The Euro Download Ebook PDF Epub Online

Author : Joseph Stiglitz
Publisher : Penguin Press
Release : 2017-03-20
Page : 304
Category :
ISBN 13 : 9780141983240
Description :


"Designed to bring Europe closer together, the euro has actually done the opposite- after nearly a decade without growth, unity has been replaced with dissent and enlargements with prospective exits. Joseph Stiglitz argues that Europe's stagnation and bleak outlook are a direct result of the fundamental flaws inherent in the euro project - economic integration outpacing political integration with a structure that actively promotes divergence rather than convergence. Money relentlessly leaves the weaker member states and goes to the strong, with debt accumulating in a few ill-favoured countries. The question now is- can the euro be saved? Laying bare the European Central Bank's misguided inflation-only mandate and explaining why austerity has condemned Europe to unending stagnation, Stiglitz outlines three possible ways forward- fundamental reforms in the structure of the Eurozone and the policies imposed on the member countries suffering the most; a well-managed end to the euro; or a bold, new system he dubs the 'flexible euro;. This important book, by one of the world's leading economists, addresses the euro-crisis on a bigger intellectual scale than any predecessor."


Author : Joseph E. Stiglitz
Publisher : W. W. Norton
Release : 2017-08-08
Page : 448
Category : Business & Economics
ISBN 13 : 9780393354102
Description :


The Nobel Prize winning economist and best-selling author explains why saving Europe may mean abandoning the euro."


Author : Joseph E. Stiglitz
Publisher : Allen Lane
Release : 2016-08
Page : 256
Category :
ISBN 13 : 9780241258156
Description :


"Solidarity and prosperity fostered by economic integration- this principle has underpinned the European project from the start, and the establishment of a common currency was supposed to be its most audacious and tangible achievement. Since 2008, however, the European Union has ricocheted between stagnation and crisis. The inability of the eurozone to match the recovery in the USA and UK has exposed its governing structures, institutions and policies as dysfunctional and called into question the viability of a common currency shared by such different economies as Germany and Greece. Designed to bring the European Union closer together, the euro has actually done the opposite- after nearly a decade without growth, unity has been replaced with dissent and enlargements with prospective exits. Joseph Stiglitz argues that Europe's stagnation and bleak outlook are a direct result of the fundamental flaws inherent in the euro project - economic integration outpacing political integration with a structure that promotes divergence rather than convergence. Money relentlessly leaves the weaker member states and goes to the strong, with debt accumulating in a few ill-favoured countries. The question then is- Can the euro be saved? Laying bare the European Central Bank's misguided inflation-only mandate and explaining why austerity has condemned Europe to unending stagnation, Stiglitz outlines the fundamental reforms necessary to the structure of the eurozone and the policies imposed on the member countries suffering the most. But the same lack of sufficient political solidarity that led to the creation of a flawed euro twenty years ago suggests that these reforms are unlikely to be adopted. Hoping to avoid the huge costs associated with current policies, Stiglitz proposes two other alternatives- a well-managed end to the common currency; or a bold, new system dubbed 'the flexible euro.' This important book, by one of the world's leading economists, addresses the euro-crisis on a bigger intellectual scale than any predecessor. "


Author : David Marsh
Publisher : Yale University Press
Release : 2011-08-23
Page : 384
Category : Business & Economics
ISBN 13 : 0300176740
Description :


Drawing on more than one hundred interviews with leading figures associated with the Euro and scores of secret documents from international archives, the author documents the rise and fall of the Euro and the conflicts that have arisen from bail-out packages to countires in default.


Author : Thierry Vissol
Publisher : Springer Science & Business Media
Release : 1999
Page : 256
Category :
ISBN 13 : 9780792385936
Description :



Author : Tommaso Padoa-Schioppa
Publisher : MIT Press
Release : 2004-07-23
Page : 264
Category : Business & Economics
ISBN 13 : 9780262264174
Description :


History and analysis of European monetary integration and related economic, financial, monetary, and international political issues: an accesible guide. This history and analysis of the euro and the European Central Bank traces the process of European monetary integration from its beginnings as a utopian vision in the aftermath of World War II through the establishment of a single currency managed by a central bank. Tommaso Padoa-Schioppa, a central banker who has been involved in the making of European monetary unification since 1979, offers an accessible guide to the euro and the European Central Bank for scholars, students, and the general reader, discussing the related economic, financial, monetary, and international political issues. In the process he also provides an overview of central banking in general and the multiple activities of a central bank; as the case of the European Central Bank illustrates, central banking involves not only monetary analysis and policy but much else, including banknote printing and handling, market operations, payment systems, bank supervision, and coordinating with other public institutions.Padoa-Schioppa begins with the historical background of European monetary integration, starting with the 1957 Treaty of Rome, which lay the foundation for the Common Market, and covering the 1992 Maastricht Treaty, the development of an anchor currency, and the "euroskepticism" of the U.K. Subsequent chapters are devoted to economic policy, monetary policy, the euro as unifier in the financial system, the payment system, the euro as an international actor outside "euroland," and the challenges ahead for the still relatively young project of European monetary integration.


Author : Maria Lorca-Susino
Publisher : Routledge
Release : 2016-02-17
Page : 334
Category : Business & Economics
ISBN 13 : 1317033337
Description :


The Euro in the 21st Century clarifies the perception of the euro and empirically demonstrates that the euro has become a true common currency and the Eurozone a true optimal currency area, presenting, in turn, a model to imitate. In order to demonstrate this, this study analyzes the economic and monetary requirements and policies required to introduce a common currency as well as the theoretical underpinnings of both the European integration process and the historical economic, monetary, political, and social circumstances that favoured the creation of the economic and monetary union. Furthermore, this book sheds light on how the current economic and monetary circumstances are affecting the euro project through and analysis of three intertwined issues. It studies how the economic chaos and financial uproar, which has plagued the Eurozone and world economy since 2008, has affected the single-currency regime as well as the current image of the euro worldwide. Moreover it summarizes the lesson to be learnt from what can be considered 'the first euro crisis'. Finally, it thoroughly analyzes the behaviour of the US Federal Reserve, the European Central Bank, and the International Monetary Fund during this crisis. This book draws on and contributes to several bodies of literature within Political Economy, Economics, and International Relations and is particularly relevant at this time given that the current unfolding economic imbalances are causing some Eurozone Member States to rethink their economic and political views concerning the euro.


Author : Hans-Werner Sinn
Publisher : Oxford University Press, USA
Release : 2014
Page : 380
Category : Business & Economics
ISBN 13 : 0198702132
Description :


This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal strictures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.


Author : Ewald Nowotny
Peter Mooslechner
Publisher : Edward Elgar Publishing
Release : 2010-01-01
Page : 240
Category : Business & Economics
ISBN 13 : 1849805695
Description :


The Euro and Economic Stability assesses the euro area's merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making. The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions' special regional focus: Central, Eastern and South-Eastern Europe.


Author : Paul Einzig
Publisher : London : Macmillan
Release : 1970
Page : 208
Category : Banks and banking, International
ISBN 13 :
Description :



Author : Matthias Matthijs
Mark Blyth
Publisher : OUP Us
Release : 2015
Page : 339
Category : Political Science
ISBN 13 : 0190233249
Description :


"An attempt by political economists to analyze the fundamental causes of the euro crisis, determine how it can be fixed, and consider what likely futures lie ahead for the currency. The book makes three interrelated arguments that emphasize the primacy of political over economic factors. First, the 'euro problem' is discussed as the result of the single currency's fundamental lack of institutional embeddedness, insofar as its original design omitted three 'forgotten unions' alongside of monetary union: a financial and banking union, mutually supporting institutions of fiscal union and economic government, and a political union holding similar legitimacy to the nation-state. Second, the 'euro experience' shows how the euro's unfinished design led to economic divergence - quietly altering the existing distribution of economic and political power within Europe prior to the crisis - which in turn determined the EU's crisis response. The book highlights how the euro's four most important members - Germany, France, Italy and Spain - each changed once they adopted the euro, why the crisis affected them so differently, and how each has since struggled to live with the commitments the euro necessitates. Third, the book examines three possible 'euro futures' through the lens of the politics of its reluctant leader Germany; through the lens of the EU's capacity to 'move forward' through crises; and through the geopolitical lens of the international monetary system. The book concludes that any successful long-term solution to the euro's predicament needs to start with the political foundations of markets"--Publisher's description.


Author : Enrico Marelli
Marcello Signorelli
Publisher : Springer
Release : 2016-11-17
Page : 182
Category : Business & Economics
ISBN 13 : 3319457292
Description :


This book offers a fresh perspective on the recent Eurozone "double crisis" and its related economic policies. The authors present empirical evidence which sheds new light on the growing economic and political debate on the future of the Euro, the Eurozone and the EU. The book investigates and assesses the impact of the crisis with particular reference to monetary and fiscal policy, whose protracted austerity approach has dampened economic growth. In their discussion of the long-run European integration process, the authors emphasize the original weaknesses in the construction of the European Monetary Union and examine its failure to respond to the recent crisis. The concluding chapter focuses on the need for crucial reform in European governance and discusses the impact of the UK’s recent EU membership referendum. Scholars, students and members of the general public with an interest in the future of the Eurozone will find this work thought-provoking, instructive and highly informative.


Author : David Marsh
Publisher : Yale University Press
Release : 2011-08-23
Page : 352
Category : Business & Economics
ISBN 13 : 0300173903
Description :


This book is the first comprehensive political and economic account of the birth and development of the Euro. Today the Euro is the supranational currency for sixteen European countries and the world's second-largest reserve currency. David Marsh tells the story of the rivalries, intrigues, and deal making that brought about a currency for Europe, and he analyzes the achievements and shortcomings of its first decade of existence. While the Euro represents a remarkable triumph of political will, great pressures are building on the single currency. Drawing on more than 100 interviews with leading figures associated with the Euro, and scores of secret documents from international archives, Marsh underscores the Euro's importance for the global economy, in particular for U.S. and British economic and political agendas. Hidden facts and fresh insights from The Euro --How the legacy of France and Germany's tortuous relations affects the Euro--Why the United Kingdom is unlikely to accept the Euro before 2025--The impact on the Euro of the U.S. credit crisis--How the Euro has rebounded against the aspirations of its founders--How Italy and Spain have massively lost competitiveness--Why radical changes must be adopted to prevent a European upheaval


Author : Klaus Weyerstrass
Publisher :
Release : 2006
Page : 296
Category : European Union countries
ISBN 13 :
Description :


Recoge: Executive symmary. 1. A working definition of spillover. - Part 1: Theory. - 2. A working definition of spillover. - Part 2: Empirical findings. - 3. Budgetary spillover and short-term interest rates. - 4. Budgetary spillover and long-term interest rates. - 5. Budgetary stabilisation and the level of public debt. - 6. Spillover form economic reform. - 7. Macroeconomic and welfare effects of structural and budgetary policies: spillover in the MSG3 model. - Part 3: conclusions. - 8. Summary, recommendations and future research. - Appendix. - References.


Author : Matteo Bugamelli
Fabiano Schivardi
Publisher :
Release : 2008
Page : 52
Category : Corporate reorganizations
ISBN 13 :
Description :


We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states' productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption, productivity growth has been relatively stronger in country-sectors that once relied more on competitive devaluations to regain price competitiveness. This effect is robust to potential omitted-variable bias and correlated effects. Firm-level evidence from Italian manufacturing confirms that low-tech businesses, which arguably benefitted most from devaluations, have been restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream and downstream activities, such as product design, advertising, marketing and distribution, and a corresponding reduction in the share of blue collar workers.


Author : Albert Bressand
Publisher : Promethee
Release : 1998
Page : 304
Category : Euro
ISBN 13 :
Description :



Author : Gabriele Galati
Kostas Tsatsaronis
Publisher :
Release : 2001
Page : 37
Category : Euro
ISBN 13 :
Description :


This paper presents an overview of the impact of the introduction of the euro on Europe's financial structure. It analyses changes in money markets, bond markets, equity markets and foreign exchange markets. The euro's role in originating or catalysing trends has been uneven across the spectrum of financial markets. On the lender side, banks and investors in fixed income markets have become more focused on the characteristics of individual borrowers rather than the nationality of the issuer and have built up expertise to evaluate credit risk. European equity markets have also been affected by the enhanced ability of investors to build strategies with a pan-European perspective as prices increasingly reflected risk factors specific to industrial sectors rather than individual countries. On the borrower side, EMU has increased the attractiveness of market-based financing methods by allowing debt issuers to tap institutional portfolios across the euro area. Lower barriers to cross-border financial transactions have also increased the contestability of the market for financial services, be it at the wholesale or the retail level. The introduction of the euro has also highlighted the shortcomings of existing institutional structures and areas where excessive focus on narrowly defined interests may stand in the way of realising the full potential benefits from the new environment. Diverging legal and institutional infrastructures and market practices can impede further financial market development and deepening. Hence, the euro has put a premium on cooperation between national authorities and institution as a means of achieving a more harmonised financial environment. The impact of EMU on depth in foreign exchange markets has been less clear-cut, as volatility, spreads, trading volumes and liquidity appear not to have changed in a substantial way.


Author : Kumari Jayawardena
Publisher :
Release : 2007
Page : 312
Category : Eurasians
ISBN 13 :
Description :



Author :
Publisher :
Release : 2000
Page :
Category : Monetary policy
ISBN 13 :
Description :



Author : Philipp Hartmann
Michele Manna
Publisher :
Release : 2001
Page : 43
Category : Euro
ISBN 13 :
Description :