This book takes a close look at macroeconomic imbalances within the
Eurozone and explores the profound consequences the introduction of
the European Monetary Union (EMU) has had on Euro area countries.
Particular attention is given to balance of payments deficits and
surpluses, and the profound difficulties of rebalancing the Euro
area. Throughout the chapters, the author argues that the EMU has
failed to support an optimal currency area with the correct
institutional arrangements due to misunderstandings at a
macroeconomic level. The author also sheds light on the stability
pact and the resulting macroeconomic trap which has left a number
of Eurozone countries with devastatingly high rates of
unemployment. The book argues that by disregarding important
macroeconomic imbalances, Euro-monetarists have derailed the entire
Eurozone project to such an extent that it is at risk of falling
apart. Key chapters discuss the establishment of the EMU from a
Euro-realist perspective and the role of the European Central Bank
in rebalancing financial markets. The concluding chapter looks
ahead to the future of the Euro and proposes necessary
institutional solutions to the macroeconomic problems it is
currently facing. Scholars and students with an interest in the
current economic disarray within the Eurozone will find this work
thought-provoking and highly informative.
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