Euroland and the world economy : global player or global drag? / edited by Jörg Bibow and Andrea Terzi.

Format:

Book

Contributor:

Bibow, Jörg.

Terzi, Andrea, 1954-

Language:

English

Subjects (All):

Monetary unions--Europe.

Monetary unions.

International finance.

International economic relations.

Europe.

Physical Description:

xiii, 311 pages : illustrations ; 22 cm

Place of Publication:

Basingstoke [England] ; New York : Palgrave Macmillan, 2007.

Summary:

Little attention has been paid to the role of the European economies, and notably of the euro area, in the current global imbalance of international payments and growth rates, leading to somewhat simplistic views of Euroland contributing to limiting those imbalances and providing a template of economic policy for the twenty-first century. In addition, an influential view continues to stress the need for deeper and more comprehensive supply-side, structural reforms as a means to protect Euroland from potentially adverse global developments and play a positive role in the orderly correction of global imbalances. The contributions in this volume challenge this view and compellingly question, from a variety of angels, many popular beliefs about the road to virtues of Euroland, providing a comprehensive and fresh framework to address important questions for the future of the euro, from a critique of current macroeconomic policy institutions to proposals for both soft and tougher modifications of euro institutions; all pointing to a key question for the future of Europe: will the single currently project contribute to world economic dynamism or will it be driven by the vigour and vitality of others? Will Euroland act as global player or global drag?

Contents:

Introduction: Euroland and the World Economy - Global Player or Global Drag? / Jorg Bibow, Andrea Terzi 1

Part I Euroland on a Collision Course

1 Global Imbalances, Bretton Woods II, and Euroland's Role in All This / Jorg Bibow 15

2 Wage Divergences in Euroland: Explosive in the Making / Heiner Flassbeck 43

3 Can the Euro Area Play a Stabilizing Role in Balancing Global Imbalances? / Philip Arestis, Malcolm Sawyer 53

Part II Policy Coordination and Increased Integration as Means to Properly Steer Euroland

4 Whatever Happened to 'Policy Coordination'? / James Forder 75

5 The Economic Rationale of the EMU and the Euro / C. Sardoni 91

6 Righting Global Imbalances: Recession, Protection or Reflation? / Alex Izurieta, George Irvin 104

Part III Reforming Euroland's Institutional Framework and Macroeconomic Policy Governance

7 Replacing the Stability and Growth Pact? / C. A. E. Goodhart 135

8 Fiscal Policy and Macroeconomic Performance in the Euro Area: Lessons for the Future / Eckhard Hein, Achim Truger 154

9 Germany's Choice and Lessons from Japan: Supply vs. Demand Policy, Fiscal vs. Monetary Policy / Richard Werner 184

10 You Can't Always Get What You Want: Why Europe is Not Keynesian-able While the US New Economy is Driven by Financial Keynesianism / Riccardo Bellofiore, Joseph Halevi 215

Part IV Prospects and Limits of the Euro as a Global Currency

11 'Not my fault' or Would Spreading the Maastricht Wisdom beyond Europe Really Do Much Good at All? / Fabrice Capoen, Jerome Creel 235

12 The Role of the Euro in the International Monetary Arena: Present and Prospects / Sergio Rossi 266

13 International Payments Imbalances and the Prospective Role of the Euro / Andrea Terzi 288.

Notes:

Includes bibliographical references and indexes.

ISBN:

0230500560

9780230500563

OCLC:

144328158

Online:

Publisher description

Contributor biographical information