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• Introduction / Fabian Amtenbrink and Christoph Herrmann
• History of an incomplete EMU / Emmanuel Mourlon-Druol
• The economics of European monetary integration : the pros and cons of EMU membership / Donato Masciandaro and Davide Roemlli
• The politics of economic and monetary union / Erik Jones
• The international dimension of EMU : the interplay between the global financial stability architecture and the European Union / Shawn Donnelly and Ramses A. Wessel
• External relations of the EU and Euro Area in the field of EMU / Marise Cremona and Päivi Leino-Sandberg
• International agreements of the EU in the field of EMU / Marise Cremona and Päivi Leino-Sandberg
• The architecture of EMU / Cornelia Manger-Nestler
• Objectives of the EMU / Dariusz Adamski
• Substantive legal obligations of Euro Area member states / Charles Proctor
• EMU as constitutional law / Bruno de Witte
• Non-EU legal instruments (EFSE, ESM, and fiscal compact) / Francesco Martucci
• The EMU and the European social dimension / Francesco Costamagna
• The European Central Bank / Michael Ioannidis
• ESCB/Eurosystem/national central banks / Julian Langner
• EU's institutions representing member states governments / Eugenia Dumitriu Segnana and Alberto de Gregorio Merino
• European Parliament and national parliaments / René Repasi
• The European Commission / Kees van Duin
• European Monetary Union and the courts / Daniel Sarmiento and Moritz Hartman
• The institutional design of financial supervision and financial stability / Jennifer Payne
• Euro as legal tender (and banknotes) / Robert Freitag
• Monetary policy (objectives and instruments) / Klaus Tuori
• Foreign-exchange operations of the ECB and exchange-rate policy / Alexander Thiele
• Payment systems / Phoebus L. Athanassiou
• ERM II / Ulla Neergaard
• Prudential supervisory tasks (Article 127(6) TFEU, monetary policy vs prudential supervision) : 'kissing awake the beauty provision' / Rosa M. Lastra and Georgios Psaroudakis
• Economic policy coordination : foundations, structures, and objectives / Jean-Paul Keppenne
• EU fiscal governance on the member states : the stability and growth pact and beyond / Jean-Paul Keppenne
• Non-fiscal surveillance of the member states / Leo Flynn
• Policy conditionality attached to ESM financial assistance / Ulrich Forsthoff and Nathalie Lauer
• The IMF's financing role in Europe during the Global Financial Crisis / Katherine Christopherson and Wolfgang Bergthaler
• EU financial assistance / Vestert Borger
• Financial assistance to Euro Area members (EFSF and ESM) / Ulrich Forsthoff and Jasper Aerts
• Financial assistance to non-Euro Area member states / Alexander Thiele
• Financial market integration and EMU / Kern Alexander
• Financial market regulation in the internal market / Kern Alexander and Vivienne Madders
• Banking supervision / Christoph Ohler
• Banking resolution : the EU framework governing the resolution of credit institutions / Christoph V. Gortsos
• State aid for financial institutions / Till Müller-Ibold
• The Euro Area in crisis, 2008-18 / Christos Hadjiemmanuli
• The legality of responses to the crisis / Alicia Hinarejos
• EMU reform / Paul Craig and Menelaos Markakis

• Introduction / Federico Fabbrini and Marco Ventroruzzo
• The institutional architecture of economic union / Alberto de Gregorio Merino
• Fiscal rules / Jean-Paul Keppenne
• Mechanisms of financial stabilisation / Tomi Tuominen
• Fiscal capacity / Federico Fabbrini
• The institutional architecture and tasks of the European Central Bank / Phoebus L. Athanassiou
• Conventional and unconventional monetary policy / Katerina Pantazatou and Joannis G. Asimakopoulos
• Monetary policy and judicial review / Stefania Baroncelli
• Adjustment programmes, the European Central Bank and conditionality / Roderic O'Gorman
• The single rulebook and the European Banking Authority / Valia Babis
• The single supervisory mechanism / Tobias H. Tröger
• The single resolution mechanism / Christos V. Gorstos
• The European system of financial supervision and in particular the European Securities and Markets Authority / Sophie Vuarlot-Dignac and Eugenia Siracusa
• Capital markets union / Danny Busch
• Investment services and investment funds / Filippo Annunziata
• Clearing and settlement / Nadia Linciano
• Concluding remarks / Andreas Heinzmann and Valerio Scollo

The Economic and Monetary Union (EMU) constitutes a key pillar of the project of European integration, and the law serves as the infrastructure of the EU's system of economic governance. This comprehensive Research Handbook analyses and explains this complex architecture from a legal point of view and looks ahead to the challenges it faces and how these can be resolved. Bringing together contributions from leading academics from across Europe and top lawyers from several EU institutions, this Research Handbook is the first to cover all aspects of the Eurozone's legal ecosystem, including the fiscal, monetary, banking, and capital markets unions. In doing so, it offers an up-to-date and in depth assessment of the norms and procedures that underpin EMU, exploring the latest developments, highlighting the strengths and weaknesses of the existing framework, and making suggestions for necessary reform through policy and law. Scholars and advanced students with an interest in EU economic law will find this Research Handbook to be an indispensable guide. It will also prove valuable to policy-makers and legal advisors working in EU institutions, as well as practitioners in the field and officials in both EU and national administrations.
(source: Nielsen Book Data)

• Preface to the third edition
• What constitution? : a rose by any other name
• An elephant that cannot be defined? : what the EU is, and is not
• Marking the territory : principles governing union competences
• Who is the boss? : in search of a master of the treaties
• Looking past the trees to see the wood : construing a hierarchy of norms
• Into the estuaries and up the rivers : union law in the national legal orders of the member states
• A lot more than Brussels bureaucrats : the institutional framework
• A suprematist composition? : differentiation and flexibility
• What deficit? : the EU system of democracy
• Civis europeus sum : the evolving concept of union citizenship
• Taking rights more seriously? : the EU system of fundamental rights
• Broadening horizons? : the area of freedom, security, and justice
• The internal market : liberal, social or green?
• Building a house by starting with the roof? : economic and monetary policy
• EU external relations : an elephant trumpeting loud and clear or a gaggle of geese?
• Covenants of no strength to secure a man at all? : issues of enforcement and control
• The elephant in the room? : concluding remarks.

The third edition of this acclaimed book continues the story of the EU's constitutional journey. The EU's constitution, composed of myriad legal texts, case law and practice, is no less of a moving target than before and the pace of change has, if anything, increased since the publication of the second edition. In a constantly challenging geopolitical context, the EU faces unprecedented political, economic and cultural trials, all of which impact upon the evolution of its constitution. In particular, the migration crisis has given rise to the need for substantial revision of the chapter dealing with the area of freedom, security and justice, and the institutional reforms embarked upon in the quest to restore financial order have taken a more structured form following the inception of a European banking union. Fully updated to include the ramifications of Brexit, the book succeeds - where others have struggled - in making sense of the EU's complex constitutional order, focusing on its essential features but taking into account the profound changes that have taken place over the past 20 years. The EU has become much more than an internal economic market. Recently it may even be argued that the focus of action has been in areas such as immigration and third-country nationals, security and defence policy, and penal law and procedure, and the work towards creating a European banking union underlines the continued need to monitor economic and fiscal policy. Eschewing too much detail, the authors underline the essential values, principles and objectives of the integration regime as well as its basic normative structure and hierarchy. In this context, the decentralised nature of the EU is highlighted as an integral part of its constitutional make-up. Recurring themes include European citizenship, fundamental rights and the rule of law. The book also confronts head-on the problems and challenges facing the Union and the gap which is often perceived between lofty ideals and harsh realities. The book will be useful to students of EU law and European integration but will also appeal to a broader audience of researchers and practitioners, including political scientists.
(source: Nielsen Book Data)

• The Great Greek Crisis Theoretical Underpinnings Analysis of the Deeper Causes of the Greek Crisis Conclusions.
• (source: Nielsen Book Data)

How does one distinguish between European Union investments that improve welfare and those that create economic malaise? Funding the Greek Crisis: The European Union, Cohesion Policies, and the Great Recession explores the sources of the Greek Crisis that lie primarily in EU policies that appeared to have worked better for other countries but not for Greece. Without overly simplifying the Greek condition, it provides insights into policies the countries of the euro area may need to implement in order to ensure collective cohesion and individual success. Arguing that EU preferences for autonomous investments discouraged organic development with lasting implications, Funding the Greek Crisis sheds new light on the nature of regional competitiveness and public economics.
(source: Nielsen Book Data)

• Analytical dialectics, rationality, and trust
• Law as credibility : basic traits
• The Eurozone : accession, exit, and expulsion, revisited
• The ECB and European monetary policy
• The European framework of financial regulation and supervision : towards a banking union
• The stability and growth pact before the crisis
• The stability and growth pact under the crisis, and beyond
• European Union bailouts (l) : general aspects
• European Union bailouts (II) : bailouts of member states and MOUs
• The European Union economic strategy.

Since the economic crisis unfolded in 2008, the European Union economic governance framework has been profoundly transformed from a legal perspective. The EU has adopted new tools, institutions and rules to tackle the changes and is arguably better prepared to combat any future crises. This book analyses the basic legal framework of EU economic governance and considers the economic underpinnings which underlie legal institutions in this area. It uses analytical dialectics as a method of analysis and the paradigm of 'law as credibility' as the main model through which the substantive parts of EU economic governance are accounted for. Important issues such as access, exit and expulsion from the euro, the independence of the European Central Bank, the Stability and Growth Pact, bail-outs to member states, and the EU's economic strategy are addressed in a clear, critical and innovative way.
(source: Nielsen Book Data)

• Preface to the paperback edition
• Preface
• 1. A gaint historic mistake?
• 2. Before the fall
• 3. Greece and the idolatry of debt
• 4. Ireland : the private is political
• 5. Europe digs deeper
• 6. Righting the course : from bail-out to bail-in
• 7. If Europe dared to write down debt
• 8. Eurpoe's real economic challenges
• 9. The politics that the euro needs
• 10. Great Britain or little England?
• 11. Remembering what the euro is for.

Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. This book presents a compelling defense of the euro. It argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. The book traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro's creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. The book concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous. Contending that the euro has been wrongfully scapegoated for the eurozone's troubles, the book charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition addresses the economic and political implications of Brexit. It charts what actually must be done for the continent to achieve a full recovery.

• Preface to the paperback edition
• Preface
• 1. A gaint historic mistake?
• 2. Before the fall
• 3. Greece and the idolatry of debt
• 4. Ireland : the private is political
• 5. Europe digs deeper
• 6. Righting the course : from bail-out to bail-in
• 7. If Europe dared to write down debt
• 8. Eurpoe's real economic challenges
• 9. The politics that the euro needs
• 10. Great Britain or little England?
• 11. Remembering what the euro is for.

Originally conceived as part of a unifying vision for Europe, the euro is now viewed as a millstone around the neck of a continent crippled by vast debts, sluggish economies, and growing populist dissent. This book presents a compelling defense of the euro. It argues that rather than blaming the euro for the political and economic failures in Europe since the global financial crisis, the responsibility lies firmly on the authorities of the eurozone and its member countries. The eurozone's self-inflicted financial calamities and economic decline resulted from a toxic cocktail of unforced policy errors by bankers, politicians, and bureaucrats; the unhealthy coziness between finance and governments; and, above all, an extreme unwillingness to restructure debt. The book traces the origins of monetary union back to the desire for greater European unity after the Second World War. But the euro's creation coincided with a credit bubble that governments chose not to rein in. Once the crisis hit, a battle of both ideas and interests led to the failure to aggressively restructure sovereign and bank debt. The book concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous. Contending that the euro has been wrongfully scapegoated for the eurozone's troubles, the book charts what actually must be done for the continent to achieve an economic and political recovery. This revised edition addresses the economic and political implications of Brexit. It charts what actually must be done for the continent to achieve a full recovery.

• Contributors ; Editorial ; Sergii Bogma ; Anna Buriak ; Oksana Didenko and Larysa Hrytsenko ; Khurshid Djalilov and Jens Hölscher ; Andreas Horsch ; Franz Kronthaler and Johannes Stephan ; Serhiy Leonov and Alina Vysochyna ; Christof Morscher and Johannes Stephan ; Taras Savchenko ; Larysa Sysoyeva ; Tetiana Vasilyeva and Iaryna Samusevych.

• 1 Introduction 1 PART I: POWER SHIFTS AND GERMAN-FRENCH DIFFERENCES
• 2 Power Shifts 17 Lethargy of European Institutions 18 The First Power Shift: From Brussels to National Capitals 20 The Second Power Shift: To Berlin-Paris and Ultimately to Berlin 27 After the Power Shift 33
• 3 Historical Roots of German-French Differences 40 Cultural Differences 41 Federalism versus Centralism 43 Mittelstand versus National Champions 48 Collaborative versus Confrontational Labor Unions 51 Historical Inflation Experiences 54
• 4 German-French Differences in Economic Philosophies 56 Fluid Traditions: Switch to Opposites 56 German Economic Tradition 59 French Economic Tradition 67 International Economics 74 PART II: MONETARY AND FISCAL STABILITY: THE GHOST OF MAASTRICHT
• 5 Rules, Flexibility, Credibility, and Commitment 85 Time-Inconsistency: Ex Ante versus Ex Post 86 External Commitments: Currency Pegs, Unions, and the Gold Standard 89 Internal Commitments: Reputation and Institutional Design 91 Managing Current versus Avoiding Future Crisis 94
• 6 Liability versus Solidarity: No-Bailout Clause and Fiscal Union 97 The No-Bailout Clause 98 Fiscal Unions 100 Eurobonds 111 Policy Recommendations 115
• 7 Solvency versus Liquidity 116 Buildup of Imbalances and the Naked Swimmer 117 Solvency 118 Liquidity 119 Crossing the Rubicon via Default 125 Sovereign-Debt Restructuring and Insolvency Mechanism 126 Fiscal Push: Increasing Scale and Scope of EFSF and ESM 127 Monetary Push 131 Policy Recommendations 133
• 8 Austerity versus Stimulus 135 The Fiscal Multiplier Debate 137 The Output Gap versus Unsustainable Booms Debate 143 Politics Connects Structural Reforms and Austerity 145 The European Policy Debate on Austerity versus Stimulus 148 Lessons and Policy Recommendations 153 PART III: FINANCIAL STABILITY: MAASTRICHT'S STEPCHILD
• 9 The Role of the Financial Sector 157 Traditional Banking 159 Modern Banking and Capital Markets 162 Cross-Border Capital Flows and the Interbank Market 166
• 10 Financial Crises: Mechanisms and Management 173 Financial Crisis Mechanisms 175 Crisis Management: Monetary Policy 185 Crisis Management: Fiscal Policy and Regulatory Measures 194 Ex Ante Policy: Preventing a Crisis 206
• 11 Banking Union, European Safe Bonds, and Exit Risk 210 Banking in a Currency Union 211 Safe Assets: Flight-to-Safety Cross-Border Capital Flows 222 Redenomination and Exit Risks 226 Policy Recommendations 233 PART IV: OTHERS' PERSPECTIVES
• 12 Italy 237 Battling Economic Philosophies within Italy 237 Mezzogiorno: Convergence or Divergence within a Transfer Union 239 Italy's Economic Challenges 242 Politics and Decline 245
• 13 Anglo-American Economics and Global Perspectives 249 Diverging Traditions 251 The Politics of Looking for Recovery: The United States 261 The Politics of Thinking Outside Europe: The United Kingdom 267 The Global Perspectives: China and Russia 279 Conclusion 286
• 14 The International Monetary Fund (IMF) 287 The IMF's Philosophy and Crisis Management 289 The IMF's Initial Involvement in the Euro Crisis 295 The IMF and the Troika 300 A Change in the IMF's Leadership 304 Loss of Credibility: Muddling Through, Delayed Greek PSI 306
• 15 European Central Bank (ECB) 313 The ECB before the Crisis: Institutional Design and Philosophy 315 The ECB's Early Successes and Defeats 325 The ECB and Conditionality 331 Lending and Asset Purchase Programs 343 Single Supervisory Mechanism (SSM) for European Banks 368 Taking Stock: Where Does the ECB Stand? 372
• 16 Conclusion: Black and White or Twenty-Eight Shades of Gray? 375 Acknowledgments 391 Notes 393 Index 427.
• (source: Nielsen Book Data)

Why is Europe's great monetary endeavor, the Euro, in trouble? A string of economic difficulties in Greece, Ireland, Spain, Italy, and other Eurozone nations has left observers wondering whether the currency union can survive. In this book, Markus Brunnermeier, Harold James, and Jean-Pierre Landau argue that the core problem with the Euro lies in the philosophical differences between the founding countries of the Eurozone, particularly Germany and France. But the authors also show how these seemingly incompatible differences can be reconciled to ensure Europe's survival. As the authors demonstrate, Germany, a federal state with strong regional governments, saw the Maastricht Treaty, the framework for the Euro, as a set of rules. France, on the other hand, with a more centralized system of government, saw the framework as flexible, to be overseen by governments. The authors discuss how the troubles faced by the Euro have led its member states to focus on national, as opposed to collective, responses, a reaction explained by the resurgence of the battle of economic ideas: rules vs. discretion, liability vs. solidarity, solvency vs. liquidity, austerity vs. stimulus. Weaving together economic analysis and historical reflection, The Euro and the Battle of Ideas provides a forensic investigation and a road map for Europe's future.
(source: Nielsen Book Data)

• List of Figures xi List of Tables xxiii Foreword xxv Preface xxxi Acknowledgments xxxiii About the Author xxxv About the Website xxxvii
• CHAPTER 1 The Building Blocks of the Single European Currency 1 1.1 The Basic Concepts: Financial Flows, Risks and Probability Distribution 1 1.2 Sovereign Credit Risk, Public Debt and Inflation 12 1.3 Single Curve of Interest Rate: Euribor, Euro Swap, Eurepo 20 1.4 The Monetary Policy in the Eurozone and the Mechanisms of Transmission 28 1.5 Recognition and Management of the Sovereign Credit Risk 35
• CHAPTER 2 The Eurozone Architecture and the Working Paradigms 51 2.1 Relationships within the European Financial System 51 2.2 The Transmission Mechanisms between Finance and Real Economy in the Eurozone 69
• CHAPTER 3 The Single Currency Area in the Context of International Crisis 94 3.1 Before the Crisis: the Adverse Effects of the Single Currency 94 3.2 The Crisis: Divergence of the Sovereign Debt Curves and the Disintegration of the Single Interest Rate Curve 101
• CHAPTER 4 Dysfunctional Mechanisms of the Eurozone 122 4.1 The Explosion of Target2 Balances and the Unsustainable Accumulation of the Structural Imbalances 122 4.2 The Nationalisation of the Public Debt: the Case of Italy 142 4.3 The Nationalisation of the Public Debt Pushed to the Extreme: the Case of Greece 150
• CHAPTER 5 The Pathological Banks-Governments Relationship 173 5.1 The Spread Intermediation 173 5.2 Collateral Discrimination on the Interbank Market 182 5.3 The Divergence Mechanisms in Action: Synergies and Accelerations 197 5.4 Case Studies: the Divergence Process in Some Peripheral Countries 206
• CHAPTER 6 Assessing the Risk of a Euro Break-Up 216 6.1 A Historical Perspective on the Possible Break-up of the Euro 217 6.2 The Probability of a Euro Break-up 221 6.3 Costs and Benefits Associated with the Exit from the Euro 231
• CHAPTER 7 Financial Assistance and Fiscal Agreements in the Eurozone 243 7.1 The Sovereign Bail-out Funds 243 7.2 The Reforms of the Stability and Growth Pact and the Fiscal Compact 257
• CHAPTER 8 The Extraordinary Interventions of the ECB 267 8.1 The Securities Market Programme and the Purchases of Covered Bonds 267 8.2 The Long-term Refinancing Operations of December 2011 and February 2012 (LTROs) 270 8.3 The Outright Monetary Transactions (OMT) 271 8.4 The Targeted Long-term Refinancing Operations (TLTROs) 272 8.5 The Quantitative Easing 272
• CHAPTER 9 The European and National Interventions on the Banking Systems 293 9.1 The Banking Union 293 9.2 The Hidden Recapitalisation of the Peripheral Banking Systems 296 9.3 The State Aids to the Banking Systems of the Core Countries 301
• CHAPTER 10 Mutualisation of the Public Debt and Fiscal Transfers 304 10.1 The Mutualisation of the Public Debt in the Eurozone 304 10.2 The Fiscal Currency and Other Theories for the Unilateral Solution of Problems for Peripheral Countries 315 10.3 The Fiscal Transfers: Proposals for Structural Balance of Financial Flows 316
• CHAPTER 11 Proposals of Monetary Policy Interventions to Overcome the Crisis 324 11.1 Reforming the Statutory Objectives of the ECB: the Zero-spread Target
• 324 11.2 The Cancellation of Interests on Government Bonds Purchased by the ECB 327 11.3 The European Public Debt Refinancing Programme (EPDRP) 329 11.4 A Far More Pervasive Intervention: Partial Debt Monetisation 334 11.5 The Purchase Programme of Asset-backed Securities Guaranteed by Sovereign States and Supranational Institutions 337 11.6 A Measure of Direct Support to the Real Economy: The Cancellation of Impaired Debts of the Non-financial Private Sector 344 11.7 A Proposal for an Authentic Sustainability of the Greek Public Debt 345
• CHAPTER 12 Transparency as a Tool to Prevent Excessive Risk-taking and Contrast the Crisis 348 12.1 The Need for a Market Logic as the Basis of the Financial Sector s Regulation 348 12.2 Implications of the Lack of Transparency on Risks at a Macro Level 350 12.3 Fair Value and Probability Scenarios as a Solution to the Problem of Risk Transparency 351 ANNEX A 361 REFERENCES 463 INDEX 495.
• (source: Nielsen Book Data)

A fact-based treatise on the Eurozone crisis, with analysis of possible solutions The Incomplete Currency is the only technical yet accessible analysis of the current Eurozone crisis from a global perspective. The discussion begins by explaining how the Euro's architecture, the relationship between finance and the real economy, and the functioning of the Eurosystem in general are all at the root of the current crisis, and then explores possible solutions rooted in fact, not theory. All topics are analysed and illustrated, making extensive use of examples, tables, and graphics, and the ideas presented are supported by data sets and their statistical elaborations throughout the book. An extensive digital component includes numerical simulations of public debt dynamics for different Eurozone countries, evaluations of the sustainability of programmes like the Fiscal Compact, and stress tests on the ability of institutions like the ESM to cope with major liquidity crises, and the spreadsheets used to calculate data in the book is provided for readers to access for themselves. The survival of the European monetary union has been questioned due to the accumulation of structural imbalances and the negative effects of the global financial crisis. This book lays out the full extent of the problem, explains what caused it, and provides possible solutions backed by extensive data. * Dig down to the root of the Eurozone crisis * Learn why austerity doesn't fix anything * Understand how the Euro has changed economies * Consider possible strategies for recovery In a macroeconomic context where the monetary policy is the prerogative of the European Central Bank and fiscal policy, hopeless austerity works against the economic recovery of the Eurozone countries. A positive attitude is difficult, but necessary. The Incomplete Currency is an insightful, important resource that guides readers toward real solutions.
(source: Nielsen Book Data)

• Table of Contents; Acknowledgements; Preface; Part I: Money and the Law of Payments; Chapter One; Chapter Two; Chapter Three; Part II: Money, Identity and Communities; Chapter Four; Chapter Five; Chapter Six; Part III: Money and the Central Banking; Chapter Seven; Chapter Eight; Chapter Nine; Chapter Ten; Conclusions; About the Authors

When the term "governance" is associated with money, the mind goes directly to the traditional regulatory paradigm, i.e. the nation State-Central Banking-Currency. However, over time, there has been a steady erosion of the nation states' sovereignty, also in the area of monetary law. This process of erosion is still working from within and externally to the nation State or, in other words, from upwards to downwards and vice versa. Moving from upwards to downwards, highly interconnected financial markets have urged the national competent authorities to improve the global level of coordination in terms of sharing regulatory standards, supervisory models and risk-monitoring procedures. In the downwards-upwards direction, the concept of sovereignty is critically revised from the perspective of new and alternative means of payment, thanks to the growth of e-commerce and mobile commerce and new complementary currency projects. The European Union is a feasible institutional context in which to investigate the development of the governance of money. Indeed, the EU, considered as a "unique economic and political partnership", has not laid down a clear-cut definition of money, but the Member States have been carrying on a varying transfer of sovereignty and, in particular, of monetary sovereignty. This book examines money as a means of payment and a reserve of value within the framework of the European Union, with particular attention to community-based currencies. This book will prove an interesting and informative read for academics, students and policymakers with an interest in the development of monetary and financial systems.
(source: Nielsen Book Data)

• Making progress in economic and monetary union.- Long-term tendencies in the shares of total household income flowing to upper and lower quantiles of European households.- When "secular stagnation" meets Piketty's capitalism in the 21st century: growth and inequality trends in Europe reconsidered.- Long term patterns of European accumulation and growth: Europe at a turning point.- Those things you might not see, which are still beneficial.- Demographic changes and economic growth.- Industrial policy, investment and green growth.- The investment plan for Europe: a contribution to addressing the EU's competitiveness challenges.- The European internal market and innovation: the challenges ahead.- The Greek crisis and its structural features: some insights from a comparative exercise.- Greek export and labor market performance: facts and myths that can help devise a useful growth strategy.- Sustainable development: valuing the future for the environment and equity.- Fault lines in the international monetary system: risks for economic recovery and sustainable growth.
• (source: Nielsen Book Data)

This book explores the debate on the policies required to overcome the crises of 2008 and 2011, in which the focus on short-term measures has overshadowed the need to analyze the low growth rate in the European Union, and especially the Eurozone, as the basis for interventions that will counteract the tendency toward stagnation. Factors that lie at the root of the low growth are examined in depth, covering, for example, the impact of the demographic trend toward an aging population in Europe, consequences of inequality for growth, challenges posed by technological change, competition from emerging countries, and difficulties in improving European governance. In addition, potential actions to foster innovation and avoid long-term stagnation, such as new measures to open up markets, stimulate competition in services, and promote green growth, are discussed. The book comprises a selection of contributions presented at the XXVII Villa Mondragone International Economic Seminar, which brought together renowned economists and representatives of a broad range of countries and leading international institutions. It will appeal to all who are interested in the latest thinking on stagnation/growth, inequality, governance, competitiveness, and innovation in Europe.
(source: Nielsen Book Data)

• The origin of mistrust
• The secrets behind the banks
• Europe's awkward ambitions to change the world
• Too different for one policy
• First doubts about the euro
• The American crisis becomes the European crisis
• The European Central Bank's first rescue of the states
• Karlsruhe, ruling the world from the province
• The well-known secret of the Greek tragedy
• Let Greece default?
• Bringing the euro to the brink, in order to save it
• Sell your islands
• Contagion
• Dr. Faust saves the euro
• From a new complacency to the Irish crisis
• A sophisticated way to commit suicide
• A fateful fight between the ECB and the heads of governments
• The crisis reaches Italy and Spain
• Berlusconi's moral hazard and the German waterboarding strategy
• Solution or dissolution: political union or the end of the euro
• The limits of democracy
• Whatever it takes
• The new hierarchy
• Conclusion: a dreamless night.

Three times in the few years since the global financial crisis erupted, the euro has come close to extinction, endangering both the world economy and history's most ambitious project in shared sovereignty. Yet each time, the case for a common currency proved to be more compelling than its weaknesses, and the euro survived. Saving Europe reveals how the nexus of international economics and national politics pushed monetary union to the brink of a breakup, how that disastrous development was avoided, and why the long-term viability of a common currency challenges politics as we know it. Carlo Bastasin reveals and analyses what has been happening behind the scenes in European negotiations since the financial crisis began with the collapse of major financial institutions in 2008. He argues that the crisis in the euro zone actually has a political origin, having emerged from the self-interested abuses of national politics. Moreover, the crisis is reinforced even now by the obstinate defence of national prerogatives in politics and finance as well as by the lack of commitment for shared or supranational sovereignty. While the prevalent view is that monetary union was a flawed project from the start and is in need of amending, Bastasin shows that the failures have to do almost entirely with national opportunism -not only in Greece but in most countries, including Germany -and concludes that the crisis will lead to Europe's political union. Bastasin's work is an engrossing historical chronicle, interweaving moments of high drama with individual personalities on the world stage. German Chancellor Angela Merkel, French President Nicolas Sarkozy, and national and European central bankers, among others, play key roles. Saving Europe is also a rigorous attempt to make larger sense of what has happened in the euro zone and what might happen next. Given the central importance of Europe within the fragile world economy as well as growing speculation that the euro might disappear, this is essential reading for anyone trying to grasp international economics and politics. Just as important, it is a compelling tale of people, personalities, power, and money. There is no other book like it.
(source: Nielsen Book Data)

• TABLE OF CONTENTS; LIST OF TABLES; LIST OF FIGURES; INTRODUCTION; PART I; CHAPTER ONE; CHAPTER TWO; PART II; CHAPTER THREE; CHAPTER FOUR; CHAPTER FIVE; PART III; CHAPTER SIX; CHAPTER SEVEN; CHAPTER EIGHT; PART IV; CHAPTER NINE; CHAPTER TEN; CHAPTER ELEVEN; NOTES ON THE CONTRIBUTORS; INDEX.

The recent global financial crisis is considered to be the most severe crisis which has led to a synchronised recession since the Great Depression in the 1930s. Europe is the most affected region in the world as a result of this crisis, and, as such, the sovereign debt crisis remains the most important issue in the Eurozone and threatens the future of the EU. This book provides answers, from both theoretical and empirical perspectives, to the following questions: What caused the global and European debt crises? What are the consequences of these crises? Why, despite the implementation of several policy measures, are these crises still affecting the world economy? What are the solutions to end the on-going crisis situation in the Eurozone? How can future crisis episodes in the world economy be prevented? Eleven quality papers from both academics and professionals are included in this volume, each of which provides a significant source, reference, and teaching supplement for researchers, policymakers and advanced graduate students. In addition, the papers collected here will also provide supplementary readings for advanced courses for graduate students in economics and European studies.
(source: Nielsen Book Data)

• Europe's crisis, Europe's future : an overview / Kemal Dervis and Jacques Mistral
• Greece : tax anything that moves! / Theodore Pelagidis and Michael Mitsopoulos
• Spain : a new quest for growth / Angel Pascual-Ramsay
• Italy : strategies for moving from crisis to growth / Domenico Lombardi and Luigi Paganetto
• France : part of the solution or part of the problem? / Jacques Mistral
• Germany : constraints in the crisis / Friedrich Heinemann
• Cross-cutting issues
• The financial sector : key issues with the European banking union / Douglas J. Elliott
• Building a stronger union : social policies in Europe and the management of the debt crisis / Jacques Mistral
• Visions for Europe : democratic legitimacy and EU institutions / Kemal Dervis
• Appendix. Economic data for selected european economies, 2000-14.

Can the eurozone's emergence from crisis turn into a real economic recovery and a new vision for Europe's future? Or is Europe heading for a "lost decade" in terms of growth and a rise in old style nationalism? Kemal Dervi and Jacques Mistral have assembled an international group of economic analysts who provide perspectives on the most audacious supranational governance experiment in history. Will the crisis mark the end of the dream of "ever closer union" or lead to a renewed impetus to integrate, perhaps taking novel forms? Among the key issues explored are the: Onset, evolution, and ramifications of the euro crisis from the perspective of three countries especially hard hit - Greece, Italy, and Spain; Concerns, priorities, and issues in France and Germany, the couple that has so far always driven European integration; Effects and lessons in two key policy areas: banking union and social policies. The volume concludes with a possible renewed vision for the EU in the 2020s, including much greater political integration but where some countries may keep their national currencies and share less of their sovereignty. It is a vision of two Europes within one, ready for the twenty-first century.
(source: Nielsen Book Data)

A vivid and authoritative account of how the eurozone crisis was laid to rest but left a sullen Europe in its wake. This ebook expands and updates an investigation published by the Financial Times in 2014. Peter Spiegel, the newspaper's bureau chief in Brussels, takes the reader deep into the corridors of power to tell a piece of history that will go down as one of Europe's defining moments. How the Euro was Saved is required reading for anyone with an interest in European history and current affairs and follows in the footsteps of the FT's best selling ebook, If Greece goes...

• Table of contents; list of figures; list of tables; introduction; chapter one; europe in crisis; how to accelerate growth in europe?; japan's two lost decades; chapter two; the eu budget; the euro crisis; the sovereign debt crisisand the weakening of the pillarsof the economic and monetary union; chapter three; the crisis as a turning pointin the european convergence model; crisis management similaritiesand differences in the newly accessedcentral and eastern europeancountries; the adequacy of inflation-targetingmonetary policy and euro zoneparticipationfor the central-east europeancountries.

• Addressing the crisis in greecethe causes of slow growth in hungary; contributors; index.

"This collective volume is undoubtedly a major contribution to understanding the causes and consequences of the crisis of the Euro-zone, with a special emphasis on the implications of new and not yet EMU members. A skilful combination of contrasting theoretical and policy perspectives, a refreshing interchange among academics and practitioners from a number of countries, it is a must reading for anyone seriously interested in the political economy of crisis and reform in Europe." - Laszlo Csaba, Professor of International Political Economy, Central European University and Corvinus University of Budapest; Past President, the European Association for Comparative Economic Studies "This book offers a refreshing analysis of what is rapidly becoming Europe's lost decade. The authors, all established experts in their fields, see light at the end of the tunnel, but it seems quite distant." - Andre Sapir, Senior Fellow, Bruegel; Professor of Economics, Universite libre de Bruxelles "The papers included in the volume uphold the pressing question of whether Europe can resume its role as a 'growth and convergence engine'. Issues of growth, macro-stabilization and employment in the economically diversified internal market come in this context to the fore of the discussion. The editor of the volume, Professor Beata Farkas, skilfully brings together research focusing on diverse facets of the European economies in order to address questions such as: (1) Does one size fit all? (2) How can we change the EU budget to make it more effective? (3) Can Europe learn some lessons from the two lost decades in Japan? (4) Is inflation targeting a proper approach in defining monetary policy? (5) How do we conduct an effective fiscal policy? The added value of the volume consists in diversified methodological and conceptual perspectives employed to address the problems at hand. Ideas and arguments are presented in a novel and interdisciplinary manner. As such, the discussion that unfolds throughout the volume will be stimulating for researchers, decision-makers in the government and those in the corporate world. My recommendation is simple: take the book and read it ..." - Katarzyna Zukrowska, Professor of International Economics and Political Science, Head of the International Security Department, Warsaw School of Economics; Member of the Prognoses Committee, Polish Academy of Science.
(source: Nielsen Book Data)

• 1. Understanding EMU: The role of labour market institutions
• 2. The Other Road to Maastricht: Currency blocs, wage moderation, and social conflict
• 3. The Perils of Coordination: Wages and labour relations from the European Monetary System to EMU
• 4. Diversity without Unity: Labour unions and wage setting in EMU
• 5. The Perverse Effects of Beneficial Constraints: Labour market institutions and economic performance
• 6. The Missing Link: Labour, inflation, and EMU.
• (source: Nielsen Book Data)

This book examines the crisis of EMU through the lenses of comparative political economy. It retraces the development of wage-setting systems in the core and peripheral EMU member states, and how these contributed to the increasing divergence between creditor and debtor states in the late 2000s. Starting with the construction of the Deutschmark bloc, through the Maastricht process of the 1990s, and into the first decade of EMU, this book analyzes how labour unions and wage determination systems adjusted in response to monetary integration and, in turn, influenced the shape that monetary union would eventually take. Before the introduction of the Euro, labour unions were disciplined by central banks and governments, after social conflict in the north of the continent and with the use of social pacts in the others. Since controlling inflation had become the main goal of macro-economic policy, national central banks acted as a backstop to keep militant unions and profligate governments under control. Public sector wages thus were subordinated to manufacturing wages, a set-up policed by export sector unions, aided by the central bank. With the introduction of the single currency, the European Central Bank replaced the national central banks and, as a result, their capacity to control labour unions disappeared. The strong links between wages in the public sector unions and wages in the manufacturing export sector weakened dramatically in many countries, wage inflation re-emerged, and the stage was set for the current account divergences at the basis of the crisis of EMU.
(source: Nielsen Book Data)

• The origin of mistrust
• The secrets behind the banks
• Europe's awkward ambitions to change the world
• Too different for one policy
• First doubts about the euro
• The American crisis becomes the European crisis
• The European central bank's first rescue of the states
• Karlsruhe, ruling the world from the province
• The well-known secret of the Greek tragedy
• Let Greece default
• Bringing the euro to the brink, in order to save it
• Sell your islands
• Contagion
• Dr. Faust saves the euro
• From a new complacency to the Irish crisis
• A sophisticated way to commit suicide
• A fateful fight between the ECB and the heads of governments
• The crisis reaches Italy and Spain
• Berlusconi's moral hazard and the German waterboarding strategy
• Solution or dissolution : political union or the end of the euro
• Epilogue : toward the political union.

Three times in the few years since the global financial crisis erupted, the euro has come close to extinction, endangering both the world economy and history's most ambitious project in shared sovereignty. Yet each time, the case for a common currency proved to be more compelling than its weaknesses, and the euro survived. Saving Europe reveals how the nexus of international economics and national politics pushed monetary union to the brink of a breakup, how that disastrous development was avoided, and why the long-term viability of a common currency challenges politics as we know it. Carlo Bastasin reveals and analyses what has been happening behind the scenes in European negotiations since the financial crisis began with the collapse of major financial institutions in 2008. He argues that the crisis in the euro zone actually has a political origin, having emerged from the self-interested abuses of national politics. Moreover, the crisis is reinforced even now by the obstinate defence of national prerogatives in politics and finance as well as by the lack of commitment for shared or supranational sovereignty. While the prevalent view is that monetary union was a flawed project from the start and is in need of amending, Bastasin shows that the failures have to do almost entirely with national opportunism -not only in Greece but in most countries, including Germany -and concludes that the crisis will lead to Europe's political union. Bastasin's work is an engrossing historical chronicle, interweaving moments of high drama with individual personalities on the world stage. German Chancellor Angela Merkel, French President Nicolas Sarkozy, and national and European central bankers, among others, play key roles. Saving Europe is also a rigorous attempt to make larger sense of what has happened in the euro zone and what might happen next. Given the central importance of Europe within the fragile world economy as well as growing speculation that the euro might disappear, this is essential reading for anyone trying to grasp international economics and politics. Just as important, it is a compelling tale of people, personalities, power, and money. There is no other book like it.
(source: Nielsen Book Data)