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This book presents a new narrative on the eurozone crisis. It
argues that the common currency has the potential to kill the
European Union, and the conventional wisdom that the eurozone can
be fixed by a common budget and further political integration is
incorrect. The authors address key questions such as why the
European Union and the single market have been successful, why the
common currency poses a threat to European integration, and whether
it is possible to either fix the eurozone or dissolve it while
keeping the EU and the single market. Contrary to the view that it
would be best if the Southern European countries left the eurozone
first, the book makes the case that the optimal solution would be
to start the process with the most competitive countries exiting
first. The authors argue that a return to national currencies would
be beneficial not only to the crisis-ridden southern countries, but
also to France and Germany, which were the main promoters of the
single currency. An organised unwinding of the euro area would be
beneficial both for the European economy and for Europe's main
trading partners. The authors contend that to defend the euro at
all costs weakens the European economy and threatens the cohesion
of the European Union. If pro-European and pro-market EU leaders do
not dismantle the eurozone, it will most likely be done by their
anti-European and anti-market successors. If that happens, the
European Union and the common market will be destroyed. This book
will be a useful and engaging contribution to the existing
literature in the fields of macro, monetary and international
finance and economics.
This book presents a new narrative on the eurozone crisis. It
argues that the common currency has the potential to kill the
European Union, and the conventional wisdom that the eurozone can
be fixed by a common budget and further political integration is
incorrect. The authors address key questions such as why the
European Union and the single market have been successful, why the
common currency poses a threat to European integration, and whether
it is possible to either fix the eurozone or dissolve it while
keeping the EU and the single market. Contrary to the view that it
would be best if the Southern European countries left the eurozone
first, the book makes the case that the optimal solution would be
to start the process with the most competitive countries exiting
first. The authors argue that a return to national currencies would
be beneficial not only to the crisis-ridden southern countries, but
also to France and Germany, which were the main promoters of the
single currency. An organised unwinding of the euro area would be
beneficial both for the European economy and for Europe's main
trading partners. The authors contend that to defend the euro at
all costs weakens the European economy and threatens the cohesion
of the European Union. If pro-European and pro-market EU leaders do
not dismantle the eurozone, it will most likely be done by their
anti-European and anti-market successors. If that happens, the
European Union and the common market will be destroyed. This book
will be a useful and engaging contribution to the existing
literature in the fields of macro, monetary and international
finance and economics.
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