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 Demand Forecasting for Inventory Control by Manuel Sanchis i Marco
Cover of the book Operations Research Proceedings 2017 by Manuel Sanchis i Marco
Cover of the book The Ethics of Choosing Children by Manuel Sanchis i Marco
Cover of the book Behavioral Pharmacology of Neuropeptides: Oxytocin by Manuel Sanchis i Marco
Cover of the book The Social and Human Sciences in Global Power Relations by Manuel Sanchis i Marco
Cover of the book Human Nutrition from the Gastroenterologist’s Perspective by Manuel Sanchis i Marco
Cover of the book Diophantine Analysis by Manuel Sanchis i Marco
Cover of the book Reductive Explanation in the Biological Sciences by Manuel Sanchis i Marco
Cover of the book Agricultural Development and Economic Transformation by Manuel Sanchis i Marco
Cover of the book The Greek Debt Crisis by Manuel Sanchis i Marco
Cover of the book Parallel Sparse Direct Solver for Integrated Circuit Simulation by Manuel Sanchis i Marco
Cover of the book General Relativity, Cosmology and Astrophysics by Manuel Sanchis i Marco
Cover of the book Controlled Natural Language by Manuel Sanchis i Marco
Cover of the book Mathematics Education in a Context of Inequity, Poverty and Language Diversity by Manuel Sanchis i Marco
Cover of the book Penalty, Shrinkage and Pretest Strategies 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