The Future of the Euro

The Future of the Euro

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Description

The Future of the Euro is 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.
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Product details

  • Paperback | 368 pages
  • 162 x 236 x 25mm | 489g
  • New York, United States
  • English
  • 0190233249
  • 9780190233242
  • 757,928

Table of contents

List of Figures ; List of Tables ; Chapter 1: Introduction: The Future of the Euro and the Politics of Embedded ; Currency Areas ; Matthias Matthijs and Mark Blyth ; Section I: The Euro Problem ; Chapter 2: Forgotten Embeddedness: History Lessons for the Euro ; Kathleen R. McNamara ; Chapter 3: Forgotten Financial Union: How You Can Have a Euro Crisis ; without a Euro ; Erik Jones ; Chapter 4: Elusive Economic Government and Forgotten Fiscal Union ; Nicolas Jabko ; Chapter 5: Forgotten Democratic Legitimacy: 'Governing by the Rules' and 'Ruling by the Numbers' ; Vivien A. Schmidt ; Section II: The Euro Experience ; Chapter 6: Germany's Euro Experience and the Long Shadow of Reunification ; Abraham Newman ; Chapter 7: Europe's Middle Child: France's Statist Liberalism and the ; Conflicted Politics of the Euro ; Mark I. Vail ; Chapter 8: The Troubled South: The Euro Experience in Italy and Spain ; Jonathan Hopkin ; Section III: The Euro Future ; Chapter 9: Europe's New German Problem: The Timing of Politics and ; the Politics of Timing ; Wade Jacoby ; Chapter 10: European Integration Past, Present, and Future: Moving Forward ; through Crisis? ; Craig Parsons and Matthias Matthijs ; Chapter 11: The Future of the Euro in a Global Monetary Context ; Eric Helleiner ; Chapter 12: Conclusion: The Future of the Euro: Possible Futures, Risks, ; and Uncertainties ; Matthias Matthijs and Mark Blyth ; Bibliography ; Index
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Review quote

A vital contribution-if you want to understand the challenges at the heart of Europe's continuing crisis, put yourself in the hands of this dream-team of experts. Matthijs and Blyth have crafted a volume that is both timely and essential. * Jonathan David Kirshner, Stephen and Barbara Friedman Professor of International Political Economy, Cornell University * This is a very timely book. The authors of this collection of essays are world class researchers. They provide us with an exhaustive analysis of the necessary political steps to be undertaken to make the Eurozone sustainable in the long run. There is still a long way to go. In this exciting book we learn what this road will look like. * Paul De Grauwe, John Paulson Chair in European Political Economy, London School of Economics * [a] coherent collection of essays by a group of political economists ... the contributions also shatter some complacent assumptions about the EU. * Hans Kundnani, Times Literary Supplement *
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About Matthias Matthijs

MM: Assistant Professor of International Political Economy, Johns Hopkins University-SAISMB: Professor of Political Science, Brown University and author of Austerity (OUP) and Great Transformations (Cambridge UP)
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Rating details

23 ratings
4.22 out of 5 stars
5 43% (10)
4 39% (9)
3 13% (3)
2 4% (1)
1 0% (0)
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