Originally conceived as part of a unifying vision for Europe, the
euro is now viewed as a millstone around the neck of a continent
crippled by vast debts, sluggish economies, and growing populist
dissent. In Europe's Orphan, leading economic commentator Martin
Sandbu presents a compelling defense of the euro. He argues that
rather than blaming the euro for the political and economic
failures in Europe since the global financial crisis, the
responsibility lies firmly on the authorities of the eurozone and
its member countries. The eurozone's self-inflicted financial
calamities and economic decline resulted from a toxic cocktail of
unforced policy errors by bankers, politicians, and bureaucrats;
the unhealthy coziness between finance and governments; and, above
all, an extreme unwillingness to restructure debt. Sandbu traces
the origins of monetary union back to the desire for greater
European unity after the Second World War. But the euro's creation
coincided with a credit bubble that governments chose not to rein
in. Once the crisis hit, a battle of both ideas and interests led
to the failure to aggressively restructure sovereign and bank debt.
Ideologically informed choices set in motion dynamics that
encouraged more economic mistakes and heightened political tensions
within the eurozone. Sandbu concludes that the prevailing view that
monetary union can only work with fiscal and political union is
wrong and dangerous--and risks sending the continent into further
political paralysis and economic stagnation. Contending that the
euro has been wrongfully scapegoated for the eurozone's troubles,
Europe's Orphan charts what actually must be done for the continent
to achieve an economic and political recovery. This revised edition
contains a new preface addressing the economic and political
implications of Brexit, as well as updated text throughout.
Europe's Orphan charts what actually must be done for the continent
to achieve a full recovery.
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