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Europe's financial crisis cannot be blamed on the Euro, Harold
James contends in this probing exploration of the whys, whens,
whos, and what-ifs of European monetary union. The current crisis
goes deeper, to a series of problems that were debated but not
resolved at the time of the Euro's invention. Since the 1960s,
Europeans had been looking for a way to address two conundrums
simultaneously: the dollar's privileged position in the
international monetary system, and Germany's persistent current
account surpluses in Europe. The Euro was created under a
politically independent central bank to meet the primary goal of
price stability. But while the monetary side of union was clearly
conceived, other prerequisites of stability were beyond the reach
of technocratic central bankers. Issues such as fiscal rules and
Europe-wide banking supervision and regulation were thoroughly
discussed during planning in the late 1980s and 1990s, but remained
in the hands of member states. That omission proved to be a cause
of crisis decades later. Here is an account that helps readers
understand the European monetary crisis in depth, by tracing
behind-the-scenes negotiations using an array of sources
unavailable until now, notably from the European Community's
Committee of Central Bank Governors and the Delors Committee of
1988-89, which set out the plan for how Europe could reach its goal
of monetary union. As this foundational study makes clear, it was
the constant friction between politicians and technocrats that
shaped the Euro. And, Euro or no Euro, this clash will continue
into the future.
As Europe proceeds towards economic and monetary union, fiscal
convergence and the prospect of a common money are at the centre of
discussion. This volume from the Centre for Economic Policy
Research brings together theoretical, applied and historical
research on the management of public debt and its implications for
financial stability. Gale fills a gap in the literature, using a
consistent framework to investigate the welfare economics of public
debt, while Calvo and Guidotti analyse the trade-off between
indexation and maturity when it comes to minimizing debt service.
Confidence crises have become relevant again in view of the high
debt ratios in countries such as Belgium, Italy and Ireland.
Alesina, Prati and Tabellini develop a formal model of the
propagation of a debt run and use it to interpret Italian debt
panics. Giavazzi and Pagano concentrate on how inappropriate debt
management can precipitate a run on the currency while Makinen and
Woodward review a broad sweep of historical experience.
This book from the Centre for Economic Policy Research collects theoretical, applied and historical research on the welfare economics of public debt; how inappropriate debt management can lead to funding crises; capital levies; debt consolidation; U.S. public debt history; political influences on debt accumulation; trade-offs between indexation and maturity; and confidence effects in a stochastic rational expectations framework.
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