Read more
"There is much evidence to suggest that the credit crunch has had disastrous effects on the eurozone. This book explores the background of the eurozone crisis, outlining a number of potential solutions. It attempts to discover if the problems could have been anticipated, and examines how well have the fiscal EMU rules been adhered to and how appropriate they are.The authors discuss how the credit crunch triggered problems with sovereign debt in the eurozone and argue that the failure of the eurozone to meet any convergence criteria was an accident waiting to happen. In particular, they look at the issues of spill-over and free-rider effects, together with the implementation of Economic and Monetary Union (EMU) fiscal rules. Furthermore, they outline a series of potential remedies, consisting of a critical evaluation of solutions that the European Union (EU) has already instigated (i.e. moral persuasion, financial relief measures and debt default), together with a series of alternative propositions (i.e. fiscal federalism and a European Clearing Union) and even the collapse of the euro and options for national economic self-governance.This study, with its comprehensive analysis of the eurozone crisis, is essential reading for students, researchers and scholars of monetary economics, European economics, political science and international relations"--
List of contents
1. The Eurozone as a Flawed Currency Area PART I: THE ECONOMICS OF MONETARY INTEGRATION 2. The Development of Microfoundations of Macroeconomics 3. Contemporary Macroeconomic Thought and its Discontents 4. Theoretical Considerations of a Single Currency PART II: CONTEMPORARY ECONOMIC POLICYMAKING 5. Rules and Institutions in International Monetary Systems 6. Fiscal Policy Within the Eurozone 7. Monetary Policy Within the Eurozone 8. Economic Policymaking Within the Eurozone PART III: SOLUTIONS TO THE EUROZONE CRISIS 9. Moral Persuasion, Financial Relief and Debt Default 10. Fiscal Federalism 11. European Clearing Union 12. The Collapse of the Eurozone: Disaster or Liberation? 13. From the Eurozone to National Economic Self-governance
About the author
Mark Baimbridge is Senior Lecturer in Economics, Division of Economics, School of Social and International Studies, University of Bradford, UK.
Philip Whyman is Professor of Economics, Lancashire Institute for Economic Business Research (LIEBR), Lancashire Business School, University of Central Lancashire, UK.
