western European countries made the euro the European Union's single currency, and the European Central Bank (ECB) the EU's only policy-making central bank. Bringing together Germany, France, Italy, and other European countries into a monetary union with a single currency and a single monetary policy could only ever result in major imbalances between the member countries, thus threatening the EU itself. This was recognized from the start by many economists and other observers, and the political elite paid elaborate lip service to these warnings. However, no one really followed up on these risks in terms of actions and reforms. Instead, the politicians seemed to indicate, directly and indirectly, that if the EU showed unity, the conditions to turn itself into a well-functioning monetary union would simply come about automatically. Moreover, given the imperative to work together more closely, the monetary-union effort would strengthen the political union among the euro-countries. Thus, in spirit, the process of monetary union was often seen as a means to an end. With that reasoning, the political elite supervising monetary union turned a great idea--the creation of a unified currency for Europe--into a huge gamble. Implicit in their reasoning was the idea that Europe's leading politicians would always be able to come up with an adequate solution to any crisis that might occur. As the former Belgian prime minister and European Union leader Jean-Luc Dehaene repeated relentlessly: "The idea of a unified Europe grows and becomes reality through crises. We need crises to make progress." Dehaene and like-minded European politicians never seriously considered the possibility of an insoluble, catastrophic crisis that could potentially crash the entire EU effort. For ten years, from 1999 to 2008, it seemed that the politicians' claim was vindicated. Although there was little substantial progress toward real political union within the euro area, the euro and the euro countries in general prospered, despite a string of major shocks like the bursting of the dotcom bubble, the 9/11 terrorist attacks, and the wars in Afghanistan and Iraq. But things changed dramatically with the financial crisis of 2007-2008. In January 2009 Barry Eichengreen, professor of economics and political science at Berkeley, wrote that "what started as the Subprime Crisis in 2007 and morphed in the Global Credit Crisis in 2008 has become the Euro Crisis in 2009." After its immediate impact, the crisis caused the financial and capital markets to worry about the so-called sovereign risks, i.e. countries running the risk of becoming insolvent. Although budget deficits in countries like the United States and the United Kingdom were much larger than the aggregate data for the euro area, markets started to home in on the risks posed by countries inside the European monetary union. Markets recognized that the enormous problem facing everyone in the union was the long-term working of the monetary union itself. Eichengreen's "Euro Crisis" is all about the sustainability of EMU and the single currency. By early 2009 the structural imbalances within the euro area and especially the untenable situations building up in Greece, Portugal, Spain, and Ireland were there for everybody to see. The first reaction of the political leadership was denial of any structural problem whatsoever. The second reaction was recognition of the crisis situation, but absolute denial of any link between that crisis and the workings of the monetary union. Eventually, a third phase set in: the search for external villains to blame. Those villains were found in the greed, speculation, and irresponsibility of the financial markets. As the French saying goes: "les excuses sont fait pour s'en server" ("excuses are made to take advantage of"). Fundamentally, however, the gigantic problems facing the EMU, and the euro as a currency, have little to do with either alleged criminal behavior in the financial markets or with the financial crisis of 2007-2009. The crisis of 2009-2010 was an accident waiting to happen. It could have happened earlier, or the clash could have been postponed for several more years; but given the the basic characteristics of the EMU-set-up, a major crisis was simply unavoidable. Untenable imbalances within the monetary union were enshrined in the different treaties, pacts, and political agreements that led to the creation of the euro in the first place, and guided its first ten years. That politicians never acted on this reality to make them the prime culprits of the long and highly painful death agony of the euro. The structure of this book is as follows: Chapter I gives an overview of the birth of the euro. Understanding this history is essential to understand the anomalies built into the project from the beginning. These anomalies form the subject of Chapter II, along with an analysis of how they led to the situation that turned Greece, Portugal, and Spain into euro-destroying economic disaster areas. Chapter III shows how this was not an unforeseeable situation, as Europe's history is filled with earlier failed attempts to build monetary unions. Chapter IV 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, and the likeliest outcome is the latter.
Breaking Up The Euro
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Author : D. Chorafas
language : en
Publisher: Springer
Release Date : 2013-07-31
Breaking Up The Euro written by D. Chorafas and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-07-31 with Business & Economics categories.
The drama of the common currency is a hot topic. The Euro was planned for the European Union's member states, bringing economically strong nations like Germany and Holland and weaker nations like Greece, Spain and Italy under one set of currency rules. A dozen years of its implementation has shown that the planning was incomplete at best. Add to this the weight of a deepening debt crisis among western nations, which continues unabated, and Europe has a very deep financial hole to climb out of. In this work, Dimitris N. Chorafas provides the reader with evidence to poor political judgment, then delves into preparation for the foreseeable Euro breakup and confronts the redenomination risk associated to it.
Euro
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Author : Philip Booth
language : en
Publisher: Institute of Economic Affairs
Release Date : 2013
Euro written by Philip Booth and has been published by Institute of Economic Affairs this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Business & Economics categories.
Examining the debate from when the euro was first introduced to the sources of its current problems, this book proposes radical solutions to resolve the long-running crisis of the European Monetary Union. Initially, free-market economists were generally supportive of the euro, believing it would reduce the tendency towards inflation and encourage economic reform. However, in this current analysis, the authors--a group of leading monetary economists--make it perfectly clear that if the members of the eurozone are to prosper in the long term, the status quo cannot continue. These nine essays explore topics that include the UK's decision not to join, the fate of past monetary unions, why the euro is failing, practical exit strategies, and a possible free-banking solution for the eurozone, among many more.
The European Union And The End Of Politics
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Author : James Heartfield
language : en
Publisher: John Hunt Publishing
Release Date : 2013-05-31
The European Union And The End Of Politics written by James Heartfield and has been published by John Hunt Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-31 with Political Science categories.
Europe is in crisis, but the European Union just gets stronger. Greece, Portugal, Spain and Ireland have all been told that they must submit their budgets to EU-appointed bureaucrats. The 'soft coup' that put EU officials in charge of Greece and Italy shows that the Union is opposed to democracy. Instead of weakening the European Union, the budget crisis of 2012 has ended up with the eurocrats grabbing new powers to dictate terms. Over the years the forward march of the European Union has been widely misunderstood. James Heartfield explains that the rise of the EU is driven by the decline in political participation. Without political contestation national parliaments have become an empty shell. Where once elites drew authority from their own people, today they draw authority from the European Union, and other summits of world leaders. The growth of the European Union runs in tandem with the decline in national politics. As national sovereignty is hollowed out, technocratic administration from Brussels fills the void. This account of the rise of the European Union includes a full survey of the major schools of thought in European studies, and a valuable guide to those who want to take back control. ,
The End Of The West
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Author : David Marquand
language : en
Publisher: Princeton University Press
Release Date : 2012-08-26
The End Of The West written by David Marquand and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-26 with History categories.
Why Europe is on the decline—and what can be done about it Has Europe's extraordinary postwar recovery limped to an end? It would seem so. The United Kingdom, Belgium, France, Italy, and former Soviet Bloc countries have experienced ethnic or religious disturbances, sometimes violent. Greece, Ireland, and Spain are menaced by financial crises. And the euro is in trouble. In The End of the West, David Marquand, a former member of the British Parliament, argues that Europe's problems stem from outdated perceptions of global power, and calls for a drastic change in European governance to halt the continent's slide into irrelevance. Taking a searching look at the continent's governing institutions, history, and current challenges, Marquand offers a disturbing diagnosis of Europe's ills to point the way toward a better future. Exploring the baffling contrast between postwar success and current failures, Marquand examines the rebirth of ethnic communities from Catalonia to Flanders, the rise of xenophobic populism, the democratic deficit that stymies EU governance, and the thorny questions of where Europe's borders end and what it means to be European. Marquand contends that as China, India, and other nations rise, Europe must abandon ancient notions of an enlightened West and a backward East. He calls for Europe's leaders and citizens to confront the painful issues of ethnicity, integration, and economic cohesion, and to build a democratic and federal structure. A wake-up call to those who cling to ideas of a triumphalist Europe, The End of the West shows that the continent must draw on all its reserves of intellectual and political creativity to thrive in an increasingly turbulent world, where the very language of "East" and "West" has been emptied of meaning. In a new preface, Marquand analyzes the current Eurozone crisis—arguing that it was inevitable due to the absurdity of combining monetary union with fiscal disunion—and raises some of the questions Europe will have to face in its recovery.
Time To Bail Out
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Author : Paul Dixon
language : en
Publisher:
Release Date : 2012-07-06
Time To Bail Out written by Paul Dixon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-06 with categories.
As the euro currency lurches from one crisis to the next, Paul Dixon explains why the concept was doomed to fail from the start and examines whether it will ultimately be the catalyst to the ultimate break-up of the European Union itself.Using historical lessons and remorseless logic Dixon shows how the very principles on which the European Union was built are being seriously undermined. If you live in, or do business with, the EU, or trade in the euro currency then 'Time to Bail Out?' is essential reading.
The End Of Europe
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Author : Andreas Staab
language : en
Publisher: Rowman & Littlefield
Release Date : 2020-12-10
The End Of Europe written by Andreas Staab and has been published by Rowman & Littlefield this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-10 with Political Science categories.
This book analyzes the causes of five dilemmas that are shaping European integration— populism, migration, the Euro, Brexit, and enlargement. While critical of the responses of European Union actors in handling these crises, the author outlines avenues which might avoid the potential collapse of Europe.
After The Fall
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Author : Walter Laqueur
language : en
Publisher: Macmillan
Release Date : 2012-01-03
After The Fall written by Walter Laqueur and has been published by Macmillan this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-03 with Political Science categories.
A master historian takes us deep into the heart of Europe's current political and financial crisis Walter Laqueur was one of the few experts who predicted Europe's current financial and political crisis when he wrote The Last Days of Europe six years ago. Now this master historian takes readers inside the European crisis that he foresaw. Ravaged by the world economic meltdown, increasingly dependent on imported oil and gas, and lacking a common foreign policy, Europe is in dire straits. With the authority that comes from thirty years of experience as an expert on political affairs, the author predicts the future prospects of this troubled continent. Europe is the United States' closest ally, and its prosperity is vital to American's success and security. This is a must-read for anyone invested in our country's future.
The Euro Crisis
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Author : Esther Llull
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2017-07-17
The Euro Crisis written by Esther Llull and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-17 with categories.
The economic crisis in Europe has been more serious than in other regions of the world and has had repercussions on international society. How is it possible that in the United States, where the crisis originated due to the mismanagement of the financial sector, the recovery is being much faster? The euro is the story of a stateless currency and, worse still, devoid of a political project. That is why they denounce the shortcomings of the European leaders who, in the storm, have reacted too little and too late. Europe has experienced almost a decade of stagnation, which in the case of some countries has become depression. The financial crisis of 2008 has been the first truly global crisis. While in Spain three financial, fiscal and economic crises were unleashed at the same time. And it had never before experienced such a long and deep recession. Democracy and the rule of law are in turn weakened by the growing concentration of power in the hands of the most privileged. It delves into the origins of modern growth. There are some worrying parallels with previous crises in Latin America or Japan, with high levels of indebtedness and responses based on contractive policies. On the other hand, Europe is the most advanced attempt to explicitly articulate strategies of supranational governance that to some extent foreshadow the hopes and difficulties of a global system. In general it is an optimistic book that bets on the exit of the crisis thanks to strategies of global or supracional governance. The crisis has made evident the lack of knowledge that economists have of the financial phenomenon, so defending macroprudential supervision can again give the impression that the risks are better controlled. But it can reactivate the moral hazard that leads to assuming more risks than the system can assume. Economists have lived in a black hole in these thirty years. Without wishing to penalize savings over consumption or excessively depend on public spending, we defend the implementation of all political measures for a supranational fiscal policy that may allow a certain moral hazard in the creation of a basic income. At the same time, there is talk of building synergies and creative models of economic activities, because where the great synergies occur is where trade creates the most lively wealth. But that is also where innovation is, because innovation is what creates that wealth, and that competitive advantage.
The End Of The Eurocrats Dream
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Author : Damian Chalmers
language : en
Publisher: Cambridge University Press
Release Date : 2016-03-18
The End Of The Eurocrats Dream written by Damian Chalmers and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-18 with Business & Economics categories.
Contributions from prominent economists, lawyers, philosophers and political scientists go beyond short-term technical diagnoses in order to analyse the deeper causes of the European crisis and provide readers with a broad understanding of what goes on in the European Union.