The Economics of the Monetary Union and the Eurozone Crisis

Business & Finance, Economics, International Economics, Macroeconomics
Cover of the book The Economics of the Monetary Union and the Eurozone Crisis by Manuel Sanchis i Marco, Springer International Publishing
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Manuel Sanchis i Marco ISBN: 9783319000206
Publisher: Springer International Publishing Publication: September 6, 2013
Imprint: Springer Language: English
Author: Manuel Sanchis i Marco
ISBN: 9783319000206
Publisher: Springer International Publishing
Publication: September 6, 2013
Imprint: Springer
Language: English

​A regulatory idea conducted this work: the need to connect the economic rationale of the theory of currency areas with the current EU institutional frame of the European monetary unification process. The latter includes the recent revamping of fiscal rules of the Stability and Growth Pact, and calls for enhancing ‘flexicurity’ in EU labour markets. The lack of EU political leadership is a dead-weight loss to build a genuine economic and monetary union, and risks to blow-up the whole project. Further, it undermines the internal macroeconomic logic of a single currency like the euro, and gives a prominent non-democratic role to financial markets. As it happened in the past with the gold-standard, the euro condemns today the peripheral countries to a deflationary process which might last for a decade. A more pro-European approach is needed with both sides of the system (core and periphery) making the required adjustment efforts, though in the opposite way, to save the eurozone and Europe.  

“The theory of optimal currency areas remains the essential framework to understand the design failures of the eurozone. In order to understand these dramatic economic developments that grip the eurozone, Sanchis i Marco’s book is the right one at the right time. He does a superb job in explaining this theory and in making it relevant for our understanding of the problems faced by the eurozone. The last two chapters of the book turn towards an analysis of the crisis of the euro and how to get out of this crisis. By suggesting a path out of the crisis, Professor Sanchis i Marco leaves us with some hope for the future for Spain and other eurozone countries.”

Prof. Paul De Grauwe, London School of Economics

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

​A regulatory idea conducted this work: the need to connect the economic rationale of the theory of currency areas with the current EU institutional frame of the European monetary unification process. The latter includes the recent revamping of fiscal rules of the Stability and Growth Pact, and calls for enhancing ‘flexicurity’ in EU labour markets. The lack of EU political leadership is a dead-weight loss to build a genuine economic and monetary union, and risks to blow-up the whole project. Further, it undermines the internal macroeconomic logic of a single currency like the euro, and gives a prominent non-democratic role to financial markets. As it happened in the past with the gold-standard, the euro condemns today the peripheral countries to a deflationary process which might last for a decade. A more pro-European approach is needed with both sides of the system (core and periphery) making the required adjustment efforts, though in the opposite way, to save the eurozone and Europe.  

“The theory of optimal currency areas remains the essential framework to understand the design failures of the eurozone. In order to understand these dramatic economic developments that grip the eurozone, Sanchis i Marco’s book is the right one at the right time. He does a superb job in explaining this theory and in making it relevant for our understanding of the problems faced by the eurozone. The last two chapters of the book turn towards an analysis of the crisis of the euro and how to get out of this crisis. By suggesting a path out of the crisis, Professor Sanchis i Marco leaves us with some hope for the future for Spain and other eurozone countries.”

Prof. Paul De Grauwe, London School of Economics

More books from Springer International Publishing

Cover of the book Paolozzi and Wittgenstein by Manuel Sanchis i Marco
Cover of the book The Cordial Economy - Ethics, Recognition and Reciprocity by Manuel Sanchis i Marco
Cover of the book Progress in Nanophotonics 4 by Manuel Sanchis i Marco
Cover of the book Climate Resilient Water Resources Management by Manuel Sanchis i Marco
Cover of the book Programming with Actors by Manuel Sanchis i Marco
Cover of the book Glutamate and ATP at the Interface of Metabolism and Signaling in the Brain by Manuel Sanchis i Marco
Cover of the book Security of Industrial Control Systems and Cyber-Physical Systems by Manuel Sanchis i Marco
Cover of the book Water Scarcity and Ways to Reduce the Impact by Manuel Sanchis i Marco
Cover of the book Humanitarian Intervention and the Responsibility to Protect by Manuel Sanchis i Marco
Cover of the book Modeling and Control of Greenhouse Crop Growth by Manuel Sanchis i Marco
Cover of the book An Intelligent Customer Complaint Management System with Application to the Transport and Logistics Industry by Manuel Sanchis i Marco
Cover of the book Electronic Government by Manuel Sanchis i Marco
Cover of the book Rule Based Systems for Big Data by Manuel Sanchis i Marco
Cover of the book Mathematics Education and Language Diversity by Manuel Sanchis i Marco
Cover of the book Transport Systems of Russian Cities by Manuel Sanchis i Marco
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy