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This volume contributes to the European debate on the best way of achieving Economic and Monetary Union, as agreed by the Treaty of Maastricht. Contributions are provided from a large group of experts, both academics and market participants from all EC countries.
The Future of the Euro is an attempt by political economists to scrutinize the fundamental causes of the euro crisis, determine how it could be fixed, and consider its possible futures. The book makes three interrelated arguments about the euro's problem, experience, and future that stress the primacy of political over economic factors.
The advent of the euro was a revolution for the 340 million people who exchanged their former currencies – considered a fundamental element of national sovereignty – for this new single currency. Encouraged by some who believe that its introduction gives more cohesion and strength to Europe in an increasingly globalized economy, the euro is criticized by others who believe that the constraints it imposes are a source of austerity and favor northern European countries at the expense of countries in the south. The Future of the Euro Currency traces the evolution of the monetary policy which the European Central Bank instituted at a time when economic, monetary and financial crises were legion. The book presents, as objectively as possible, the advantages and disadvantages of this new currency, while considering the improvements that could promote its durability.
Can the euro challenge the supremacy of the U.S. dollar as a global currency? From the time Europe’s joint money was born, many have predicted that it would soon achieve parity with the dollar or possibly even surpass it. In reality, however, the euro has remained firmly planted in the dollar’s shadow. The essays collected in this volume explain why. Because of America’s external deficits and looming foreign debt, the dollar can never be as dominant as it once was. But Europe’s money is unable to mount an effective challenge. The euro suffers from a number of critical structural deficiencies, including an anti-growth bias that is built into the institutions of the monetary union and an ambiguous governance structure that sows doubts among prospective users. As recent events have demonstrated, members of the euro zone remain vulnerable to financial crisis. Moreover, lacking a single voice, the bloc continues to punch below its weight in monetary diplomacy. The world seems headed toward a leaderless monetary order, with several currencies in contention but none clearly dominant. This collection distils the views of one of the world’s leading scholars in global currency, and will be of considerable interest to students and scholars of international finance and international political economy.
Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
The European MJnetary System (EMS) is perhaps the only success story of the Common Market since the First Enlargement. Its success, particul arly where the conmercial use of the EO] is concerned, has taken nost experts by surprise. So Irn. lch so, that when the author tried to recamEIld to his students a suitable and substantial w::>rk of study and/or reference about the experience of the EMS and its possible future evolution -- no book could be found. Thus, the author set out to write the present w::>rk. The author's aim is not to give a historical account of the EMS. Rather, the intention is to place the experience in a rrajor historical context wherein the System is seen an irrpJrtant transitional phase on the road to the ~lementation of a full economic and rronetary union (EMU). When examining the earlier plans for an EMU which Si3!N the light of day between 1969 and 1970 (already so long ago:) clear reasons emerge why the original six founder Member States of the EEx::: should have found it logical to embark upon the road to an EMU - "provided the political will to do so existed". Thus, they had beCOIre highly integrated and were conducting half their trade with each other. Then, there was the desire to integrate still further -- eventually leading (perhaps) to a political union.
In The Future of the Euro, a group of the world's top political economists 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 emphasizing the primacy of political over economic factors. First, the original plan for the euro focused on monetary union, but omitted a financial and banking union, mutually supporting institutions of fiscal union and economic government, and a legitimate political union. Second, 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 member states-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. Any successful long-term solution to the euro's predicament will need to start with the political foundations of markets.
This edited volume takes a closer look at various European pension-plan models and the recent challenges, trends and predictions related to the design of such schemes. The contributors analyse new ideas, both from national governments and European institutions, and consider current debates on topics such as the Capital Markets Union (CMU) and the so-called ‘European Pillar of Social Rights’ – calling for a new approach to social policy at the European level in response to common challenges, such as ageing and the digital revolution.This interdisciplinary work embraces economic, financial and legal perspectives, while focusing on previously selected coherence aspects in order to ensure that the analyses are comprehensive and globally consistent.