One Currency Two Europes

Author : Bruno Dallago
Publisher : World Scientific
Page : 648 pages
File Size : 48,6 Mb
Release : 2016-05-24
Category : Business & Economics
ISBN : 9789814759038

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One Currency, Two Europes by Bruno Dallago Pdf

The aftermath of the US subprime mortgage crisis in 2008 saw its influence spread around the world, including Europe. The European crisis turned out to be longer, deeper and more resilient than anticipated. An unexpected consequence was the increasingly divergent economic and financial situation of two main groups of countries within the Eurozone, which includes the countries that adopt the euro as their common currency. The divergence was caused by a number of factors, fundamentally stemming from the dissimilar economic and financial situation of its member countries and from the incomplete institutional architecture and the monetary and fiscal policies in the Eurozone. One Currency, Two Europes: Towards a Dual Eurozone seeks to explore these factors which give rise to the Eurozone's asymmetric composition and the growing difficulties and ineffectiveness that policies meet. It presents evidence to show how the presently incomplete institutional architecture of the Eurozone is the main reason for the extreme detrimental effects of the international crisis and austerity policies, along with the asymmetric economic situation and the insufficient mutual trust demonstrated by the vulnerable as well as resilient countries. Other than presenting a complete overview and analysis of the events that unfolded in the Eurozone as a result of the financial crisis that first emerged in the US, this book also suggests possible solutions which could help to reunify the Eurozone, and make the common currency sustainable and beneficial for all member countries. One Currency, Two Europes will be useful for policymakers who want to learn from the Eurozone's experience with the financial crisis and the importance of complete institutional architectures and inter-country economic convergence. It will also serve as a reference to students and researchers who would like more in-depth analysis of the crisis and the Eurozone's fiscal, monetary and institutional past, present, and future. Contents: AcronymsPreface and AcknowledgmentsIntroduction: Prolegomena to the International CrisisThe Facts: The Crisis and the Eurozone:The World Economy and EuropeThe International Crisis and Its OriginFinancial Causes and Real Sources of the European CrisisInstitutions and Policies:The Internal Economic Asymmetry of the EurozoneConvergence and Divergence in the EurozoneThe Eurozone as a Quasi-Optimum Currency AreaA Detour on the Working of the EU: The Asymmetric and Incomplete Build-Up of the UnionOutcomes and Ways Out:Policies and Their FramesThe Crisis and the Incomplete Institutional ArchitectureInternal Contagion and the Eurozone EconomiesPolicies Under the Blow of the CrisisConclusions: An Uneasy MatchBibliographyIndex Readership: Students, researchers and policymakers who are interested in learning more about the fundamental nature and recent developments in the Eurozone and the European Union and the ways that it can respond to its ongoing economic and political challenges.

Author : Anonim
Publisher : Unknown
Page : 24 pages
File Size : 50,9 Mb
Release : 2009
Category : Euro
ISBN : UCSD:31822036280428

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One Currency for One Europe by Anonim Pdf

Author : Bruno Dallago
Publisher : World Scientific Publishing Company
Page : 614 pages
File Size : 54,7 Mb
Release : 2016
Category : Business & Economics
ISBN : 9814759015

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One Currency, Two Europes by Bruno Dallago Pdf

The aftermath of the US subprime mortgage crisis in 2008 saw its influence spread around the world, including Europe. The European crisis turned out to be longer, deeper and more resilient than anticipated. An unexpected consequence was the increasingly divergent economic and financial situation of two main groups of countries within the Eurozone, which includes the countries that adopt the euro as their common currency. The divergence was caused by a number of factors, fundamentally stemming from the dissimilar economic and financial situation of its member countries and from the incomplete institutional architecture and the monetary and fiscal policies in the Eurozone.One Currency, Two Europes: Towards a Dual Eurozone seeks to explore these factors which give rise to the Eurozone's asymmetric composition and the growing difficulties and ineffectiveness that policies meet. It presents evidence to show how the presently incomplete institutional architecture of the Eurozone is the main reason for the extreme detrimental effects of the international crisis and austerity policies, along with the asymmetric economic situation and the insufficient mutual trust demonstrated by the vulnerable as well as resilient countries.Other than presenting a complete overview and analysis of the events that unfolded in the Eurozone as a result of the financial crisis that first emerged in the US, this book also suggests possible solutions which could help to reunify the Eurozone, and make the common currency sustainable and beneficial for all member countries. One Currency, Two Europes will be useful for policymakers who want to learn from the Eurozone's experience with the financial crisis and the importance of complete institutional architectures and inter-country economic convergence. It will also serve as a reference to students and researchers who would like more in-depth analysis of the crisis and the Eurozone's fiscal, monetary and institutional past, present, and future.

Author : Kathleen R. McNamara
Publisher : Cornell University Press
Page : 211 pages
File Size : 50,9 Mb
Release : 2019-06-30
Category : Political Science
ISBN : 9781501711930

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The Currency of Ideas by Kathleen R. McNamara Pdf

Why have the states of Europe agreed to create an Economic and Monetary Union (EMU) and a single European currency? What will decide the fate of this bold project? This book explains why monetary integration has deepened in Europe from the Bretton Woods era to the present day. McNamara argues that the development of a neoliberal economic policy consensus among European leaders in the years after the first oil crisis was crucial to stability in the European Monetary System and progress towards EMU. She identifies two factors, rising capital mobility and changing ideas about the government's proper role in monetary policymaking, as critical to the neoliberal consensus but warns that unresolved social tensions in this consensus may provoke a political backlash against EMU and its neoliberal reforms.McNamara's findings are relevant not only to European monetary integration, but to more general questions about the effects of international capital flows on states. Although this book delineates a range of constraints created by economic interdependence, McNamara rejects the notion that international market forces simply dictate government policy choice. She demonstrates that the process of neoliberal policy change is a historically dependent one, shaped by policymakers' shared beliefs and interpretations of their experiences in the global economy.

Author : Michael Emerson
Publisher : Unknown
Page : 356 pages
File Size : 54,8 Mb
Release : 1992
Category : Business & Economics
ISBN : 0198773242

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One Market, One Money by Michael Emerson Pdf

The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Author : Thomas Mayer
Publisher : Anthem Press
Page : 273 pages
File Size : 45,5 Mb
Release : 2012-10-01
Category : Business & Economics
ISBN : 9780857285546

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Europes Unfinished Currency by Thomas Mayer Pdf

The euro was originally seen as another stepping stone to a politically unified Europe. Yet with the fall of the Berlin Wall, the disintegration of the Soviet Union and the unification of Germany, the need for European political union as a means to ensure peace in Europe disappeared. Due to the fading will for full political union, the euro project lost the prospect of a stable platform in the foreseeable future. As a result, the euro crisis forces policymakers to develop a new architecture for EMU. ‘Europe’s Unfinished Currency’ proposes that this can only be done by way of a currency union of sovereign states, which in itself is a unique historical experiment as no such union has ever survived to date. This volume offers ideas of how the EMU could potentially work, and sketches scenarios of how things might evolve in case of failure. Key Insights: *Outlines the origins of the euro within the quest for the unification of Europe. *Explains the historical failures of past monetary unions, including the Latin and Scandinavian currency unions, the US dollar standard and the Austro-Hungarian union. *Posits that the European Central Bank in cooperation with a European Monetary Fund should act as the lender of last resort to all systemically important borrowers, including governments, to safeguard price stability. *Proposes a new EMU architecture, which includes the creation of a European Monetary Fund. *Discusses possible mutations of the EMU in case of failure.

Author : Edwin L.-C. Lai
Publisher : Cambridge University Press
Page : 347 pages
File Size : 55,5 Mb
Release : 2021-07-08
Category : Business & Economics
ISBN : 9781108491686

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One Currency, Two Markets by Edwin L.-C. Lai Pdf

Economic analysis of the future of the international monetary system and the USD, and the rising importance of the RMB.

Author : Mark Baimbridge,Brian Burkitt,Philip Whyman
Publisher : Routledge
Page : 265 pages
File Size : 52,9 Mb
Release : 2006-05-02
Category : Business & Economics
ISBN : 9781134272273

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Implications of the Euro by Mark Baimbridge,Brian Burkitt,Philip Whyman Pdf

To date, critical analysis of the EMU project has largely been advanced from the centre-right spectrum of British politics. Comparable questions from the centre-left have failed to find a coherent voice. Although, the European fault-line cannot be characterized as a neat Left-Right issue there are noticeable divisions in opinion across British business, the trade union movement and within the Labour Party. Offering a unique insight into this key debate from the ‘centre-left’, eurosceptic view point, this book provides a rigorous analysis of all the salient economic and political issues of concern, such as: * the economics of a single currency * employment and social implications * sovereignty * political determination. The arguments presented in this volume highlight the emergence of a coherent alternative to deepening economic integration as a platform to build a just and equitable society. Contributions are drawn from leading academics, trade union leaders and prominent politicians, both from the Labour Party and the wider progressive Left in British politics. This informative and thought provoking book will be indispensable reading for students and practitioners in economics, politics and international relations, as well as those interested in this highly contentious topic.

Author : Markus K. Brunnermeier,Harold James,Jean-Pierre Landau
Publisher : Princeton University Press
Page : 457 pages
File Size : 40,9 Mb
Release : 2016-08-04
Category : Business & Economics
ISBN : 9781400883332

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The Euro and the Battle of Ideas by Markus K. Brunnermeier,Harold James,Jean-Pierre Landau Pdf

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 : Juan E. Castañeda,Alessandro Roselli,Geoffrey E. Wood
Publisher : Routledge
Page : 271 pages
File Size : 46,7 Mb
Release : 2020-03-16
Category : Business & Economics
ISBN : 9781000036794

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The Economics of Monetary Unions by Juan E. Castañeda,Alessandro Roselli,Geoffrey E. Wood Pdf

In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010. The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive. With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere.

Author : David Marsh
Publisher : Yale University Press
Page : 632 pages
File Size : 40,9 Mb
Release : 2011-08-23
Category : Business & Economics
ISBN : 9780300173901

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The Euro by David Marsh Pdf

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 : Alberto Giovannini,Colin Mayer,Centre for Economic Policy Research (Great Britain),Istituto mobiliare italiano
Publisher : Cambridge University Press
Page : 380 pages
File Size : 54,5 Mb
Release : 1991
Category : Business & Economics
ISBN : 0521428904

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European Financial Integration by Alberto Giovannini,Colin Mayer,Centre for Economic Policy Research (Great Britain),Istituto mobiliare italiano Pdf

Leading international experts examine the implications of integration for the monetary structure of the European community.

Author : Hanspeter K. Scheller,European Central Bank
Publisher : Unknown
Page : 229 pages
File Size : 48,7 Mb
Release : 2006
Category : Banks and banking, Central
ISBN : 928990027X

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The European Central Bank by Hanspeter K. Scheller,European Central Bank Pdf

Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.

Author : Anonim
Publisher : Unknown
Page : 722 pages
File Size : 52,6 Mb
Release : 1964
Category : Communism
ISBN : UOM:39015051421728

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East Europe by Anonim Pdf

Author : Kristin Archick
Publisher : Unknown
Page : 28 pages
File Size : 46,9 Mb
Release : 2019-09-15
Category : Electronic
ISBN : 1693263408

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The European Union by Kristin Archick Pdf

The European Union (EU) is a political and economic partnership that represents a unique form of cooperation among sovereign countries. The EU is the latest stage in a process of integration begun after World War II, initially by six Western European countries, to foster interdependence and make another war in Europe unthinkable. The EU currently consists of 28 member states, including most of the countries of Central and Eastern Europe, and has helped to promote peace, stability, and economic prosperity throughout the European continent. The EU has been built through a series of binding treaties. Over the years, EU member states have sought to harmonize laws and adopt common policies on an increasing number of economic, social, and political issues. EU member states share a customs union; a single market in which capital, goods, services, and people move freely; a common trade policy; and a common agricultural policy. Nineteen EU member states use a common currency (the euro), and 22 member states participate in the Schengen area of free movement in which internal border controls have been eliminated. In addition, the EU has been developing a Common Foreign and Security Policy (CFSP), which includes a Common Security and Defense Policy (CSDP), and pursuing cooperation in the area of Justice and Home Affairs (JHA) to forge common internal security measures. Member states work together through several EU institutions to set policy and to promote their collective interests. In recent years, however, the EU has faced a number of internal and external crises. Most notably, in a June 2016 public referendum, voters in the United Kingdom (UK) backed leaving the EU. The pending British exit from the EU (dubbed "Brexit") comes amid multiple other challenges, including the rise of populist and to some extent anti-EU political parties, concerns about democratic backsliding in some member states (including Poland and Hungary), ongoing pressures related to migration, a heightened terrorism threat, and a resurgent Russia. The United States has supported the European integration project since its inception in the 1950s as a means to prevent another catastrophic conflict on the European continent and foster democratic allies and strong trading partners. Today, the United States and the EU have a dynamic political partnership and share a huge trade and investment relationship. Despite periodic tensions in U.S.-EU relations over the years, U.S. and EU policymakers alike have viewed the partnership as serving both sides' overall strategic and economic interests. EU leaders are anxious about the Trump Administration's commitment to the EU project, the transatlantic partnership, and an open international trading system-especially amid the Administration's imposition of tariffs on EU steel and aluminum products since 2018 and the prospects of future auto tariffs. In July 2018, President Trump reportedly called the EU a "foe" on trade but the Administration subsequently sought to de-escalate U.S.-EU tensions and signaled its intention to launch new U.S.-EU trade negotiations. Concerns also linger in Brussels about the implications of the Trump Administration's "America First" foreign policy and its positions on a range of international issues, including Russia, Iran, the Israeli-Palestinian conflict, climate change, and the role of multilateral institutions. This report serves as a primer on the EU. Despite the UK's vote to leave the EU, the UK remains a full member of the bloc until it officially exits the EU (which is scheduled to occur by October 31, 2019, but may be further delayed). As such, this report largely addresses the EU and its institutions as they currently exist. It also briefly describes U.S.-EU political and economic relations that may be of interest.