The Euro: is it really the crowning achievement of half a century of European integration efforts? Quite the contrary: It seems that the Euro has now become a great threat to the European Union as such. This book explains the impact which the ongoing Eurocrisis has already had on the member states and their inhabitants; and it does so without assuming that the reader is already an expert on any of the topics addressed, making it a both thorough and convenient introduction to the problem area. Sooner or later, any professor teaching courses on international relations, international political economy, or European politics will have to field questions regarding the Eurocrisis. Considering the complexity and relative peculiarity of the topic, the instructor would need to have some sort of supplement to explain the story of the euro. The authors attempt to interpret the crisis and its effects by focusing on three key questions: 1. Why has the Eurocrisis been so severe? 2. Why choose austerity as the solution? 3. Why not abandon the Euro altogether? Exploring these questions, the book allows to develop one's own understanding of the crisis and the difficult policy challenges ahead as the EU grapples with a post-crisis future.

The European debt crisis has posed a challenge for many people to understand, both non-Europeans and Europeans alike. Even economists, finance specialists and market commentators are often uncertain of its causes or in the interpretation of events ongoing, or of past events that have taken place that then shaped the current situation. Typically this lack of understanding results from a lack of understanding of how European institutions work, the structure of European politics and the Eurozone, the economics of the financial system, or the relationship of debt markets to current government policies in the EU. The purpose of this book is to describe the causes and outcomes of the European debt crisis (to the date of publication) within the context of three questions most often asked about the debt crisis: What happened? Why did it happen? Why has the crisis been so difficult for policy-makers to address? The book attempts to answer these questions in a straightforward, scholarly and thoughtful fashion, thereby developing a wider understanding of the crisis in its entirety for the reader. The book is by no means meant to be an exhaustive treatment on any of the issues it discusses. But the approach taken should be useful for those people who wish to better understand the events of the European financial crisis over the past three years but who do not need to acquire an exhaustive background in European institutions, debt markets, history and economic policy-making. For that reason the proposed book would have appeal to undergraduate students in business, economics, politics or interdisciplinary studies looking for an approachable yet detailed overview of the crisis, for graduate classes seeking similar goals and lay-people or professionals interested generally in the topic and/or with a need to acquire a basic understanding of the topic. Further, the book could serve as an introduction in courses or settings that lead to deeper discussion of the economic, political and financial issues it presents.