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Author: Hans-Werner Sinn Publisher: OUP Oxford ISBN: 0191006661 Category : Business & Economics Languages : en Pages : 417
Book 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 structures 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: Hans-Werner Sinn Publisher: OUP Oxford ISBN: 0191006661 Category : Business & Economics Languages : en Pages : 417
Book 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 structures 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: Emmanuel Mourlon-Druol Publisher: Cornell University Press ISBN: 0801465494 Category : Business & Economics Languages : en Pages : 369
Book Description
A Europe Made of Money is a new history of the making of the European Monetary System (EMS), based on extensive archive research. Emmanuel Mourlon-Druol highlights two long-term processes in the monetary and economic negotiations in the decade leading up to the founding of the EMS in 1979. The first is a transnational learning process involving a powerful, networked European monetary elite that shaped a habit of cooperation among technocrats. The second stresses the importance of the European Council, which held regular meetings between heads of government beginning in 1974, giving EEC legitimacy to monetary initiatives that had previously involved semisecret and bilateral negotiations. The interaction of these two features changed the EMS from a fairly trivial piece of administrative business to a tremendously important political agreement. The inception of the EMS was greeted as one of the landmark achievements of regional cooperation, a major leap forward in the creation of a unified Europe. Yet Mourlon-Druol’s account stresses that the EMS is much more than a success story of financial cooperation. The technical suggestions made by its architects reveal how state elites conceptualized the larger project of integration. And their monetary policy became a marker for the conception of European identity. The unveiling of the EMS, Mourlon-Druol concludes, represented the convergence of material interests and symbolic, identity-based concerns.
Author: David Marquand Publisher: Princeton University Press ISBN: 1400838053 Category : History Languages : en Pages : 226
Book Description
Has Europe's extraordinary postwar recovery limped to an end? It would seem so. The United Kingdom, Belgium, France, Italy, and former Soviet Bloc countries have experienced ethnic or religious disturbances, sometimes violent. Greece, Ireland, and Spain are menaced by financial crises. And the euro is in trouble. In The End of the West, David Marquand, a former member of the British Parliament, argues that Europe's problems stem from outdated perceptions of global power, and calls for a drastic change in European governance to halt the continent's slide into irrelevance. Taking a searching look at the continent's governing institutions, history, and current challenges, Marquand offers a disturbing diagnosis of Europe's ills to point the way toward a better future. Exploring the baffling contrast between postwar success and current failures, Marquand examines the rebirth of ethnic communities from Catalonia to Flanders, the rise of xenophobic populism, the democratic deficit that stymies EU governance, and the thorny questions of where Europe's borders end and what it means to be European. Marquand contends that as China, India, and other nations rise, Europe must abandon ancient notions of an enlightened West and a backward East. He calls for Europe's leaders and citizens to confront the painful issues of ethnicity, integration, and economic cohesion, and to build a democratic and federal structure. A wake-up call to those who cling to ideas of a triumphalist Europe, The End of the West shows that the continent must draw on all its reserves of intellectual and political creativity to thrive in an increasingly turbulent world, where the very language of "East" and "West" has been emptied of meaning.
Author: Anne Marie Le Gloannec Publisher: Cornell University Press ISBN: 1501716689 Category : History Languages : en Pages : 281
Book Description
Introduction : geopolitics without power politics -- From a strategy by default to a grand strategy? : in the beginning was enlargement -- The limits of enlargement : the end of certainties -- Peace, war, and confetti : an elusive security policy -- Boundaries and borderlands : from inside out? -- A crisis in the making? : the refugee crisis -- Competitive decadence? : Russia and the EU -- Conclusion : the waning geography of influence
Author: Desmond Dinan Publisher: Bloomsbury Publishing ISBN: 1350312738 Category : Political Science Languages : en Pages : 418
Book Description
The European Union (EU) is in crisis. The crisis extends beyond Brexit, the fluctuating fortunes of the eurozone and the challenge of mass migration. It cuts to the core of the EU itself. Trust is eroding; power is shifting; politics are toxic; disillusionment is widespread; and solidarity has frayed. In this major new text leading academics come together to unpack all dimensions of the EU in crisis, and to analyse its implications for the EU, its member states and the ongoing study of European integration.
Author: Jan Cremers Publisher: International Books ISBN: 9789057271052 Category : Foreign workers Languages : en Pages : 0
Book Description
This expert-led analysis smartly examines the issues of posted workers in 12 European countries and the impact of the EU Posting Directive that was established in the 1990s to handle rules regarding workers rights. The cross-border provision of services with posted workers is an integral part of the economic freedoms in the European Union internal market. In the best case, this provision is a logical part of a genuine division of labor on a European scale between contractors and specialized subcontractors. In the worst case, the cross-border provision of services can be falsely used as a method to recruit cheap temporary labor. Providing special attention to the experiences of compliance authorities, labor inspectors, and other controlling bodies, this practical evaluation reveals that the use of the posting mechanism ranges from decent long-established partnerships between contracting partners to completely fake practices of labor-only recruitment. "
Author: The Stationery Office Publisher: The Stationery Office ISBN: 0108003310 Category : Business & Economics Languages : en Pages : 89
Book Description
Europe faces an increasingly unstable and dangerous neighbourhood. The continuing war in Syria, a humanitarian crisis in the region and the weakening of state structures have created a combustible environment, which has contributed to the refugee and migration crisis and the rise of the so-called Islamic State of Iraq and the Levant (ISIL). Meanwhile, the conflict in eastern Ukraine appears to have become frozen, and relations with Russia are dominated by sanctions. In such a moment of uncertainty and upheaval, the discipline of developing a new strategy is welcome. First and foremost, a new EU foreign and security strategy must be underpinned by the recognition that the driving force in foreign policy is the Member States: it must provide the overarching framework for how Member States can act more collectively, and offer them the political framework to act within and through the EU. A new strategy for the EU must undertake a forthright process of prioritisation, agreed by the Member States. It should set out where the EU should act, and take into account what means it has at its disposal. It must be driven by a sober assessment of the risks facing the Union, its security interests therein and a clear-sighted analysis of the resources the Union can bring to bear.
Author: Erik Jones Publisher: Routledge ISBN: 1317203372 Category : Political Science Languages : en Pages : 194
Book Description
The crisis in the euro area is a defining moment in the history of European integration. It has revealed major flaws in the architecture of the European Union; it has challenged European institutions to shape an appropriate response; and it has tested the patience of a European public that is eager to see their economic prospects improve again. This volume brings together some of the world’s top economists and policymakers to explain how this crisis came about and what is to be done. The policy agenda these chapters establish is going to be difficult to implement, not least because of popular misunderstanding and political opposition. This book argues, that it is essential that European policymakers push forward this agenda or they run the risk of seeing Europe’s economies fall back into crisis. This book was previously published as a special issue of the Journal of European Integration.
Author: Paul Blustein Publisher: McGill-Queen's Press - MQUP ISBN: 1928096263 Category : Political Science Languages : en Pages : 504
Book Description
The latest book by journalist and author Paul Blustein to go behind the scenes at the highest levels of global economic policy making, Laid Low chronicles the International Monetary Fund’s role in the euro-zone crisis. Based on interviews with a wide range of participants and scrutiny of thousands of documents, the book tells how the IMF joined in bailouts that all too often piled debt atop debt and imposed excessively harsh conditions on crisis-stricken countries. As the author shows, IMF officials had grave misgivings about a number of these rescues, but went along at the insistence of powerful European policy makers — to the detriment of the Fund’s credibility, with disheartening implications for the management of future crises. The narrative ends with a tale of the clash between Greece’s radical Syriza government and the country’s creditor institutions that reached a dramatic climax in the summer of 2015.
Author: Adekeye Adebajo Publisher: Hurst Publishers ISBN: 1849041717 Category : History Languages : en Pages : 546
Book Description
This book offers a holistic and comprehensive assessment of the European Union's (EU) relations with Africa focusing on their historical, political, socio-economic, and cultural dimensions. In the high imperial period from the nineteenth century, some in Europe advocated the idea of EurafriqueA" - a formula for putting Africa's resources at the disposal of Europe's industries. After tracing Europe's historical attempts to remodel relations following African independence from the 1960s and Europe's own quest for unity, the book examines the current strategic dimensions of the relationship. Most especially, contributors examine the place of Africa in the EU's need for global partnerships. Key topics discussed include trade and investment, security and governance, migration and identity, and the historical legacy on the current relationship. The volume closely analyses the key European players in Africa - France, Britain, Portugal, and the Nordics - within the context of the EU. Finally, it examines Europe's controversial immigration policies and complex relations with the Maghreb and Mediterranean, as well as perceptions of past and current European identity. The study concludes that Africa and Europe still appear not to have escaped fully the burdens of history, and examines the feasibility of elaborating and practising, in future, an Afro-EuropaA": a new relationship defined by genuine equality, partnership, and mutual self-interest between both continents-and one that finally sheds the baggage of the EurafriqueA" past.
Author: Hans-Werner Sinn
Author: Hans-Werner Sinn
Author: Emmanuel Mourlon-Druol
Author: David Marquand
Author: Anne Marie Le Gloannec
Author: Desmond Dinan
Author: Jan Cremers
Author: The Stationery Office
Author: Erik Jones
Author: Paul Blustein
Author: Adekeye Adebajo