The euro and the battle of ideas / Markus K. Brunnermeier, Harold James, Jean-Pierre Landau.

Format:

Book

Author/Creator:

Brunnermeier, Markus K., author.

James, Harold, author.

Landau, Jean-Pierre, author.

Language:

English

Subjects (All):

Financial crises--European Union countries.

Financial crises.

Monetary policy--European Union countries.

Monetary policy.

Eurozone.

European Union countries--Economic policy.

European Union countries.

Physical Description:

1 online resource (449 pages) : illustrations

Place of Publication:

Princeton, NJ : Princeton University Press, [2016]

Language Note:

In English.

Summary:

Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe's survival.As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus.Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe's future.

Contents:

Frontmatter

Contents

Introduction

Part I. Power Shifts and German-French Differences

2. Power Shifts

3. Historical Roots of German-French Differences

4. German-French Differences in Economic Philosophies

Part II. Monetary and Fiscal Stability: The Ghost of Maastricht

5. Rules, Flexibility, Credibility, and Commitment

6. Liability versus Solidarity : No-Bailout Clause and Fiscal Union

7. Solvency versus Liquidity

8. Austerity versus Stimulus

Part III. Financial Stability: Maastricht's Stepchild

9. The Role of the Financial Sector

10. Financial Crises: Mechanisms and Management

11. Banking Union, European Safe Bonds, and Exit Risk

Part IV. Others' Perspectives

12. Italy

13. Anglo-American Economics and Global Perspectives

14. The International Monetary Fund (IMF)

15. European Central Bank (ECB)

16. Conclusion : Black and White or Twenty-Eight Shades of Gray?

Acknowledgments

Notes

Index

Notes:

Includes bibliographical references and index.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 23. Mai 2019)

ISBN:

9781400883332

1400883334

OCLC:

1132664281