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The Future of the Euro
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The purpose of this book is to move beyond a purely economic under- standing of the euro crisis and its likely aftermath by emphasizing the political foundations of markets. Our goals in doing so are threefold: first, to develop a holistic understanding of what caused the euro crisis, which incorporates political, ideational, institutional, as well as economic and financial factors; second, to determine how the design flaws of the euro can be fixed for the long term; and third, to define which potential futures lie ahead for Europe’s single currency and its users.
The book’s core proposition is that one should begin by looking at the “minimal” political and institutional conditions required to make a multi-state currency union work. Only then should one ask whether Europe has those conditions in place or is likely to construct them anytime soon. This introductory chapter provides the overall frame for the book and pulls together the main ideas of the chapters. Drawing together the volume’s contributions, we make three interrelated arguments.
First, we maintain that the euro problem—the result of three “forgotten unions” quite distinct from monetary union—developed over a much longer period than a focus on the European sovereign debt crisis of 2010–2012 would suggest. We create an analytical framework for the book, which argues that the currency’s lack of “embeddedness” in truly supranational European financial, fiscal, and governance institutions was a significant omission that would eventually come to a head.
MATTHIAS MATTHIJS & MARK BLYTH - Personal Name
1st Edtion
978–0–19–023324–2
NONE
The Future of the Euro
Management
English
Oxford University Press Inc
2015
USA
1-369
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