• Vingt ans après
• La crise grecque bouscule l'euro
• L'erreur des "doctor doom"
• Le "choc fédéral" n'a pas eu lieu
• Un euro fantasmé
• Un euro à la légitimité politique fragile
• L'euro, enfant de mai 68 ?
• Un projet d'union monétaire prématuré
• Un couple de choc
• François Mitterrand fait le choix de l'Europe
• L'Europe relancée
• La tactique du petit poucet
• Une Dame de fer flouée
• Balladur relance le projet de monnaie unique
• Le don du mark à l'Europe
• Delors convainc Kohl
• Kohl prêt à sacrifier le mark
• Jacques dans la fosse aux lions
• Le champagne des gouverneurs
• Beuverie bavaroise
• La chute du Mur
• Les hésitations de Kohl
• Kohl fait un geste
• L'union politique est lancée
• Maastricht : les tables de la loi
• Les muses du président
• Le couperet de 1999
• Une horloge dans la construction européenne
• Un traité "précuit"
• Réunions secrètes franco-allemandes
• "L'abominable problème italien"
• Des critères, mais lesquels ?
• Le combat des Belges
• "Drei komma null"
• Faut-il aider les pays en crise ?
• Londres quitte le navire
• Doutes d'après-sommet
• Les marchés à l'assaut du projet de monnaie unique
• La superbe indifférence de la Bundesbank
• Le choc danois
• L'humiliation de Washington
• Un faucon sous pression
• Trichet préfère le téléphone
• Un gaffeur humilié
• Les anti-maastrichtiens donnent de la voix
• Incident et mésentente
• Le triomphe des faucons
• La bière du chancelier
• Le compromis de Bruxelles
• Un Britannique à la rescousse
• Le coup de fil de Matignon
• Vers l'euro
• La laborieuse relance
• Stark se fâche
• L'UEM en panne
• Balladur sauve les meubles
• Un scepticisme tenace
• Un chancelier en cardigan
• Une ambiance délétère
• Un bulldozer dans un magasin de porcelaine
• Deux cathos à Versailles
• Un président qui inquiète
• Un premier rendez-vous annulé
• L'optimisme revient
• Chirac se convertit
• "Euro, tu es euro"
• L'euro aura l'accent allemand
• Stark dans ses oeuvres
• La Buba en première ligne
• Waigel sous pression de ses "faucons"
• La France, dès l'origine, veut des sanctions contre les "mauvais élèves"
• Les difficultés commencent
• Le voyage d'Arthuis
• Bonn négocie
• Crispation allemande
• Vers l'affrontement
• Une négociation surréaliste
• "Ich bin ein Politiker"
• Chirac aux toilettes
• L'euro a l'accent allemand
• La France renonce au gouvernement économique
• Une demande française qui remonte à 1990
• Résistances allemandes
• Qui est responsable de la politique de change ?
• Concilier des désirs contradictoires
• Le gouvernement économique en mode mineur
• Oppositions philosophiques
• Le refus français du fédéralisme
• Le retour des socialistes
• Le PS tient ses promesses
• L'épreuve du feu
• Un habillage plus politique et plus social
• La glace est rompue
• Le chemin de Damas de Waigel
• Blair part en guerre
• "Les mouches ne méritent pas cela !"
• La ruée vers l'euro
• Miracle à l'italienne

• La fin de l'illusion d'une mini-union monétaire
• L'Espagne poignarde la "solidarité méditerranéenne"
• Le retour de la lire
• Les marchés parient sur l'euro
• Ultimes manoeuvres allemandes pour torpiller l'Italie
• L'Italie disqualifiée ?
• Chirac dissout
• Les astuces de comptables
• L'Allemagne tentée par les astuces comptables
• La Commission tance l'Espagne
• Les dés sont, jetés
• L'Italie in ou out ?
• Onze pays qualifiés
• L'Allemagne s'enthousiasme
• Les banquiers centraux font main basse sur la BCE
• Wim Duisenberg, le candidat des banquiers centraux
• Le pas de trop
• La colère de l'Élysée
• Trichet se prend les pieds dans le tapis
• La légende d'un accord Mitterrand-Kohl
• L'indépendance, quelle indépendance ?
• La France rétive à l'indépendance de la Banque centrale
• Le silence de l'Élysée
• Duisenberg s'isole
• Le second "putsch" des banquiers centraux
• Les banquiers centraux hors la bulle
• Trichet versus Duisenberg
• Le "come-back" de Trichet
• Les premières tentatives de compromis
• Un fauteuil pour deux
• "La fin de la démocratie"
• Des ministres des Finances émus
• Un déjeuner qui s'éternise
• Blair dépassé
• Kohl en difficulté
• Le dénouement
• Chirac qui rit, Kohl qui pleure
• Gueule de bois d'après-sommet
• Le pied de nez de Duisenberg
• L'euro ne sera pas "de gauche"
• Fin de partie pour Helmut Kohl
• De la République de Bonn à la République de Berlin
• Oskar Lafontaine vs Banques centrales
• Réguler les marchés financiers ?
• L'esprit de Pôrtschach
• La France socialiste lâche Lafontaine
• Le leurre de l'esprit de Pôrtschach
• Duisenberg fait un geste
• Les budgets sous haute surveillance
• Qui contrôle la BCE ?
• Des gouvernements schizophrènes
• Le jour de l'euro
• L'euro, "un enfant prématuré et chétif"
• L'euro attaqué
• La BCE prend la défense de l'euro
• L'euro atteint son plus bas historique à 0,82 dollar
• Le passage à l'euro fiduciaire, un coup de maître
• L'euro cher
• Le sentiment inflationniste
• "La Grèce, c'est notre club Med, on se la paiera"
• Le premier mensonge grec
• L'Allemagne et la France minent le Pacte de stabilité
• "Le Pacte n'a pas été conçu pour s'appliquer à l'Allemagne"
• L'euro de douze à dix-neuf membres
• Le "conseil de sécurité" de la BCE
• L'euro flambe
• La crise des subprimes
• La crise touche le vieux continent
• L'euro atteint son sommet historique
• Et ce fut Lehman Brother
• L'euro bouclier
• L'impotence de l'Union et des États
• Merkel, la dame de plomb
• Vous n'avez pas voulu le fédéralisme ? vous aurez la crise ! (2009- ))
• Les États punis par là où ils ont péché
• Berlin murmure à l'oreille des marchés
• Le nouveau mensonge grec
• "Frau nein" à la manoeuvre
• Goldman Sachs et les fonds spéculatifs attaquent la Grèce
• De l'anxiété à la panique
• La Grèce, un pays sans État
• L'inconscience des Européens
• La troisième faillite de la Grèce
• Un premier plan d'aide à 110 milliards d'euros
• 860 milliards d'euros pour sauver l'euro
• Fallait-il sauver la Grèce ?

• Berlin relance la crise
• L'erreur des États
• Qui sont les marchés ?
• Les banques allemandes jouent les boulefeux
• Vers la renationalisation du marché de la dette ?
• Vers la restructuration de la dette grecque
• Le Portugal tombe à son tour
• Nationalisme bancaire
• Le Pacte de stabilité retrouve son accent allemand
• La "règle d'or" européenne coulée dans de l'acier trempé
• La dette grecque restructurée
• L'Europe rattrapée par ses banques
• La BCE, L'indispensable pompier de la zone
• De la tôle à l'accident industriel
• Bunga Bunga à Rome
• La démocratie mise à l'épreuve
• Un échec européen
• La Grèce, l'éternel retour
• La zone euro prête à éjecter la Grèce
• Berlin se réconcilie avec Athènes
• Eureka
• L'union bancaire, un saut fédéral
• L'Allemagne limite l'Union bancaire
• Berlin accepte à reculons un "filet de sécurité"
• "To do whatever it takes to preserve the euro"
• "L'euro reste, il reste, il reste"
• Tournant
• La BCE fait tourner la planche à billets
• L'euro au bord de la crise de nerfs (2013- ?)
• Une économie casino
• Nicosie refuse la restructuration de ses banques
• Le parlement chypriote rejette le plan de l'Eurogroupe
• La crise de la zone euro est devenue politique
• Grèce, l'éternel retour
• Antônis Samards, , le boutefeu
• L'Allemagne paiera
• La bourrasque Varoufdkis
• Varoufdkis au pays des ministres des Finances
• Humour grec contre rigidité allemande
• La Grèce isolée
• Varoufdkis démonétisé
• Pugilat à l'Eurogroupe
• Aléxis Tsipras, secrétaire général d'un bureau politique
• Coup de poker
• La Grèce doit être punie
• Tsipras se débarrasse de son aile gauche
• Un scandale démocratique
• La mafia des droites européennes
• L'Italie défit la zone euro
• La Commission menace
• L'Allemagne, le problème de la zone euro
• La zone euro, un pouvoir autocratique
• Que faire ?
• L'euro, un succès technique
• Imperium germanique
• Une Allemagne européenne dans une Europe allemande
• La zone euro plus fragile que jamais
• Faillites françaises
• Emmanuel Macron tente de reprendre la main
• L'Allemagne reste l'Allemagne
• Hubris allemande.

"Si les gouvernements n'ont pas le courage d'achever la construction de l'euro, cette monnaie sans État, qui fête ses vingt ans le 1er janvier 2019, disparaîtra. Le choc sera d'une rare violence pour nos économies, comme l'a montré la faillite en 2008 d'une simple banque d'affaires américaine, Lehman Brothers, qui a entraîné la plus grave récession depuis 1929. Alors imaginez ce que donnerait l'effondrement de la seconde monnaie de réserve du monde... Entre 2010 et 2012, nous en avons eu un avant-goût. La crise de la zone euro n'était pourtant pas une surprise : les "pères fondateurs" de la monnaie unique avaient pris la précaution d'avertir que leur travail était imparfait. Ils comptaient sur leurs successeurs pour l'achever. Or, tels les rois fainéants, non seulement ceux-ci n'ont rien fait, se contentant de capitaliser sur les premiers pas réussis de l'euro, mais, au contraire, ils ont détricoté le peu de fédéralisme qui existait. Pour comprendre et juger, ce livre propose une plongée dans la grande histoire et les petites anecdotes de la construction monétaire européenne, nourrie des témoignages de ses principaux acteurs. Il raconte les faux pas, les réconciliations, les réunions secrètes, les engueulades homériques et les décisions prises aux petites heures du matin. Une histoire qui permet de mesurer le chemin qui reste à parcourir. À l'heure où l'Union est plus que jamais remise en question par le Brexit et la résistible vague démagogique, Jean Quatremer lance un avertissement : ce qui se joue, c'est l'avenir de notre argent."--Page 4 of cover.

• Part One: Costs and Benefits of Monetary Union
• 1: The costs of common currency
• 2: The theory of optimum currency areas: a critique
• 3: The benefits of a common currency
• 4: Costs and benefits compared Part Two: Monetary Union
• 5: The fragility of incomplete monetary union
• 6: Transition to a monetary union
• 7: How to complete a monetary union?
• 8: Leaving a monetary union
• 9: The European central bank
• 10: Monetary policy in the Eurozone
• 11: Fiscal policies in monetary unions
• 12: The euro and financial markets.
• (source: Nielsen Book Data)

The twelfth edition of Economics of Monetary Union provides a concise analysis of the theories and policies relating to monetary union. The author addresses current issues surrounding the Eurozone, including; a critical discussion of the costs and benefits of possible exits by its member countries, an analysis of the role of the ECB as new single supervisor and detail on the sovereign debt crisis. In Part One the author examines the implications of adopting a common currency, assessing the benefit to each country from being a member of the Eurozone, whilst also questioning whether other parts of the world would gain from monetary unification. Part Two of the book looks at the problems of running a monetary union by analysing Europe's experience and the issues faced by the European Central Bank. The book is accompanied by online resources that feature: For students: r s1- Links to data sources - Essay questions - Web links - Paul De Grauwe on Twitter For Lecturers: - PowerPoint slides - Instructor's manual.
(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)

• 1. Analytical dialectics, rationality, trust--
• 2. Law as credibility: basic traits--
• 3. The eurozone: access, exit and expel - revisited--
• 4. The ECB and the European monetary policy--
• 5. The European framework of financial regulation and supervision: towards a banking union--
• 6. The stability and growth pact before the crisis--
• 7. The stability and growth pact under the crisis - and beyond--
• 8. European Union bail-outs (I): general aspects--
• 9. European Union bail-outs (II): bail-outs to member states and MOUS--
• 10. The European Union economic strategy.
• (source: Nielsen Book Data)

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)

• Introduction
• Law and economics of macroprudential banking supervision
• A legal approach to monetary policy
• Policy interactions and conflicts
• The legal interaction in the EU institutional framework
• Some concluding remarks.

The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools-within or beyond their statutory constraints-capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact-and conflict-with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the "legal interaction" between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.
(source: Nielsen Book Data)

• Chapter 1. Introduction.-
• Chapter 2. Law & Economics of Macroprudential Banking Supervision.-
• Chapter 3. A Legal Approach to Monetary Policy.-
• Chapter 4. Policy Interactions and Conflicts.-
• Chapter 5. The Legal Interaction in The EU Institutional Framework.-
• Chapter 6. Some Concluding Remarks .
• (source: Nielsen Book Data)

The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools-within or beyond their statutory constraints-capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact-and conflict-with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the "legal interaction" between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.
(source: Nielsen Book Data)

• Introduction / Sabrine Ragone
• EU coordination in Greece : "forced" Europeanization under the MoU? / Calliope Spanou
• EU coordination in Ireland : centralization to master the crisis / Brigid Laffan
• EU coordination in Portugal : continuity and flexibility in a Troika regime / José M. Magone
• EU coordination in Cyprus : the limits of Europeanization in times of crisis / Adonis Pegasiou
• EU coordination in Italy : (predominantly) internally driven changes in times of crisis / Sabrina Ragone
• Conclusion / Sabrine Ragone.

The financial crisis posed new challenges for the administrations of Eurozone countries, including: how to respect EU obligations when the economy is under stress? How to improve the overall implementation of EU policies and domestic reforms? How to negotiate effectively with the Troika and then quickly and efficiently fulfil the requirements of the Memoranda of Understanding? This volume offers the first analysis of EU coordination by national executives in the light of the legal and political consequences of the crisis, using case studies of five severely affected Member States: Cyprus, Greece, Ireland, Italy, ã and Portugal. It examines from an interdisciplinary perspective how they have adapted their coordination systems since the outbreak of the crisis, shedding light on the adjustments undertaken by domestic administrations. The comparison reveals that in this process Prime Ministers and Ministers of Finance were empowered in a common shift towards the centralization of EU coordination.
(source: Nielsen Book Data)

• Preface
• Introduction
• The features of the bank structural problem and its structural attribute
• The behavioural factors related to the bank structural problem
• The decoupling approach : bank structural reform in the EU
• Banking structural regulation : its implications and effectiveness
• Banking structural regulation : its efficiency
• Resolving bank failures in the EU
• Conclusion.

Over the past two decades, the banking industry has expanded and consolidated at a stunningly unprecedented speed. In this time banks have also moved from focusing purely on commercial banking activities to being heavily involved in market-based and transaction-oriented wholesale and investment banking activities. By carrying out an all-encompassing set of activities, banks have become large, complex, interconnected, and inclined to levels of risk-taking not previously seen. With the onset of the 2008 global financial crisis it became apparent that there was an issue of institutions being too big to fail. This book analyses the too-big-to-fail problem of banks in the EU. It approaches the topic from an interdisciplinary perspective using behavioural finance as a tool to examine the occurrence of the global financial crisis and the emergence of the structural problem in large banking institutions. The book draws a comparison between the EU, the US and the UK and the relevant rules to assess the effectiveness of various approaches to regulation in a global context. Chen Chen Hu goes on to use behavioural analyses to provide new insights in evaluating the current structural reform rules in the EU Proposal on Bank Structural Regulation and the newly adopted bank recovery and resolution regime in the EU Bank Recovery and Resolution Directive and the Single Resolution Mechanism (SRM) in the Single Resolution Regulation.
(source: Nielsen Book Data)

• Introduction
• Why is the current model of EMU not working?
• Single currency or common currency?
• Monetary policy in the Keynesian EMU
• Rediscovering fiscal policy
• Breathing life into the European social model
• Conclusion.

In the wake of the Greek crisis, the future of the EU is the subject of a great deal of debate. This book critically evaluates the current new monetarist model of Economic and Monetary Union in Europe, presenting an alternative post-Keynesian (progressive) model, aimed at addressing the current problems of trade imbalance and asymmetric macroeconomic policy infrastructure that are augmenting tensions within the Eurozone. The book's approach is based upon the development of a common, rather than a single, currency approach, and utilises post-Keynesian policy solutions in order to create a form of EMU which will promote full employment rather than austerity.-- Provided by Publisher.

• Les traits saillants du livre
• Soutenabilité, consolidation et ajustements
• La monnaie unique est-elle génératrice de crises ?
• Les réponses institutionnelles
• Les réponses en matière de politique économique
• Un contexte historique particulier: la stagnation séculaire
• Zone euro : pourquoi la crise dure-t-elle ?
• Des motivations contradictoires qui conduisent à une absence de consensus
• Un cadre réglementaire rigide élaboré sous l'influence allemande
• Quelques éléments historiques
• Les règles budgétaires
• Une Banque centrale européenne calquée sur le modèle de la Bundesbank
• Face aux chocs économiques, des ajustements impopulaires en l'absence d'une véritable solidarité
• Des divergences structurelles croissantes entre les pays membres
• Évolution des PIB par habitant et des taux de croissance
• L'évolution des PIB par tête: convergence ou divergence ?
• Comment se décompose la croissance du PIB par tête ?
• Évolution de la compétitivité et du commerce extérieur
• La compétitivité
• Le commerce extérieur
• Le positionnement sectoriel
• La zone euro à l'épreuve des crises
• Les deux crises
• Les craintes des autorités de la zone euro : les scénarios catastrophiques qu'il fallait éviter
• Les flux bancaires ont-ils accru les divergences ?
• Le dérèglement de la finance au coeur de la crise
• Les flux bancaires transfrontières ont été à l'origine de bulles financières
• Flux bancaires et crise des subprimes
• Les flux de capitaux vers les pays du Sud et leurs conséquences
• Comment les crises des dettes souveraines ont provoqué des sorties de capitaux
• Le remède proposé par la commission pour sortir de la crise : les réformes structurelles
• La réponse de la banque centrale
• Comment assurer la fluidité du marché de la liquidité bancaire
• Comptes Target2, déséquilibres des soldes courants et marché interbancaire transfrontière
• L'austérité budgétaire peut-elle favoriser la croissance économique ?
• Comment est né le mythe de l'austérité favorable à la croissance
• D'aucuns attendaient des effets bénéfiques des politiques d'austérité budgétaire...
• ... mais elles ont montré des limites
• Austérité budgétaire et croissance : qu'en disent les économistes ?
• Quand et pourquoi s'engager dans des politiques d'austérité budgétaire ?
• L'austérité budgétaire s'impose-t-elle lorsque le fardeau de la dette publique devient très lourd ?
• À quelles conditions les politiques d'austérité budgétaire peuvent-elles réussir ?
• Les consolidations budgétaires pèsent-elles sur la croissance économique ? Que disent les faits empiriques ?
• La croissance est-elle plus sensible aux dépenses qu'aux- impôts ?
• Qu'en disent les économistes?
• Qu'observe-t-on dans les faits?
• L'austérité budgétaire en pratique
• Une estimation des multiplicateurs associés aux consolidations budgétaires
• Les variables de finances publiques
• Les variables macroéconomiques
• Les résultats empiriques
• Les multiplicateurs de dépenses publiques : hétérogénéité et asymétries
• Effets de la baisse des prestations sociales
• Les de la baisse de la consommation publique et de la FBCF publique
• Les multiplicateurs fiscaux

• Effets de la hausse des cotisations sociales
• Effets d'une hausse des impôts sur le revenu et des impôts sur les sociétés
• Effets d'une hausse des taxes indirectes
• Prévenir les crises budgétaires : le nouveau cadre de surveillance multilatérale
• Les principes retenus par la Commission pour tenter de remédier aux crises budgétaires
• Le nouveau dispositif budgétaire : un alourdissement des règles et de la discipline
• Gouverner par les règles
• Imposer un calendrier budgétaire aux États
• La discipline budgétaire à travers le nouveau Traité sur la Stabilité, la Coordination et la Gouvernance
• La mise sous tutelle des pays présentant de graves difficultés budgétaires et financières
• Plaidoyer des avocats du nouveau dispositif
• Les finances publiques doivent rester soutenables
• Deux contraintes valent mieux qu'une
• Prévenir les crises futures : les indicateurs de déséquilibres globaux
• Les changements de législation
• Les indicateurs et seuils d'alerte
• Le tableau de bord
• La situation des pays du Sud de la zone euro
• La croissance et les déséquilibres en Grèce et en Espagne
• Assistance financière et procédure pour déficit excessif : l'expérience des pays du sud
• La Grèce et le Portugal sous assistance financière
• L'Espagne et la France engagées dans une procédure pour déficit excessif
• L'Espagne
• La France
• Le cas emblématique de la Grèce : débats autour d'un sauvetage difficile
• Comment la Grèce s'est empêtrée dans des problèmes de surendettement
• Des difficultés qui remontent loin
• La Grèce sous perfusion de la zone euro et du FMI
• Un troisième plan d'ajustement structurel
• Le plan d'aide et les réformes proposées par la Troïka
• La soutenabilité budgétaire grâce à cinq séries de mesures
• La stabilité financière en améliorant le fonctionnement des banques
• Les réformes structurelles
• Modernisation de l'administration
• Pour le gouvernement grec, l'important était la relance
• Faire revenir la croissance
• Quelles réformes du marché du travail et du système des pensions ?
• Conclusion : La prochaine étape, un fédéralisme budgétaire ?

"Austérité budgétaire : remède ou poison ? Cet ouvrage pose quelques questions économiques fondamentales : pourquoi la crise de la zone euro dure-t-elle ? les flux bancaires ont-ils accru les divergences ? l'austérité budgétaire peut-elle favoriser la croissance économique ? comment prévenir les crises budgétaires ? une politique monétaire commune est-elle viable sans union budgétaire ? Face à la crise, le débat fait toujours rage entre ceux qui pensent avoir agi en conscience, afin de ne pas aggraver une situation qui menaçait de faire exploser la zone euro, et ceux qui soulignent à l'inverse que ces politiques nous ont amenés au bord d'un nouveau précipice : la stagnation pour plusieurs décennies. En analysant les arguments de part et d'autre, cet ouvrage sort du cadre feutré des débats de spécialistes en pointant clairement les ambiguïtés des discours économiques et politiques. Les trois auteurs sont économistes et membres de l'École d'économie d'Aix-Marseille. Coup de gueule et engagement. Une petite collection dérangeante et citoyenne qui aborde tous les sujets cruciaux de notre société pour redonner la parole et permettre le débat."--Page 4 of cover.

• 1.
• Baptism of fire
• 2.
• Entering a war zone
• 3.
• A secret lunch
• 4.
• Buying time
• 5.
• "Two" big to fail
• 6.
• Too big to save?
• 7.
• A Russian playground
• 8.
• A bank run and a tearful agreement
• 9.
• The euro at breaking point
• 10.
• Illusions
• 11.
• Taxing the poor (to protect the rich)
• 12.
• Heading towards the abyss
• 13.
• "Take it or leave it"
• 14.
• Resolution and capital controls
• 15.
• Toxic fallout
• 16.
• The final act
• 17.
• The key ingredients of the crisis
• 18.
• Lessons for Europe and beyond.
• (source: Nielsen Book Data)

This book tells the story of the euro crisis in Cyprus from the inside. Written by the former Governor of the Central Bank of Cyprus, Panicos Demetriades, who was in office during this turbulent period, this book shows how the crisis unravelled through a series of key events that occurred during his tenure.Written in chronological order, and broadly based on the author's personal diary, starting from his first day in office, this volume brings together economics, banking, regulation, governance, history, politics and international relations.Presenting personal witness statements, including records of noteworthy telephone conversations, informal meetings and other milestones, it examines crucial questions like: How did Cyprus become so systemically important to the rest of the euro area? Why was Cyprus treated so differently in comparison to other peripheral countries in Europe? Why were bank depositors targeted? What role did Cyprus' links with Russia play in the design of the programme? What has been the toxic fallout from the bail-in? Are there any longer-term implications for the euro? What are the lessons for regulators around the world?The book will appeal to readers interested in financial crises, the euro's architecture, the evolution of the European Monetary Union, and those with an interest in how Europe and the IMF dealt with crises in peripheral European countries.
(source: Nielsen Book Data)

• Le contexte de la monnaie unique
• La monnaie : des unités de confiance
• De l'empreinte religieuse à l'euro
• De l'or en plomb
• De l'endettement public vers un défaut étatique ?
• La BCE : l'exercice solitaire du pouvoir monétaire
• Des scénarios économiques.

"L'euro n'est pas une monnaie spontanée, mais l'aboutissement d'un rapport de forces nationales découlant de la réunification allemande. Si les premières années de cette devise, introduite en 1999, ont été baignées dans un contexte économique favorable, la crise bancaire de 2008 et la banqueroute grecque en ont dévoilé les failles. Les différents États membres n'ont pas partagé leurs finances publiques ni créé d'organe politique destiné à aligner les économies. L'euro n'est plus porté par un élan politique commun, parce que la différence de croissance entre les pays européens s'accroît et que la prospérité n'est plus partagée. Aujourd'hui, les rentiers du Nord européen se plaignent de taux d'intérêt négatifs tandis que le chômage du Sud européen suffoque sous une monnaie trop forte. L'euro n'a pas apporté suffisamment d'intégration politique et de croissance. Cette monnaie pourrait susciter son propre sabordage si sa gestion n'est pas repensée dans le sens d'une plus grande solidarité financière et d'une compréhension sociopolitique accrue des différents États membres. Plus que jamais, la perpétuation de l'euro repose sur le fragile équilibre de l'axe franco-allemand. Sans sursaut moral et une action politique décisive, un fait inattendu pourrait conduire à une sécession monétaire ou, pire, déclarer un véritable schisme qui mettrait fin à l'une des plus stupéfiantes expériences de l'histoire des monnaies."--Page 4 of cover.

• 1. A gaint historic mistake?
• 2. Before the fall
• 3. Freece 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.

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.

This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro area. Our analysis relies on real-time data for 19 countries participating in the euro area over 1999-2015. We look for, but do not find, conclusive evidence of bias in procedures in relation to country size. The paper also briefly reviews the literature on political economy factors and policy biases, and offers some reflections on the euro area architecture.

• Table of Contents
• Introduction Part I - Theoretical Foundations
• Chapter 1. Substance and purposes of economic activity Part II - Money and Credit
• Chapter 2. Debts and balance sheets
• Chapter 3. The creation of bank deposits (deposits)
• Chapter 4. The creation of central bank deposits
• Chapter 5. The instruments of a central bank (monetary policy)
• Chapter 6. The creation of sovereign securities (fiscal policy)
• Chapter 7. The sustainability of the financial system
• Chapter 8. Inflation and deflation Part III - Analysis
• Chapter 9. A macroeconomic model
• Chapter 10. Europe before the euro
• Chapter 11. The situation with the euro Part IV - Reform
• Chapter 12. How do we restore demand?
• Chapter 13. The future - with or without the euro? Conclusion Further readings Index.
• (source: Nielsen Book Data)

This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits - central bank deposits and bank deposits - are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.
(source: Nielsen Book Data)

• PART I: BUILDING BLOCKS-- PART II: EVOLVING MONETARY UNIONS OF LIMITED RISK-SHARING-- PART III: SOLIDARITY IN ACTION.
• (source: Nielsen Book Data)

Creating the European monetary union between diverse and unequal nation states is arguably one of the biggest social experiments in history. This book offers an explanation of how the euro experiment came about and was sustained despite a severe crisis, and provides a comparison with the monetary-financial history of the US. The euro experiment can be understood as risk-sharing through a currency that is issued by a supranational central bank. A single currency shares liquidity risks by creating larger markets for all financial assets. A single monetary policy responds to business cycles in the currency area as a whole rather than managing the path of one dominant economy. Mechanisms of risk-sharing become institutions of monetary solidarity if they are consciously maintained, but they will periodically face opposition in member states. This book argues that diversity of membership is not an economic obstacle to the success of the euro, as diversity increases the potential gains from risk sharing. But political cooperation is needed to realize this potential, and such cooperation is up against collective action problems which become more intractable as the parties become more diverse. Hence, risk-sharing usually comes about as a collective by-product of national incentives. This political-economic tension can explain why the gains from risk-sharing are not more fully exploited, both in the euro area and in the US dollar area. This approach to monetary integration is based on the theory of collective action when hierarchy is not available as a solution to inter-state cooperation. The theory originates with Keohane and Ostrom (1995) and it is applied in this book, taking into account the latest research on the inherent instability of financial market integration.
(source: Nielsen Book Data)

• Anstelle eines Vorworts
• Deutschland Leidet Unter dem Helfersyndrom
• Wie Angela Merkel die Welt Rettet
• Der Weg zur Mutter Teresa und zurück
• Angela Merkel rettet die Flüchtlinge dieser Welt
• Angela Merkel rettet das Weltklima
• Angela Merkel rettet uns vor der Kernenergie
• Angela Merkel rettet Europa
• Wie Deutschland die Welt Rettet
• TTIP : Deutsche retten uns vor der Globalisierung
• Deutsche retten Polens Demokratie
• Deutscher "Rudeljournalismus" und die Schere im Kopf
• Deutsche retten italienische Eidechsen
• Von der Friedens : zur Streitunion
• Was und wer hat Europas Frieden gesichert?
• Der Weg zur Streitunion
• Gewollte Entmachtung Deutschlands und Ungewollte Folgen
• Frankreichs Ziel : die Bundesbank entmachten
• Bundesbank auf verlorenem Posten
• Das Verhängnis der Eurodividende
• Vom europäischen Rechtsstaat zur politischen Hauruckgesellschaft
• Subsidiarität Oder Europäische Sogwirkung
• Zentralismus statt Subsidiarität
• Vergemeinschaftung statt Eigenverantwortung
• Harmonisierung statt Wettbewerb
• Was das für unsere Zukunft bedeutet
• Das Flüchtlingsproblem : die Eigentliche Aufgabe Steht Uns Noch Bevor
• Unsere Verantwortung
• Ihr schafft das schon!
• Asyl und Grenzen
• Die Integration in den Arbeitsmarkt ist die Nagelprobe
• Wird die kulturelle Integration gelingen?
• Grexit Oder Dexit?
• Schäubles Erkenntnis : 2010 und 2015
• Von finanzieller Eigenverantwortung zum Währungssozialismus
• Griechenland in der Hand seiner Gläubiger
• Der Grexit wäre Griechenlands Rettung
• Griechenland und die Eurozone : nach einem Grexit
• Wenn kein Grexit, dann Dexit
• Das Europäische Parlament und die Immer Engere Union
• Der Luxus dreier europäischer Standorte
• Die Arbeitsweise des Europäischen Parlaments
• Die Entfremdung zwischen Europäischem Parlament und seinen Wählern
• Hat In Europa das Sagen?
• Verschiebung der Gewichte zwischen Kommission und Mitgliedstaaten
• Juncker fühlt sich als europäischer Ministerpräsident
• Der getriebene Hegemon
• Welchen Weg Nimmt Europa?
• Geht nach dem Brexit alles seinen gewohnten Gang?
• Das Referendum zeigt den Nutzen plebiszitärer Elemente
• Grossbritannien ist weniger Leidtragender des Brexit als die EU
• Wie Angela Merkel den Brexit mitverursacht hat
• Der Euro als Anstoss für den Brexit
• Was nun? --Warum Lassen Wir uns das Gefallen? die Therapie
• Personenregister.

• The interplay between EU law and international law to set up the Eurozone rescue mechanisms / Antonio Pastor Palomar
• Monetary policy and private pensions / Markus Roth
• Financial crisis and European company and capital market law / Jessica Schmidt
• CoCo bonds as a means of reducing systematic risk and their role within new regulatory regimes / Henrik Gildehaus
• Is EU financial law overly complex? / Matthias Lehmann
• The European crises as tax crises / Agustín J. Menéndez
• A common tax policy for Europe / André Meyer
• Is European private law going through a crisis? : the current situation of European private law after the financial crisis / Phillip Hellwege
• Financial crisis and general contract law / Ann-Chantal Gressler
• Stress-testing EU law in the field of consumer redress / Guillermo Palao Moreno
• Stress testing of European law of consumer jurisdiction : coherence of the existing rules and their impact on the level of consumer protection / Malte Kramme
• Rethinking competition law after the financial crisis / Rupprecht Podszun
• Merger control and the financial crisis : rescue mergers and the failing firm defence / Marius Leber
• Universal versus individual transfers of assets and liabilities : a conflict-of-laws perspective / Francisco Garcimartín Alférez
• Financial crisis and European insolvency law / Michael F. Müller
• International arbitration and vis attractiva concursus / Manuel Penades Fons
• Reflections on the social and human dimension of the economic and financial crisis in the European Union / Isabel Lirola
• New developments on the free movement of persons in the European Union in a time of crisis : eroding the European citizenship? / Magdalena Martín Martínez.

The financial crisis has literally stress tested the European Union and indeed continues to do so. It has already laid bare many fundamental issues and conundrums of the European Union and the European Union's legal system that had been waiting to be seriously addressed for quite a number of years.This book examines the consequences of the financial crisis for European Union law i- not only with respect to various specific areas of the law, namely contract law, company law, capital markets law, banking law, competition law, tax law, insolvency law, but also with respect to fundamental issues regarding the role and function of the European Union and European law.
(source: Nielsen Book Data)

• 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)

• 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)

• Préface / Jean-Pierre Gérard
• L'euro est une catastrophe
• L'euro ou la croissance, il faut choisir
• Ce que l'euro a fait à la Grèce
• Une reprise de l'économie espagnole au sein de l'Union monétaire européenne est-elle possible?
• L'euro et le déclin de l'économie italienne
• L'impact social de l'euro
• "L'euro est une Grande Réussite"
• L'euro et l'Europe allemande
• La zone euro : du cadre disciplinaire à la "démocrannie"
• Reconstruire après l'euro
• La sortie de l'euro ne nous ruinera pas
• L'impact de la sortie de l'euro sur l'économie française
• Le renouveau de l'industrie française
• De la sortie de l'euro à la reconstruction de l'économie française
• Reconstruire la Grèce grâce à une nouvelle drachme
• Peut-on sauver l'Italie du marasme ?
• L'euro, un barrage contre le monde ?

"Les économistes de renom qui ont collaboré à cet ouvrage ont des points de vue différents sur l'économie et n'appartiennent pas aux mêmes courants politiques. Pourtant, ils pensent tous que la sortie de l'euro est un préalable au redressement de l'économie. L'euro tue l'Europe : désindustrialisation, paupérisation allant de pair avec une désertification économique de parts entières des pays et la concentration de richesses et de pouvoir dans quelques endroits... Des réformes injustes et inutiles, une monnaie qui n'a pas évolué en instrument de puissance à l'usage de tous, un aveuglement ayant déjà coûté trop d'emplois et de vies... Par cet ouvrage, Jacques Sapir, Jean-Jacques Rosa, Norman Palma, Gérard Lafay, Jean-Pierre Gérard ou encore Jean-Claude Werrebrouck avec les contributions d'auteurs d'autres nations européennes veulent se détacher des logiques partisanes et apporter une contribution scientifique à cette question : l'euro est-il mort ? "En finir avec l'euro, c'est la possibilité et la tentation de soustraire les monnaies à l'empire mondial de la finance. C'est aussi le possible rétablissement des souverainetés disparues avec la privatisation des monnaies. C'est enfin le possible cheminement vers une forme renouvelée de l'État-Nation. C'est en conséquence le possible rétablissement d'une démocratie confisquée.""--Page 4 of cover.

• Part I. Europe in crisis. The euro crisis ; The euro: the hope and the reality ; Europe's dismal performance
• Part II. Flawed from the start. When can a single currency ever work? ; The euro: a divergent system ; Monetary policy and the European Central Bank
• Part III. Misconceived policies. Crises policies: how Troika policies compounded the flawed Eurozone structure, ensuring depression ; Structural reforms that further compounded failure
• Part IV. A way forward? Creating a Eurozone that works ; Can there be an amicable divorce? ; Toward a flexible euro ; The way forward.

In 2010, the 2008 global financial crisis morphed into the "eurocrisis." It has not abated. The 19 countries of Europe that share the euro currency-the eurozone-have been rocked by economic stagnation and debt crises. Some countries have been in depression for years while the governing powers of the eurozone have careened from emergency to emergency, most notably in Greece. In The Euro, Nobel Prize-winning economist and best-selling author Joseph E. Stiglitz dismantles the prevailing consensus around what ails Europe, demolishing the champions of austerity while offering a series of plans that can rescue the continent-and the world-from further devastation. Hailed by its architects as a lever that would bring Europe together and promote prosperity, the euro has done the opposite. As Stiglitz persuasively argues, the crises revealed the shortcomings of the euro. Europe's stagnation and bleak outlook are a direct result of the fundamental challenges in having a diverse group of countries share a common currency-the euro was flawed at birth, with economic integration outpacing political integration. Stiglitz shows how the current structure promotes divergence rather than convergence. The question then is: Can the euro be saved? After laying bare the European Central Bank's misguided inflation-only mandate and explaining how eurozone policies, especially toward the crisis countries, have further exposed the zone's flawed design, Stiglitz outlines three possible ways forward: fundamental reforms in the structure of the eurozone and the policies imposed on the member countries; a well-managed end to the single-currency euro experiment; or a bold, new system dubbed the "flexible euro." With its lessons for globalization in a world economy ever more deeply connected, The Euro is urgent and essential reading.
(source: Nielsen Book Data)

• Part I. Europe in crisis
• The euro crisis
• The euro: the hope and the reality
• Europe's dismal performance
• Part II. Flawed from the start
• When can a single currency ever work?
• The euro: a divergent system
• Monetary policy and the European Central Bank
• Part III. Misconceived policies
• Crises policies: how Troika policies compounded the flawed eurozone structure, ensuring depression
• Structural reforms that further compounded failure
• Part IV. A way forward?
• Creating a eurozone that works
• Can there be an amicable divorce?
• Toward a flexible euro
• The way forward.

In 2010, the 2008 global financial crisis morphed into the "eurocrisis." It has not abated. The 19 countries of Europe that share the euro currency-the eurozone-have been rocked by economic stagnation and debt crises. Some countries have been in depression for years while the governing powers of the eurozone have careened from emergency to emergency, most notably in Greece. In The Euro, Nobel Prize-winning economist and best-selling author Joseph E. Stiglitz dismantles the prevailing consensus around what ails Europe, demolishing the champions of austerity while offering a series of plans that can rescue the continent-and the world-from further devastation. Hailed by its architects as a lever that would bring Europe together and promote prosperity, the euro has done the opposite. As Stiglitz persuasively argues, the crises revealed the shortcomings of the euro. Europe's stagnation and bleak outlook are a direct result of the fundamental challenges in having a diverse group of countries share a common currency-the euro was flawed at birth, with economic integration outpacing political integration. Stiglitz shows how the current structure promotes divergence rather than convergence. The question then is: Can the euro be saved? After laying bare the European Central Bank's misguided inflation-only mandate and explaining how eurozone policies, especially toward the crisis countries, have further exposed the zone's flawed design, Stiglitz outlines three possible ways forward: fundamental reforms in the structure of the eurozone and the policies imposed on the member countries; a well-managed end to the single-currency euro experiment; or a bold, new system dubbed the "flexible euro." With its lessons for globalization in a world economy ever more deeply connected, The Euro is urgent and essential reading.
(source: Nielsen Book Data)

• 1. Incomplete Monetary Union and Europe's Current Crisis
• 2. From Order to Disorder: How Monetary Union Changed National Labor Markets
• 3. Monetary Regimes, Wage Bargaining, and the Current Account Crisis in the EMU South: Empirical Evidence
• 4. National Central Banks and Inflation Convergence: Danish and Dutch Corporatism Inside and Outside of Monetary Union
• 5. Strength in Rigidity: Public Sector Employment Reform and Wage Suppression in Germany, the Netherlands and Italy
• 6. Sheltered Sector Dominance under a Common Currency: Irrational Exuberance in Ireland and Fragmentation in Spain
• 7. EMU, the Politics of Wage Inflation, and Crisis: Implications for Current Debates and Policy.
• (source: Nielsen Book Data)

What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe's monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe's distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe's corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South.The euro's institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency's corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union's removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU's goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets.
(source: Nielsen Book Data)

• 1. Incomplete Monetary Union and Europe's Current Crisis
• 2. From Order to Disorder: How Monetary Union Changed National Labor Markets
• 3. Monetary Regimes, Wage Bargaining, and the Current Account Crisis in the EMU South: Empirical Evidence
• 4. National Central Banks and Inflation Convergence: Danish and Dutch Corporatism Inside and Outside of Monetary Union
• 5. Strength in Rigidity: Public Sector Employment Reform and Wage Suppression in Germany, the Netherlands and Italy
• 6. Sheltered Sector Dominance under a Common Currency: Irrational Exuberance in Ireland and Fragmentation in Spain
• 7. EMU, the Politics of Wage Inflation, and Crisis: Implications for Current Debates and Policy.
• (source: Nielsen Book Data)

What explains Eurozone member-states' divergent exposure to Europe's sovereign debt crisis? Deviating from current fiscal and financial views, From Convergence to Crisis focuses on labor markets in a narrative that distinguishes the winners from the losers in the euro crisis. Alison Johnston argues that Europe's monetary union was structured in a way that advantaged the corporatist labor markets of its northern economies in external trade and financial lending. Northern Europe's distinct economic advantage lay not with its fiscal capabilities, which were not that different from those of southern Eurozone countries, but with its wage-setting institutions. Through highly coordinated collective bargaining, the euro North persistently undercut the inflation performance of southern trading partners, destining them to a perpetual cycle of competitive decline and external borrowing. While northern Europe's corporatist labor markets were always low inflation performers, monetary union ultimately made their wage-setting institutions toxic for the South.The euro's institutional predecessor, the European Monetary System, included economic and institutional mechanisms that facilitated macroeconomic adjustment and convergence between the common currency's corporatist and noncorporatist economies. Combining cross-national statistical analysis with detailed qualitative case studies of Denmark, Germany, Italy, Ireland, the Netherlands, and Spain, Johnston reveals that monetary union's removal of these mechanisms allowed external imbalances between these two blocs to grow unchecked, underpinning the crisis in which Europe currently finds itself. Rather than achieving the EU's goal of an ever-closer union, the common currency produced a monetary environment that destabilized the economic integration of its diverse labor markets.
(source: Nielsen Book Data)

• La coordination des politiques économiques
• La clarification des objectifs économiques : la stratégie Europe 2020
• Le renforcement de la coordination générale des politiques économiques
• Les grandes orientations des politiques économiques
• Les objectifs nationaux des États
• La surveillance rationalisée : le semestre européen
• Le semestre européen
• Le semestre national
• La dimension préventive de la coordination
• Le développement de la coordination ex ante
• Le doublement de la prévention par la répression
• L'implication des parlements et des autres parties prenantes
• L'élargissement de la coordination : la lutte contre les déséquilibres macroéconomiques
• L'exigence de la coordination des politiques de compétitivité
• La lutte contre les déséquilibres macroéconomiques
• La détection des déséquilibres
• La prévention des déséquilibres
• La correction des déséquilibres macroéconomiques
• Le complément intergouvernemental du Pacte pour l'euro plus
• Les incitations aux réformes structurelles
• L'aménagement du PSC en faveur des réformes structurelles
• L'exploitation des éléments de flexibilité du PSC
• L'incitation financière en faveur des réformes structurelles
• La discipline budgétaire
• La prévention de l'indiscipline budgétaire
• La discipline des politiques budgétaires par le marché
• La discipline par les règles
• La prévention des situations de déficit public excessif
• Le pilier européen de la prévention
• Le pilier national de la prévention
• Les dispositifs nationaux de surveillance budgétaire
• La correction de l'indiscipline budgétaire
• Le dispositif de correction ordinaire
• Le déclenchement du volet correctif
• L'accompagnement de la correction
• La correction par la coercition
• Le dispositif de correction exceptionnel : la conditionnalité de l'assistance financière
• La discipline des pratiques statistiques
• L'efficacité décevante de la gouvernance statistique européenne
• La réforme attendue de la gouvernance statistique
• Les instruments financiers de solidarité
• Le Fonds européen de stabilité financière
• La contribution française au FESF
• Des compétences progressivement élargies
• Trois pays bénéficiaires
• D.L'avantage d'être sous le bouclier financier européen
• Le MES, un fonds de sauvetage financier permanent
• Une force de frappe de 500 milliards d'euros
• La contribution française au MES
• Trois pays bénéficiaires
• Le sauvetage du secteur bancaire espagnol
• Chypre, un plan de sauvetage complet
• Un troisième plan de sauvetage pour la Grèce
• Une large palette de compétences
• Une compétence nouvelle : la recapitalisation bancaire directe
• Une compétence encadrée et plafonnée
• Une ambition revue à la baisse
• Une nouvelle entité ad hoc, la "troïka"
• L'action décriée des "men in black"
• Une réforme à l'étude
• La Banque centrale européenne, acteur pragmatique et déterminant de la crise
• Des injections massives de liquidités
• Une première salve pour éviter l'assèchement du crédit
• Une deuxième salve pour lutter contre la trop faible inflation
• L'octroi de liquidités d'urgence (ELA)

• "Tout faire pour sauver l'euro"
• Un premier programme temporaire
• "OMT" : un programme mis en place, mais jamais utilisé
• Le "Quantitative easing" : l'arme d'acquisition massive
• Bilan de santé du secteur bancaire
• L'union bancaire
• Desserrer le lien entre crises bancaires et dette publique
• Un processus en réalité déjà lancé avant l'union bancaire
• Les actionnaires et créanciers en première ligne
• Des fonds nationaux de résolution
• L'épargne jusqu'à 100 000 euros toujours protégée
• La recapitalisation bancaire directe par le MES
• Le chantier de l'union bancaire
• Le Mécanisme de surveillance unique
• Près de 130 banques directement supervisées par la BCE
• La porte reste ouverte
• La BCE joue sa crédibilité
• Le Mécanisme de résolution unique
• Une nouvelle agence européenne : le conseil de résolution unique
• Un Fonds de résolution unique
• Le système européen de garantie des dépôts bancaires.

"La gouvernance de la zone euro est en crise depuis 2010. Le modèle issu du traité de Maastricht de 1992 n'est plus tenable. Dans un espace économique et financier intégré, les politiques économiques des États constituent un sujet d'intérêt commun. Le partage d'une monnaie unique au sein de la zone euro accentue le degré d'interdépendance : les difficultés financières d'un État concernent l'intégralité des membres de la zone euro. La politique monétaire unique conduite par la BCE est intimement liée aux développements dans les domaines économiques. Au-delà de la stabilité des prix, elle doit contribuer à la stabilité financière de la zone euro. De nombreuses réformes ont été prises lors des cinq dernières années. Le Six-Pack, le Two-Pack, le Pacte pour l'euro plus, le Fiscal Compact ont accru la surveillance de la coordination des politiques économiques des États. Une assistance financière d'une capacité de 700 milliards d'euros a été établie pour la zone. L'Union bancaire permet de casser le cercle vicieux entre la dette publique et la dette privée. L'Union monétaire déploie des mesures inédites pour stabiliser les marchés financiers et lutter contre la menace de déflation. Ces évolutions sont-elles adaptées aux enjeux d'une véritable union économique et monétaire ? Fruit de la collaboration de trois auteurs aux expertises et expériences complémentaires, cet ouvrage s'adresse à tous les lecteurs soucieux de comprendre la nouvelle gouvernance économique de la zone euro, suspendue entre unité et diversité, entre espoir et perplexité."--Page 4 of cover.

• 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)

• Preface-- Nonlinear Modelling of the Relation between Financial Markets & Economic Growth in the EU-- The Eastern & Central European Financial Market Reaction to Unconventional Monetary Policy-- Positioning Eastern European Economies in the International Finance Network-- Impact of Monetary Policy on Stock Market in CEE Countries-- A Real-Time Daily Coincident Indicator for Romanian Economy-- The Dynamic Relationship between the Equity Premium & Uncertainty-- Index.
• (source: Nielsen Book Data)

Following the last economic and financial crisis, there is strong motivation for academics to better explain the connection between the stock market and the macroeconomy. This book aims at fulfilling this need with an accent on the case of emerging markets in Central and Eastern Europe. The book generally focuses on nonlinear techniques. The book consists of several chapters, each using state-of-the-art techniques in modeling that address specific issues related to the focus of the book. The topics range from studying the transmission mechanism of monetary policy in CEE economies, to issues like the impact of quantitative easing on the emerging markets or network based approaches that advance our understanding of the financial relationships in these markets. The book also includes a paper on the wavelets modeling of the relationship between uncertainty and equity premium. Given the nature of the CEE economies, i.e. aspiring Euro Area members, a special chapter is dedicated to convergence issues and the nonlinear relationship between economic growth and finance. Overall, in the present context of the post-financial crisis, this book constitutes a step forward in the modeling of the linear and nonlinear relationships between the financial markets and the macroeconomy, especially in an unstable context and for the particular case of emerging economies.
(source: Nielsen Book Data)

• 1. Introduction: The Political and Economic Dynamics of the Eurozone Crisis
• 2. 'States Choose but not Under Circumstances of Their Own Making': A New Interpretation of the Integration Debate in Light of the European Financial Crisis
• 3. The Euro's Twin Challenges: Experience and Lessons
• 4. Competitiveness and the European Financial Crisis
• 5. 'United We Fall': The Euro Area's Silent Balance of Payment Crisis in Comparison with Previous Ones
• 6. Searching Under the Lamp-Post: The Evolution of Fiscal Surveillance
• 7. Fiscal Governance and Fiscal Outcomes under EMU before and after the Crisis
• 8. The ECB as a Strategic Actor: Central Banking in a Politically Fragmented Monetary Union
• 9. International in Life, National in Death? Banking Nationalism on the Road to Banking Union
• 10. Free Sailing or Tied to the Mast? The Political Costs of Monetary Adjustment in Iceland, Latvia and Ireland
• 11. New Institutional Dynamics in the European Union.
• (source: Nielsen Book Data)

This is the first book to provide a full and dispassionate account of the politics and economics of the Eurozone crisis, focusing on the interlinked origins and impacts of the Euro-Zone crisis and the policy responses to it. The book is distinguished from existing research by its avoidance (and rejection) of the too-often simplistic analysis that has characterized political, media and regrettably some academic coverage, and by its attempt to escape from the tyranny of day-to-day events and short-term developments. Each of the contributors identifies an important question and undertakes a careful empirical, theoretically-informed analysis that produces novel perspectives. Together they seek to balance many of the existing accounts that have rushed to sometimes unwarranted conclusions, concerning, for example, the locus of institutional power in European crisis-management; the power and centrality of particular member states, notably Germany which has been attributed with 'hegemonic' status; the supposed entrapment of EU policy makers by an 'austerity ideology'; and the deep flaws that apparently afflict the solutions to the crisis put painstakingly in place, such as Banking Union. While it will be some time before the EU can put the crisis behind it, and the dust finally settles on the revised institutional system that emerges, The Political and Economic Dynamics of the Eurozone Crisis marks an important step towards a considered, reflective analysis of the tumultuous events and developments of the crisis period.
(source: Nielsen Book Data)

• Gefährdungen der europäischen und innerstaatlichen Solidarität : zur Ausrichtung des Sammelbandes / Wolfgang Aschauer und Julia Hofrnann
• Systemische und soziale Dynamiken der Entsolidarisierung
• Die drei Europas : wie die Integration zu neuen Spaltungen in Europa führte und wie man diese durch abgestufte Integration überwinden könnte / Max Haller
• Mehr Solidarität durch "Mehr Europa"? / Stefan Immerfall
• Solidarität als schwindende Ressource der Sozialintegration? Eine Annäherung an Entkoppelungstendenzen der EU-Bürgerinnen / Wolfgang Aschauer
• Empirische Befunde zu Solidaritätsbrüchen in Europa
• Solidarität : eine einfache Gleichung? Gerechtigkeitsvorstellungen von Österreicherinnen in Zeiten einer europäischen Krise / Elisabeth Donat
• Solidaritätsbrüche durch moralische Unternehmen : Grenzverschiebungen im System und Sozialraum der Tafeln / Stefan Selke
• Gefangen in Arbeitslosigkeit? (Des-)Integrationsprozesse im Zuge der Hartz-Reformen in Deutschland / Sonja Fehr
• Arbeitsmarktfähigkeit unter Beobachtung : "Scheininvalidität" in der Schweiz / Benedikt Hassler
• Zwischen Individualismus und sozialer Verantwortung : Polens eigenwilliger Weg des gesellschaftlichen Wandels / Mathias Wagner
• 'Gesegneter Boden ideologischer Verwirrung' (Geiger)? Der Extremismus der Mitte / Oliver Decker, Johannes Kiess und Elmar Brähler
• Abstiegsangst und Tritt nach unten? Die Verbreitung von Vorurteilen und die Rolle sozialer Unsicherheit bei der Entstehung dieser am Beispiel Österreichs / Julia Hoftnann
• Anhang zu Kapitel.

• 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)

• Des origines à la grande récession
• La zone euro originelle
• Une union monétaire fédérale
• Les éléments constitutifs d'une union monétaire
• Le SEBC, un système fédéral
• La politique monétaire européenne
• Le bon fonctionnement des systèmes de paiement
• La gestion des réserves de change et les interventions officielles
• Les lacunes de la politique de change et de la représentation extérieure de l'euro
• La politique de change
• La projection externe de l'euro
• Une union économique intergouvernementale
• La coordination des politiques économiques, une méthode intergouvernementale
• Le maintien de la compétence économique des Etats
• Une méthode issue du modèle coopératif
• Un cadre institutionnel intergouvernemental
• La marginalisation des institutions supranationales
• La prépondérance des organes intergouvernementaux
• Une union économique et monétaire ordolibérale
• La BCE, héritière de la Bundesbank
• Les critères de convergence
• La lutte contre les déficits publics excessifs
• Zone euro et optimalité monétaire
• Les critères traditionnels d'optimalité monétaire
• La mobilité internationale des facteurs de production
• Le degré d'ouverture économique des pays membres
• L'appareil productif des pays membres
• Les préférences macroéconomiques collectives
• L'analyse coûts-avantages de l'UEM
• Les avantages attendus d'un régime de monnaie unique
• La réduction des coûts de transaction
• La réduction de l'incertitude
• L'intensification de la concurrence
• L'efficacité accrue des politiques communes
• La perte de souveraineté monétaire
• La limitation de la taxe d'inflation
• L'impossibilité de monétiser la dette publique
• La perte du taux de change comme instrument d'ajustement
• L'endogénéité de l'optimalité monétaire en Europe
• L'endogénéité de l'optimalité monétaire : les mécanismes
• L'endogénéité de l'optimalité monétaire en question
• En conclusion d'étape
• Une gouvernance macroéconomique lacunaire
• Un cadre institutionnel inachevé
• La défaillance du pilotage macroéconomique de la zone euro
• Le déficit démocratique de l'UEM
• Une coordination des politiques économiques insuffisante
• L'inanité de la coordination indicative
• La faillite de la coordination passive
• Un policy mix sans consistance
• Un budget inadéquat pour une union monétaire
• Une coopération insuffisante entre les autorités économiques et monétaires
• Le temps des crises
• La zone euro face à la Grande récession
• La montée des déséquilibres dans la zone euro
• Bulles spéculatives et montée des risques bancaires
• Les écarts de compétitivité entre Etats membres
• La dérive des finances publiques
• La politique monétaire européenne face à la Grande récession
• La BCE face à la crise de liquidité
• La BCE face à la crise systémique
• Les politiques budgétaires face à la Grande récession
• La nécessité de plans de relance coordonnés
• Une coordination laborieuse des plans de sauvetage du secteur financier
• Une coordination tardive au sein de l'Eurogroupe
• Un encadrement efficace par le droit des aides d'Etats

• Une coordination ineffective des plans de relance budgétaire
• Une coordination largement formelle des plans de relance
• Des moyens d'intervention budgétaire insuffisants
• La crise de l'endettement souverain
• La première crise grecque
• La genèse de la première crise grecque
• Une crise atypique
• Un syndrome systémique
• Le premier plan d'aide à la Grèce
• Une intervention longtemps différée
• Des modalités d'action controversées
• Une mise en oeuvre rapidement contrariée
• La généralisation de la crise de l'endettement souverain
• Les mécanismes de contagion
• Une crise protéiforme
• L'incomplétude de la zone euro au regard des crises
• Les mécanismes d'aide aux Etats en difficulté
• Les premiers jalons : le mécanisme européen de stabilisation
• Un instrument communautaire : le Mécanisme européen de stabilisation financière (MESF)
• Une entité ad hoc le Fonds européen de stabilisation financière
• L'aboutissement : le mécanisme européen de stabilité
• La mise en place du MES, une pérennisation du FESF dans un contexte difficile
• Un mécanisme intergouvernemental rattaché à l'Union européenne
• Les plans d'aide aux Etats en difficulté
• La teneur de l'aide financière
• La conditionnalité et ses conséquences
• La nouvelle gouvernance macroéconomique
• Une consolidation contrastée de la coordination des politiques économiques
• Les tentatives de définition d'une stratégie économique commune
• La mise en place d'un cycle de coordination ex ante des politiques économiques et budgétaires
• La surveillance des déséquilibres macroéconomiques
• Les origines
• Les étapes de la surveillance
• La correction des déséquilibres excessifs
• Un renforcement conséquent de la discipline budgétaire
• L'approfondissement des mécanismes de surveillance
• Le durcissement des mécanismes de suivi
• Les prémices d'une intégration du système institutionnel de la zone euro
• Le leadership croissant des Etatset les sommets de la zone euro
• La parlementarisation de la zone euro et la Conférence interparlementaire pour la gouvernance économique et financière
• La Banque centrale européenne face aux crises de la zone euro
• La BCE face à la crise de l'endettement souverain
• La réactivation de mesures non conventionnelles de politique monétaire
• Les programmes d'achat d'obligations souveraines
• Controverses autour du programme OMT
• La BCE face au risque de déflation
• Une conjoncture européenne dégradée
• La BCE face au plancher des taux d'intérêt
• Le Quantitative easing à l'européenne
• Quelles perspectives pour la politique monétaire non conventionnelle de la BCE
• L'avenir de la zone euro
• L'union bancaire européenne
• Les fondements de l'union bancaire européenne
• Marché unique et réglementation des services bancaires et financiers avant les crises
• Crises bancaires, crises de l'endettement souverain le cercle vicieux
• Les premiers acquis de l'union bancaire
• L'établissement d'un cadre règlementaire européen unifié
• L'adoption d'une règlementation exhaustive relative à l'exercice des activités bancaires et financières
• La mise en place d'un système européen intégré de surveillance macroprudentielle

• Le Mécanisme de supervision unique
• Vers une union bancaire complète ?
• Le mécanisme de résolution des crises bancaires
• L'architecture institutionnelle du mécanisme de résolution unique
• La résolution des crises bancaires : du bail out au bail in
• La question de l'adossement budgétaire du MRU
• Le modus operandi du MRU
• La nécessité d'une assurance-dépôt européenne
• Les évolutions souhaitables du système bancaire et financier européen
• Quels mécanismes d'ajustement macroéconomique dans la zone euro ?
• La mobilité internationale des facteurs de production
• Les limites inhérentes à la mobilité des facteurs de production
• Un facteur travail à mobilité intrinsèquement restreinte
• Un facteur capital déjà fortement mobile
• La flexibilité des prix et des salaires
• Le principe des dévaluations internés
• Les limites de la dévaluation interne
• Marché intérieur des capitaux et partage du risque macroéconomique
• Le principe
• Quel potentiel d'amortissement dans la zone euro ?
• Renforcer la capacité d'amortissement budgétaire dans la zone euro
• Les limites de l'amortissement budgétaire décentralisé
• Un fonds d'amortissement des chocs
• Une assurance chômage pour la zone euro
• Vers une fédéralisation de la zone euro
• Une union budgétaire fédérale
• Vers une dette fédérale ?
• Les problèmes inhérents aux marchés de titres souverains dans la zone euro
• Vers une mutualisation progressive de la dette souveraine dans la zone euro
• Un budget fédéral
• L'institutionnalisation de la zone euro
• Un gouvernement économique
• La parlementarisation de la zone euro.

"Après dix années de fonctionnement apparemment satisfaisant, l'Union économique et monétaire européenne a connu récemment une période de turbulences sévères. Celle-ci débute avec la crise financière mondiale des années 2007-2008, suivie de la Grande récession. Par-delà la trop célèbre crise de l'endettement public, la zone euro souffre simultanément de problèmes bancaires, de problèmes de gouvernance économique, et d'une insuffisante capacité d'ajustement aux chocs. Cet ouvrage propose, dans un premier temps, un diagnostic de l'origine des crises, fondé sur l'analyse de l'union monétaire originelle et de ses spécificités. Il montre, dans un deuxième temps, comment ces crises ont conduit à revoir la surveillance macroéconomique dans la zone euro, et à accepter le principe novateur d'un soutien financier entre Etats membres. Il identifie dans un troisième temps de persistantes déficiences, telle que l'absence de tout fédéralisme budgétaire, que la zone euro devra impérativement corriger pour prétendre être viable à long terme."--Page 4 of cover.

• List of Figures List of Tables
• 1. Introduction PART I: THE 'PARTY PERIOD' BEFORE THE CRISIS
• 2. The costs and benefits for joining a common currency with emphasis on weaker member-states 2.1. Potential Sources of conflicts/costs: De-synchronization of business cycles 2.2. Demand disturbances and trade 2.3. Responses to labor market rigidities 2.4. Shortage of money stocks for the peripheral countries 2.5. External Imbalances 2.6. The effect of a monetary union on trade between member-states 2.7. Ten years of EMU (2000-2009). Convergence or divergence prevailed?
• 3. Greece before the crisis. The critical years in domestic Politics 3.1. The discussion in the Greek Parliament ahead of the ratification of the Maastricht Treaty 3.2. Various other debates and key speeches in the Greek Parliament during the term of the government that brought the Maastricht treaty for ratification by the Greek Parliament
• 4. What the IMF and EU bodies were reporting for Greece during the accession period ('90s) and the 2000-2009 golden years, as well during the implementation of the conditionality program, in particular with respect to the fiscal consolidation policy mix 4.1. IMF reports during the accession period ('90s) and the 2000-2009 'golden years'. 4.2. The implementation of the conditionality program: Fiscal consolidation and the issue of spending cuts vs. revenue increases 4.2.1. Research with regard to the policy mix of fiscal adjustments 4.2.2. IMF progress reports on the Greek Conditionality Program 4.3 European Union bodies' reports and decisions. 4.3.1. Annual country specific recommendations by the Council and European Commission recommendations to the Council. 4.3.2. The decision to admit Greece to the euro area. PART II: GREECE'S FREE FALL 2010-2013
• 5. The Troika period reconsidered 5.1. The Greek public finances and debt. A Brief overview 5.2. The run up to the memorandum 5.3. What the Memorandum initially provided 5.4. Implementing the Memorandum as of September 2011 and the Medium Term Fiscal Strategy 5.5. Incentives and unraveling the impasse Appendix to
• 5: OECD structural indicators in key network industries
• 6. Assessing the intentions of the government(s) since the ratification of the Maastricht treaty 6.1. The 1990-93 program, design and implementation 6.2. The 2010 program. Design, implementation and comparison with the 1990-93 approach. 6.3. The 'internal devaluation' fallacy of 2010-2012 6.4. The other side of the internal devaluation fallacy - the approach to the labor market deregulation during 2010-12. 6.5. The lack of a strategy to enhance growth - in Greece and in Europe 6.6. The private sector death - trap: Undermining the financial sector, jeopardizing macroeconomic stability and questioning the European future of the country 6.6.1. The PSI 6.6.2. Euro area exit PART III: LOOKING AHEAD
• 7. Greece: Why did the forceful internal devaluation fail to kick-start an export led growth? 7.1. Introduction 7.2. Employment 7.3. Wages and earnings 7.4. Labour cost indexes and exports 7.5. Conclusions and further remarks
• 8. Giving Greece a chance to succeed
• 9. Structural differences ensure permanent shock-trends that play into the above. A closer and more democratic union to heal economic asymmetries helping southern member-states 9.1. The compromise of the euro area: Common monetary, national fiscal and structural policies 9.2. Evaluating the current structure of powers and democratic mandates 9.3. How changes in the structure of the democratic mandates can secure a 'closer and more democratic' Union 9.4. The role of European parties
• 10. Conclusions Index.
• (source: Nielsen Book Data)

Greece's economy symbolizes in many ways the Eurozone's economic problems and divergent interests as it amasses most of the economic disadvantages characterizing the Eurozone's economy itself. This book presents the economic and political challenges to Greece and the EU member states.
(source: Nielsen Book Data)

• I. Transatlantic Linkages
• 1. Ken Ash, The Implications of Global Value Chains for Trade Policy and Trade Agreement
• 2. Ivan Belyacz and Erzsebet Szasz, The Deeper Roots of the Financial System's Propensity to Crisis
• 3. Bruno Dallago, The Financial and Real Crisis in the Eurozone and Vulnerable Economies II. The Crisis and Policies: A Transatlantic Perspective
• 4. Steven Rosefielde, Secular Crisis: The Mundell-Fleming Trilemma and EU De-Legitimization
• 5. Quinn Mills, Assessment of the EU's management of the EZ crisis
• 6. Nicola Acocella, A Tale of two cities: Exit Policies in Washington and Frankfurt III. Institutions, Rivalry and the Consequences for Democracy
• 7. Simona Piattoni, Institutional Innovations and EU Legitimacy after the Crisis
• 8. Paul Blokker, The European Crisis as a Crisis of Democratic Capitalism
• 9. Layna Mosley, (De)Fault Lines? The EU, National Governments and Private Capital Markets in the Post-Crisis Era IV. The European Currency and Transatlantic Relations
• 10. Domenico Mario Nuti, Euroarea: Premature, Diminished, Divergent
• 11. Paolo Guerrieri, The Euro Crisis and its Impact upon Transatlantic Relations
• 12. Alfred Steinherr, Why Germany should leave the Euro
• 13. Roberto Tamborini, EMU 2.0 and the German Problem.
• (source: Nielsen Book Data)

The adoption and management of the common currency has led the Eurozone to a critical point. This book analyzes in an interdisciplinary way the fundamental causes of distress, making sure to relate economic issues to the social and political aspects of the problem. The book explores the reasons why the Eurozone has fallen into a policy trap, as well as what Europe did and should do to exit the crisis, and why this is proving to be so difficult. The book also considers what role the United States has played, and could play to help foster a solution for the Eurozone. The main topics explored are the complex nature of the crisis, the short circuit between policies and the given institutional architecture, the controversial role of Germany, and the importance of an active role of the US. The book brings together a transatlantic group of scholars in order to offer an interdisciplinary analysis of the deep causes of the Eurozone distress. The authors recognize that the Eurozone countries have contrasting situations and interests and face different problems with complex consequences for the vexed question of national sovereignty within the EU; and pay attention to the social and political consequences of the economic and financial distress and of the perceived strain of the common currency.
(source: Nielsen Book Data)

• La place du surendettement dans les crises économiques et les projets de création de monnaie "sans endettement"
• Minsky ou l'inéluctabilité du surendettement
• Minsky aujourd'hui
• L'expérience japonaise
• La politique monétaire peut-elle contrecarrer le "moment Minsky" ?
• Dette privée, dette publique : le coupable n'est pas toujours celui que l'on croit
• De la soutenabilité de la dette publique
• Fisher et le "Chicago Plan"
• Avantages d'une "monnaie sans endettement"
• Questions et critiques
• La monétisation des dettes publiques : les objections et leur réfutation
• Les États surendettés peuvent-ils s'en sortir "tous seuls" ?
• Les États ne sont pas des ménages
• Banques centrales : les deux indépendances
• La BCE et les Banques centrales nationales
• Une absence d'acheteur en dernier ressort de titres publics
• Un risque d'inflation ?
• Endettement public et croissance
• L'endettement public conduit-il à sacrifier les générations futures ?
• Faut-il réserver les titres publics d'un État à ses résidents ?
• L'aléa moral
• Désendetter les États de la zone euro : les propositions
• La montée en puissance de la BCE
• Les projets de mutualisation des dettes publiques
• Le rapport Padoa-Schioppa
• Le rapport Van Rompuy
• Le chaînon manquant
• De la création d'un Trésor européen à l'amorce d'une politique européenne de croissance
• Questions sur la mise en oeuvre d'un Trésor européen
• Réduire les déséquilibres intra-européens
• Les prémices d'une politique industrielle européenne.

"La zone euro s'enfonce dans la déflation, le chômage, le sous-investissement. L'austérité budgétaire est pourtant présentée comme inévitable, faute d'alternative économique crédible. Or, une autre politique, nécessairement audacieuse, est possible. Reprenant les projets de création monétaire développés en leur temps aussi bien par des économistes libéraux, comme Irving Fisher ou Milton Friedman, que par le néo-keynésien James Tobin, elle repose sur la monétisation des dettes publiques - c'est-à-dire leur rachat par la Banque centrale. Après avoir étudié les fondements théoriques d'une telle politique, cet ouvrage examine les objections qui lui sont généralement opposées. Il montre que son application serait parfaitement concevable dans le contexte actuel, sans risque majeur. Il décrit enfin les modalités concrètes envisageables pour mettre en oeuvre cette politique de désendettement des États européens. L'Europe se trouve aujourd'hui dans une impasse. Cet ouvrage propose une politique radicalement différente pour en sortir. Rompre avec l'orthodoxie économique dominante paraît la seule solution pour retrouver le chemin de la croissance en Europe."--P. [4] of cover.

• Opening remarks and keynote speech
• Keynote Speech to the XXVII General Congress of the UAE
• Economic and financial crisis: the response of the european union Reflections on the Euro Crisis and on the Role of Germany
• The Eurozone Crisis: the Way Forward
• Eu state aid control in the banking sector Introductory Remarks by the Moderator
• Overview of State Aid for Banks since the Beginning of the Financial Crisis
• The Economic and Financial Crisis in Europe: State Aid and Banks in the European Union - Selected Examples
• State aid control in the banking sector: the recapitalisation of Portuguese Banks
• The Spanish Financial Sector Restructuring from a State Aid Law Perspective
• The Irish Banking Crisis - a Special Case
• The reform of the banking sector in europe the future banking union
• Deposit Guarantee Schemes in the Banking Union
• Macro-Prudential Policy and the Single Supervisory Mechanism
• The Reform of the Banking Sector in Europe the Future Banking Union
• The Role of the European Central Bank in the Single Supervisory Mechanism
• Legal and economic perspectives of the eu support policies for growth and economic recovery The European Union Institutional and Budgetary Framework for Growth and Recovery
• Le rôle de l'innovation et de la recherche dans la reprise économique de l'UE.

"2010, année noire pour l'Union Européenne, confrontée à la plus grave crise économique et financière depuis sa constitution il y a 50 ans déjà. L'Union des Avocats Européens (UAE), à l'occasion de son 27e Congrès, tenu à Lisbonne, a voulu se livrer à une réflexion sur la crise et les remèdes mis en place par l'Union Européenne. Après avoir entendu l'ancien Président du Portugal, M. Jorge Sampaio, appeler à un "New Deal" européen, les orateurs ont livré aux participants une étude exhaustive des dispositions adoptées par l'Union pour répondre à la crise, notamment la mise en place d'une vraie Union Bancaire, le renforcement du contrôle de l'euro, l'organisation d'une synergie entre le budget de l'Union et des Etats membres, et la mise en place d'un contrôle renforcé des aides d'Etat au secteur financier. Cet ouvrage riche et documenté, porteur d'espoir, s'adresse aux professionnels du droit et de la finance, mais encore à tous ceux qui sont intéressés par le développement de l'Union Européenne."--P. [4] of cover.

• Introduction
• 1. An Asymmetric Economic and Monetary Union
• 2. The Euro Area Crisis
• 3. The Responses to the Crisis
• 4. The Evolution of EMU: Challenges and Underlying Principles
• 5. The Mechanics of EMU Integration and Questions of Competence
• 6. Intergovernmentalism
• 7. The Shapes and Problems of Multi-speed integration
• 8. The Courts and the Crisis
• 9. Constitutional Obstacles to Further Integration
• 10. The Future of EMU: Models of Integration
• Conclusion.
• (source: Nielsen Book Data)

The euro area sovereign debt crisis has been the greatest threat to the euro since its inception, but the consequences of the crisis go well beyond the realm of macroeconomics: the crisis has cast doubt on the viability of a mechanism of integration such as the one envisaged in Economic and Monetary Union (EMU), and on the future of the European Union as a political project in the face of citizens' growing disaffection. The various responses to the crisis have not only altered the principles underlying EMU; they have also had a profound impact on the constitutional orders of the EU and its Member States. This book focuses on the euro area crisis and its aftermath from a constitutional perspective. It provides a critical analysis of the workings and evolution of Economic and Monetary Union, the changes brought by the crisis and their broader effects, and the constitutional obstacles to integration in this area. Looking forward, it tackles the uncertain future of economic and fiscal integration and the challenges posed. This is a compelling and incisive account of some of the most significant developments and dilemmas facing the European Union since its creation.
(source: Nielsen Book Data)

• A banking union for a divided Europe : an introduction / Danny Busch and Guido Ferrarini
• The economic consequences of Europe's banking union / Nicolas Véron
• European banking union : imperfect, but it can work / Eilís Ferran
• The single supervisory mechanism : institutional aspects / Eddy Wymeersch
• The single rulebook and the SSM : should the ECB have more say in prudential rule-making? / Guido Ferrarini and Fabio Recine
• CRBD IV Framework for banks' corporate governance / Peter O. Mülbert and Alexander Wilhelm
• Risk management and compliance in banks : the United States and Europe / Geoffrey P. Miller
• Contingent convertible securities : from theory to CRD IV / Andreas Cahn and Patrick Kenadjian
• Governance of the single resolution mechanism / Danny Busch
• Recovery and resolution plans of banks in the context of the BRRD and the SRM : some fundamental issues / Victor de Serière
• Bail-in and the financing of resolution within the SRM framework / Anna Gardella
• The architecture of the BRRD--a UK perspective / Simon Gleeson
• Judicial protection of supervised credit institutions in the European banking union / Tomas M.C. Arons
• Regulating the universal banking model in Europe / Kern Alexander
• Bank resolution in Europe : the unfinished agenda of structural reform / Jeffrey N. Gordon and Wolf-Georg Ringe-- Banking union and the implications for financial market governance in the EU : convergence or divergence? / Niamh Moloney.

This comprehensive and topical work examines the impact of European Banking Union in the context of the European Central Bank taking over supervision of the 130 European banks in 2014. The work addresses the effect on the daily supervision of large banks in Europe and also analyses the position of bank creditors and shareholders. The thematic approach covers the Single Rulebook and CRD IV, the Single Supervisory System (SSM), and the Single Resolution Mechanism (SRM) from a legal and economic perspective. The book also compares the US to Europe and assesses whether anything can be learnt from US experience. Key issues such as judicial protection of supervised credit institutions, implications for financial market governance, and risk management and compliance, are examined alongside case-studies and analysis.
(source: Nielsen Book Data)

• *Frontmatter, pg. i*Contents, pg. vii*Preface, pg. xi*ONE. A Giant Historic Mistake?, pg. 1*TWO. Before the Fall, pg. 25*THREE. Greece and the Idolatry of Debt, pg. 48*FOUR. Ireland: The Private Is Political, pg. 80*FIVE. Europe Digs Deeper, pg. 106*SIX. Righting the Course: From Bail-Out to Bail-In, pg. 139*SEVEN. If Europe Dared to Write Down Debt, pg. 165*EIGHT. Europe's Real Economic Challenges, pg. 189*NINE. The Politics That the Euro Needs, pg. 217*TEN. Great Britain or Little England?, pg. 242*ELEVEN. Remembering What the Euro Is For, pg. 265*Notes, pg. 273*Index, pg. 303.
• (source: Nielsen Book Data)

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. In Europe's Orphan, leading economic commentator Martin Sandbu presents a compelling defense of the euro. He 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. Sandbu 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. Ideologically informed choices set in motion dynamics that encouraged more economic mistakes and heightened political tensions within the eurozone. Sandbu concludes that the prevailing view that monetary union can only work with fiscal and political union is wrong and dangerous--and risks sending the continent into further political paralysis and economic stagnation. Contending that the euro has been wrongfully scapegoated for the eurozone's troubles, Europe's Orphan charts what actually must be done for the continent to achieve an economic and political recovery.
(source: Nielsen Book Data)

• Preface PART I: 1970-1991 Engaging Germany, Modernising France The Drive For A European Treaty On Economic And Monetary Union (EMU)
• 1. Introduction: Why did France want EMU?
• 2. 1984-88: How the EMU Treaty Project Took Shape
• 3. 1988-90: German Unity and European Union
• 4.
• 1991: The Maastricht Negotiations
• 5. The EMU Deal: French Ambition-- German Design? PART II: 1992-2014 Putting The Treaty Deal Into Practice French Political Management Of Emu
• 6. 1992-96: The Years of Turmoil and Disarray
• 7. 1996 -
• 99: Recovery and Launch of a Wide Eurozone
• 8. 1999-2007: French Competitiveness and European Reform
• 9. 2007-12: The Crisis Years
• 10. Conclusions and Future Policy Challenges Acronyms and Abbreviations Select Bibliography and Further Reading.
• (source: Nielsen Book Data)

Why did France, with its strong sense of national identity, want to give up the Franc for the Euro? Drawing on the author's experience as a British diplomat in Paris and on new archive evidence, this book explores how France's drive for European Economic and Monetary Union arose from the challenges posed by unstable global financial markets, the political demands of a rising urban middle class and the restoration of Germany's economic strength. It traces the unresolved Franco-German tensions over the design and political governance of European economic co-operation which led to crisis, and asks whether this ambitious European project can still become the force for modernisation and growth, and the shield against the extremes of globalisation and nationalism, that France's leaders hoped it would be.
(source: Nielsen Book Data)

• Avancer vers plus de fédéralisme en Europe, malgré les divergences nationals
• Cultures monétaires en France et en Allemagne
• Principes fondateurs et constantes en matière de politique monétaire en République fédérale d'Allemagne depuis 1945
• Les voies et moyens d'une longue mutation de la culture et des pratiques monétaires en France depuis 1945
• Le couple franco-allemand : (més-)entente cordiale ?
• L'UEM, Maastricht et la BCE : controverses franco-allemandes
• Table ronde : Convergences et divergences franco-allemandes sur la politique monétaire européenne. État des lieux et perspectives
• Cultures budgétaires en France et en Allemagne
• Principes fondateurs et constantes de la politique budgétaire de la République fédérale d'Allemagne
• Principes fondateurs et constantes en matière de politique budgétaire en France depuis 1945
• La politique budgétaire allemande après Maastricht : l'expression d'une culture budgétaire ?
• La politique budgétaire depuis le Pacte de stabilité et de croissance : point de vue français
• Table ronde : Les contraintes budgétaires liées au Pacte de stabilité et de croissance et au pacte budgétaire européen (TSCG), dont le MES, sont-elles praticables et adaptées pour sortir l'économie européenne de la crise ?
• Gouvernance économique, financière et monétaire de l'union européenne
• Table ronde : Quelle(s) politique(s) économique(s) pour la zone euro ?
• Table ronde : Quel rôle doit jouer la BCE aux yeux des responsables politiques français et allemands et quelle est sa politique actuelle ?
• Table ronde : Regards communautaires sur les enjeux de la politique économique et financière européenne.

"Depuis plusieurs décennies au sein de l'Union européenne, les controverses franco-allemandes en matière de coopération économique sont légion : politique commerciale, politique agricole commune dans les années 196o, politique industrielle, politique monétaire dans les années 1970 et 1980... Mais depuis le déclenchement de la crise de la zone euro en 2010, les gouvernements français et allemands ont su, malgré de fortes divergences, trouver les compromis nécessaires pour stabiliser et renforcer l'Union économique et monétaire (UEM). L'objectif de cet ouvrage est triple : il s'agit d'identifier les constantes des cultures monétaires et budgétaires françaises et allemandes depuis 7o ans, d'analyser l'interaction entre ces cultures nationales dans la mise en oeuvre de l'UEM et de se demander si l'existence de visions et de choix différents dans les deux pays freine ou peut, au contraire, favoriser l'émergence d'une gouvernance économique, financière et monétaire efficace dont l'Europe a besoin."--P. [4] of cover.

• Investment in the Euro Area: why has it been weak? / Bergljot Barkbu ... [et al.]
• Indebtedness and deleveraging in the Euro Area / Fabian Bornhorst and Marta Ruiz-Arranz
• Rebalancing: where do we stand and where to go? / Thierry Tressel and Shengzu Wang
• Fragmentation, and monetary transmission mechanism, and monetary policy in the Euro Area / Ali Al-Eyd and S. Pelin Berkmen
• Possible subordination effects of Eurosystem bond purchases / Nico Valckx, Kenichi Ueda, and Manmohan Singh
• An early assessment of quantitative easing / S. Pelin Berkmen and Andreas (Andy) Jobst
• Fiscal consolidation under the stability and growth pact: some illustrative simulations / Derek Anderson ... [et al.]
• Fiscal governance in the Euro Area: progress and challenges / Luc Eyraud and Tao Wu
• A banking union for the Euro Area / Rishi Goyal ... [et al.]
• Toward a fiscal union for the Euro Area / IMF staff team led by Ćeline Allard
• Capital market development: financing of small and medium-sized enterprises in the Euro Area / Ali Al-Eyd ... [et al.]
• Youth unemployment in Europe: Okun's Law and beyond / Angana Banerji ... [et al.].

The euro area has experienced an unprecedented economic downturn and exceptional financial market turmoil in the past few years. Policymakers have faced the twin challenges of addressing cyclical economic weakness not unlike other industrial countries following the global economic crisis and the underlying weaknesses in the architecture of the currency union, weaknesses that appear to have been masked during the first relatively calm years of Economic and Monetary Union (EMU). Among member states, many structural weaknesses were exposed when economic performance declined significantly and financial markets became more discerning.This book focuses on the analytical underpinnings of real-time policy advice given to euro area policymakers during three cycles of the IMF's annual Article IV consultations (2012-14) with euro area authorities.
(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)

"This paper analyses the stabilising properties of a European Banking Union in case of financial shocks in the euro area."--Document home page.

• Un échec cuisant, mais prévisible
• L'architecture biaisée : comment les Allemands ont imposé leur loi
• L'illusion de la convergence
• L'euro, au prix de l'austérité sociale et salariale
• L'euro, bouclier en carton-pâte
• Pourquoi maintenant ?
• Le refus du débat : l'aveuglement des experts
• Les rustines épuisées : minuit moins le quart avant le chaos...
• Impossible fédéralisme
• Les voies de sortie
• La scission en deux zones
• De la monnaie unique à la monnaie commune
• La vie après la monnaie unique.

"Casser l'euro ? Nombreux sont ceux qui refusent d'ouvrir ce débat. Les politiques, bien sûr, les experts, économistes, mais aussi la plupart des médias. Au-delà, toute une génération s'est reconnue dans le choix d'une monnaie forte, à même de préserver l'épargne accumulée durant les Trente Glorieuses et qu'importe que ce soit au détriment de millions de jeunes chômeurs. C'est pourtant ce tabou de la sortie de l'euro qu'un collectif de jeunes journalistes, exerçant dans des médias aux lignes politiques différentes, a voulu lever, pour la première fois. Sans trembler. Car, après cinq ans d'une crise sans précédent, le constat d'échec est flagrant : l'euro n'est parvenu ni à endiguer les crises financières, ni à protéger des grands vents de la mondialisation, encore moins à provoquer une unification sociale et politique du Vieux Continent. Plongé dans la déflation par la généralisation des politiques d'austérité, il semble aujourd'hui perdu. Face à ce paysage désolé, les auteurs osent affirmer : oui, il faut sortir de l'euro pour sauver l'Europe. La solution la plus réaliste et la plus applicable, à leurs yeux, est celle d'un retour aux monnaies nationales, réunies au sein d'une monnaie commune. Ils expliquent les modalités d'action, pour que cette sortie se fasse sans provoquer les catastrophes que prédisent ceux qui veulent surtout que rien ne change. Pour l'Europe, le changement, c'est maintenant ou jamais."--P. [4] of cover.

• 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)

• A short history of the EU and the euro
• Decision-making in the EU and the EMU
• Budgetary instruments of the EU
• The EU single market
• The EU competition policy
• Is the Eurozone an optimal currency area?
• The euro crisis
• The single monetary policy
• The new economic governance
• Towards a banking union
• Growth and competitiveness
• The way forward : saving the euro and completing the EMU.

Since 2007 the European Union and the euro (the currency of most of its members) have, to put it mildly, been struggling. The EU seems to have lost its competitiveness against the United States and emerging countries. The eurozone crisis has turned into a succession of country crises ebbing and flowing like the tide, threatening to poison the entire eurozone and jeopardising world economic growth. The European Union After the Euro Crisis examines this period of turmoil, putting it into a larger historical, institutional and economic context and outlining the efforts of the EU and its Member States to escape economic and financial meltdown. The authors explain the fundamental elements of the Economic and Monetary Union (EMU) that the EU has been developing for more than half a century, starting from a customs union, via the single market, to the adoption of the euro. The institutional architecture of the EMU is explained in a clear and straightforward way that also pinpoints the weaknesses that have endangered the euro from the very start. Preserving the euro requires the further deepening of the EMU. This book explains the reasons why a fiscal union is needed, as well as the role played by a whole new set of rules that limit budgetary and economic policy freedom of the Member States. The book also sets out the need for a banking union with European supervision of financial institutions and a Europe-wide resolution and deposit guarantee scheme. In addition, the new face of monetary policy is analysed, with its unconventional tools such as outright monetary transactions and long-term funding of financial institutions. The authors argue that the euro is a one-way street, that the EMU will be further enlarged, and that finalising it will require the transfer of yet more national sovereignty to a fully fledged economic union with its own economic government. This long transition period will provoke political and diplomatic tensions in the years to come. The European Union After the Euro Crisis is the first book to offer a comprehensive and forward-looking view of the eurozone crisis. It is an indispensable guide to understanding what is happening with the European Union and the euro in these turbulent times.
(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)

• Introduction: Framework of the analysis
• Two layers of the European economic constitution
• Towards the crisis : an economic narrative
• Responses to the crisis
• Constitutionality of European measures
• Realignment of the principles of the macroeconomic constitution
• Democracy and social rights
• Initiatives on the table.

Topical and timely, this book offers an economically informed constitutional analysis on European responses to the crisis. It discusses the longer-term proposals on the table including rescue measures and stability mechanisms, as well as the tightening of European economic governance. The authors see the European constitution as a multidimensional and multi-temporal process of constitutionalisation. They examine how the crisis has catapulted the economic constitution back to the 'pacemaker' position from where it determines developments in the political and social dimensions. However, now the key role is not played by the constitution of 'microeconomics', focusing on free movement and competition law, but the constitution of 'macroeconomics', introduced in Maastricht.
(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…

• Introduction
• The formation of the euro
• Attempts at fiscal union
• The first Greek bailout
• The Deauville blunder
• The Portuguese bailout
• Papandreou's folly
• Rajoy's hot summer
• The banking union
• Fiasco in Cyprus
• Slovenia on the brink of bailout
• Conclusion.

• Introduction
• The formation of the euro
• Attempts at fiscal union
• The first Greek bailout
• The Deauville blunder
• The Portuguese bailout
• Papandreou's folly
• Rajoy's hot summer
• The banking union
• Fiasco in Cyprus
• Slovenia on the brink of bailout
• Conclusion.

In mid-2009 Simeon Djankov, who had dealt with a variety of economic and financial crises as chief economist for finance and private sector development at the World Bank, was suddenly thrust into the job of finance minister of his native Bulgaria. For nearly four years in that post, he attended more than 40 meetings of European finance ministers and had a front row seat at the intense discussions and struggles to overcome the economic and financial crisis that threatened to unravel the historic undertaking of an economically integrated Europe. In this personal account, Djankov details his odys.

• Avant-propos. De quoi s'agit-il?
• Impasses de l'Europe
• Tératologie politique
• D'une impasse l'autre
• De la domination allemande
• En sortir
• L'éclaireur grec
• La possibilité du national
• Excursus
• Pour une monnaie commune
• Ce que l'extrême droite ne nous prendra pas
• Appendice : Gauche et droite
• Histoires de cadre
• Gauche de gauche, gauche de droite
• Le balai comme la moindre des choses.

"L'européisme est devenu le pire ennemi de l'Europe. Ne voulant plus que "l'Europe" intransitivement, c'est-à-dire sans le moindre égard pour ses contenus concrets, prêt s'il le faut à martyriser des peuples entiers, il est devenu une obstination aveugle. Au-delà de ses pires désastres économiques, sa tare congénitale est politique : le déni absolu de toute expression des souverainetés populaires. Certains, à gauche, continuent cependant de croire qu'on pourra changer l'euro austéritaire en un euro social. Mais, la crise présente l'a assez démontré, une monnaie unique aimable suppose d'être parachevée par une union politique authentique... que l'européisme présuppose sur le mode de la pure pétition de principe sans jamais vouloir en analyser les improbables conditions de possibilité. L'urgence, politique et économique, commande donc de réexaminer de près l'option de la sortie de l'euro. Sous deux codicilles cependant : 1) reconstruire les concepts de souveraineté et de nation d'une manière qui les rendent irrécupérables par l'extrême-droite ; 2) réaffirmer que défaire l'euro n'exclut nullement de continuer à oeuvrer pour l'approfondissement résolu de tous les autres liens extra-économiques ! entre les peuples européens, ni même de penser à refaire un commun monétaire européen sous la forme, non plus d'une monnaie unique, mais d'une monnaie commune."--P. [4] of cover.

• Overview and policy implications
• Fiscal adjustment, growth, and default risk
• The bank-sovereign debt nexus
• External adjustment : breakup costs
• Eurobonds, firewalls, OMT, and debt restructuring
• Projections with the European debt simulation model : Ireland, Italy, Portugal, and Spain
• Debt restructuring and economic prospects in Greece.

• Overview and policy implications
• Fiscal adjustment, growth, and default risk
• The bank-sovereign debt nexus
• External adjustment : breakup costs
• Eurobonds, firewalls, OMT, and debt restructuring
• Projections with the European debt simulation model : Ireland, Italy, Portugal, and Spain
• Debt restructuring and economic prospects in Greece.

"This paper uses the European Commission's QUEST macroeconomic model to analyse the impact of structural reforms on economic activity in an environment in which the zero bound on monetary policy rates is temporarily binding. The simulations suggest that although such reforms can have a negative impact on economic activity in the short run, these effects tend to be small and short-lived when a variety of transmission channels are considered. The results also do not support the idea that postponing structural reforms improves economic conditions, in such and environment."--Document home page.

• Copyright Page; Contents; List of figures; Acknowledgements; Preface;
• Chapter 1: "If the euro fails, Europe fails";
• Chapter 2: From the origins to Maastricht;
• Chapter 3: How it all works;
• Chapter 4: Build-up to a crisis;
• Chapter 5: Trichet's test;
• Chapter 6: Super Mario;
• Chapter 7: The changing balance of power;
• Chapter 8: In, out, shake it all about;
• Chapter 9: Democracy and its discontents;
• Chapter 10: How the euro spoilt any other business;
• Chapter 11: Europe's place in the world;
• Chapter 12: After the storm; Notes; Appendices;
• Appendix 1: Timeline.

• Appendix 2: Treaties, regulations and pacts
• Appendix 3: Further reading;
• Appendix 4: How The Economist saw it at the time; Index.

The euro was supposed to create an unbreakable bond between the nations and people of Europe. But when the debt crisis struck, the flaws of the half-built currency brought the European Union close to breaking point after decades of post-war integration.Deep fault-lines have opened up between European institutions and the nation-states and often between the rulers and the ruled raising profound questions about Europe's democratic deficit. Belief in European institutions and national governments alike is waning, while radicals on both the left and the right are gaining power and influence.Europe's leaders have so far proved the doomsayers wrong and prevented the currency from breaking up. "If the euro fails, Europe fails, " says Angela Merkel. Yet the euro, and the European project as a whole, is far from safe. If it is to survive and thrive, leaders will finally have to confront difficult decisions. How much national sovereignty are they willing to give up to create a more lasting and credible currency? How much of the debt burden and banking risk will they share? Is Britain prepared to walk away from the EU? And will other countries follow?In Unhappy Union, The Economist's Europe editor and Brussels correspondent provide an astute analysis of the crisis. They describe America's behind-the-scenes lobbying to salvage the euro, economists' bitter debates over austerity, the unseen maneuvers of the European Central Bank and the tortuous negotiations over banking union. In the final chapter, they set out the stark choices confronting Europe's leaders and citizens.
(source: Nielsen Book Data)

• 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)

• Les origines de l'euro. Pourquoi a-t-on créé l'euro ?
• Les motivations politiques
• Les motivations économiques
• Les vertus et les vices de l'euro
• Les vertus de l'euro
• Les vices de l'euro
• Existe-t-il des remèdes aux trois vices fondamentaux de l'euro
• Peut-on pallier les conséquences négatives de l'intangibilité des taux de change entre les pays de la zone euro ?
• Peut-on pallier les conséquences négatives de l'unicité du taux de change de l'euro?
• Peut-on pallier les conséquences négatives de la multiplicité des taux d'intérêt réels
• Les crises des pays victimes de l'euro
• La crise de la Grèce
• La crise de l'Irlande
• La crise du Portugal
• La crise de l'Espagne
• Quel avenir pour l'euro
• L'impasse de la politique économique de la zone euro et la menace de son explosion
• La nécessité d'un changement radical de la politique économique de la zone euro
• Vers une scission de la zone euro.

"L'auteur est l'un des seuls économistes français qui, dès que le projet de l'euro a été lancé, s'y soit opposé en avertissant des dangers que l'euro ferait courir à la France comme à l'Europe. À l'heure où l'Europe est plongée dans la récession et la discorde, il livre son analyse des raisons pour lesquelles l'euro a conduit à ces résultats catastrophiques. Surtout, il indique les voies qui peuvent être suivies pour sortir l'Europe de ce cauchemar. Un ancien ministre britannique des Affaires étrangères a décrit l'Euroland comme "un bâtiment en flammes dépourvu d'issues". C'est à la recherche de ces issues que cet ouvrage est consacré."--P. [4] of cover.

• Die europäische Krise in historischer Perspektive
• Europas geschichtliche Vielfalt
• Die uneinigen Staaten
• Die Fehlkonstruktion der Europäischen Währungsunion
• Die Aushebelung von Rechtsstaat und Demokratie
• Die Schwächung Europas in der Welt
• Die Rückkehr der deutschen Frage
• Frankreichs vergeblicher Führungsanspruch
• Das Europa der Zukunft
• Nachwort.

This short, fiercely argued book explains how five years of continuous crisis management not only have failed to resolve the Eurozone's problems but have actually made things worse. While austerity-wracked nations descend into misery and resentment, creditor countries fear that they will be forced to subsidize their weaker brethren indefinitely. Constructive dialogue has collapsed as European decisionmaking descends into terrified paralysis, and the potential paths out of the impasse are blocked by indecision and incompetence at the top. As voters in Greece and Italy rebel against externally imposed hardship, and the sums needed to bail out failed economies reach ever more staggering proportions, the contradictions at the heart of the European project are becoming more and more obvious. Marsh warns that the current succession of complex technical fixes cannot sustain the Eurozone on life support indefinitely. Radical solutions are on offer, but without leaders who are strong and principled enough to push them through, Europe risks a depressing future of permanent decline.
(source: Nielsen Book Data)

• Avant propos. L'auteur, le titre, les sources
• Introduction. La rémission
• L'état de la désunion
• Le sauvetage de l'euro, un "Verdun" européen ?
• L'union en péril
• Du rêve à la réalité
• Conclusion. Thérapie de choc pour sauver l'Europe.

"Fédéralisme impossible, institutions contestables, peuple introuvable, économie détestable: l'Europe se meurt de ces maladies. Le dire n'est pas faire cause commune avec les eurosceptiques, c'est chercher à sauver le projet européen en sortant de l'illusion dans laquelle nous entretiennent les discours creux des politiques. La crise qui sévit depuis cinq ans a transformé le rêve européen en cauchemar. Il faut maintenant se réveiller. Que faire ? Se convaincre que l'Europe et l'euro ne sont pas nécessairement liés la première a vécu pendant quarante ans sans le second et que la priorité n'est pas la monnaie européenne mais l'Union européenne. Pour sauver celle-ci, le moment est venu d'abandonner l'euro : c'est maintenant qu'il faut le faire, à froid, et non pas demain, à chaud. Si une chirurgie aussi lourde comporte de grands risques, elle n'en est pas moins réalisable et en tout cas préférable à la poursuite des politiques qui condamnent l'Europe au délitement."--P. [4] of cover.

"Because of recent economic crises, financial fragility has regained prominence in both the theory and practice of macroeconomic policy. Consistent with macroeconomic paradigms prevalent at the time, the original architecture of the euro zone assumed that safeguards against inflation and excessive government deficits would suffice to guarantee macroeconomic stability. Recent events, in both Europe and the industrial world at large, challenge this assumption. After reviewing the roots of the euro crisis in financial-market developments, this essay draws some conclusions for the reform of euro area institutions. The euro area is moving quickly to correct one flaw in the Maastricht treaty, the vesting of all financial supervisory functions with national authorities. However, the sheer size of bank balance sheets suggest that the euro area must also confront a financial/fiscal trilemma: countries in the euro zone can no longer enjoy all three of financial integration with other member states, financial stability, and fiscal independence, because the costs of banking rescues may now go beyond national fiscal capacities. Thus, plans to reform the euro zone architecture must combine centralized supervision with some centralized fiscal backstop to finance bank resolution in situations of insolvency."--Document home page.

• 1. Introduction
• 2. The Economic Theory of Debt Crises
• 3. The Predictability of Global Financial Turmoil
• 4. Contradictions at the Heart of the EMU
• 5. The Trouble with the EU's Official Reform Proposals
• 6. European Futures
• 7. How Should Debt Crises be Solved?
• 8. Towards Democratic Global Keynesianism Glossary of Key Terms and Acronyms Bibliography.
• (source: Nielsen Book Data)

The last couple of years have seen the eurozone lurch from crisis to calamity. With Greece, Portugal and Ireland already driven to the brink of economic catastrophe, and the threat that a number of other EU countries are soon to follow, the consequences for the global economy are potentially dire. In The Great Eurozone Disaster, Heikki Patomaki dissects the current crisis, revealing its origins lie in the instability that has driven the process of financialisation since the early 1970s. Furthermore, the public debt crises in the European deficit countries have been aggravated rather than alleviated by the responses of the Commission and leaders of the surplus countries, especially Germany.
(source: Nielsen Book Data)

• Introduction. La quadrature européenne
• Les antécédents de l'euro
• Racines et principes de l'ordo-libéralisme
• Les racines de l'ordo-libéralisme
• Les principes de l'ordo-libéralisme
• Fondements théoriques des unions monétaires
• L'approche positiviste des zones monétaires optimales et ses impasses
• Économie politique des unions monétaires dans la conception des régimes monétaires internationaux
• La longue marche vers l'union monétaire européenne
• Les rapports fondateurs du paradigme de l'union monétaire
• Succès et échecs du système monétaire européen
• La marche cahotante vers l'union monétaire après les crises du SME
• L'instauration de l'euro et ses effets
• La dynamique des dettes : cause principale des crises
• La dérive généralisée de l'endettement
• Contre le postulat de l'efficience forte : l'hypothèse d'instabilité intrinsèque de la finance
• Prix des actifs et endettement : le couple infernal
• La grande divergence des économies et la grande dérive de la dette privée dans la zone euro
• Dynamique financière et échec de la stratégie de Lisbonne
• La zone euro est-elle plus qu'un système monétaire international à changes fixes ?
• Convergence financière, divergence réelle avant la crise : le fiasco de la gouvernance politique
• La polarisation industrielle : l'échec le plus décisif de l'union économique et monétaire
• L'impact de la crise financière sur la zone euro (2007-2010)
• Déflation de bilan et risques sur l'économie
• Chute des actifs et impératif de désendettement privé
• Le risque de tomber dans une trappe à liquidité
• Les changements dans la conduite de la politique monétaire
• De nouvelles politiques monétaires
• Les effets des politiques monétaires non conventionnelles
• Les politiques budgétaires de relance
• Les différents plans de relance
• Les conditions d'efficacité des plans de relance
• Impact de la politique budgétaire en récession
• Une succession d'erreurs politiques et économiques depuis 2010
• Un assainissement trop timoré des bilans bancaires
• Les expériences de gestion de crise bancaire dans les années 1990
• La gestion de la crise financière actuelle au regard des expériences passées
• L'extension de la crise grecque
• Risque de liquidité et risque de solvabilité
• Rompre le cercle vicieux entre risque souverain et risque bancaire
• La soutenabilité de long terme des finances publiques
• Les effets pervers d'un ajustement budgétaire trop rapide
• Différents facteurs de réduction de la dette publique
• Quelle union politique pour la zone euro
• Une nouvelle donne institutionnelle
• Le lien nécessaire entre monnaie et dette publique
• La réforme institutionnelle concerne au premier chef l'union budgétaire
• Le problème de l'union politique européenne dans le prisme de la loi fondamentale allemande
• Redéfinir le mandat de la Banque centrale européenne
• La remise en cause de la doctrine monétaire
• La BCE doit devenir une banque centrale de plein exercice
• Oser l'union bancaire
• La BCE est le superviseur naturel des intermédiaires financiers systémiques
• L'union bancaire dépend de manière cruciale d'un système unique d'assurance des dépôts

• Centraliser la résolution des faillites bancaires et recentrer les banques sur leur corps de métier
• Comment envisager la transition ?
• Instituer l'union budgétaire et émettre les eurobonds
• Vertus et pièges des règles budgétaires
• Pourquoi et comment émettre des eurobonds ?
• Quelle croissance pour l'Europe ?
• Compétitivité et croissance
• Problèmes théoriques liés à la notion de compétitivité des nations
• Conséquence : nouvelle appréciation des problèmes de compétitivité en Europe
• Consolidation des dettes publiques et compétitivité
• Croissance et innovation
• Les vagues d'innovations et les changements de mode de croissance
• Le rôle de la circulation des connaissances, de l'impulsion publique et de l'organisation de la R & D dans le renouvellement des avantages comparatifs
• Le développement durable : nouvelle frontière de la croissance pour l'Europe
• Les fondements d'une politique industrielle de croissance soutenable
• Le contenu d'une politique industrielle de croissance soutenable
• Financer les investissements de long terme liés au développement durable
• Conclusion : Plaidoyer pour le courage politique.

"Ce livre pose une question brûlante : la construction européenne constitue-t-elle encore un but qui puisse être partagé par les États et légitimé par leurs citoyens ? Dans cet essai d'économie politique, Michel Aglietta et Thomas Brand ne se contentent pas d'analyser les ressorts monétaires de la crise actuelle. S'ils montrent que l'euro est une monnaie étrangère et incomplète, ils vont bien au-delà en mettant au jour les facteurs de divergence qui ont entraîné les déséquilibres commerciaux et industriels de la zone euro. Dénonçant au passage nombre d'idées reçues sur le rôle des dettes publiques dans la crise ou sur la compétitivité, ils dressent un réquisitoire sévère des politiques menées depuis 2010, qui ont trop souvent pris les symptômes pour les causes. Surtout, ils font des propositions liant étroitement la réforme de la gouvernante européenne à un véritable projet de croissance. Car une conviction forte les anime : il ne suffit pas de redéfinir le mandat de la Banque centrale européenne ou de mettre en place l'union bancaire mesures ô combien nécessaires pour redonner confiance aux citoyens désabusés. Il faut aussi partager les politiques industrielles et mettre en oeuvre des projets régionaux communs. C'est seulement en construisant ce New Deal que l'on redonnera sa chance à l'Europe."--P. [4] of cover.

• Une famille de prêtres
• Les années de guerre
• Le montée du communisme et la fuite vers la Belgique
• Réfugié politique et étudiant à Louvain
• Thèse de doctorat à Oxford et mariage bruxellois
• Au service économique de la Banque de Bruxelles
• Une année sabbatique à Yale
• A la tête de la Banque de Bruxelles
• La relève, l'engagement européen et regard sur la communisme
• Bâle : la BRI et la crise de la dette de l'Amérique Latine
• La chantier de l'euro : le système monetaire européen et la Comité Delors
• Les bases de la Banque centrale européenne
• L'intégration financière européenne et la présidence du Comité des sages
• La stabilité financière : les avertissements d'un sage
• La crise financière et la crise de la dette dans la zone euro
• La Belgique, la Corse et la Hongrie.

• From global financial crisis to sovereign debt crisis and beyond : what lies ahead for the European Monetary Union? / Caroline Bradley
• Debt restructuring and cross-border bank resolution : their place and features in a viable European financial architecture / Aldo Caliari
• Remarks : obsessed by contracts : sovereign debt reform in the Eurozone / W. Mark C. Weidemaier
• Harmonizing European Union Bank resolution : central clearing of OTC derivative contracts maintaining the status quo of safe harbors / Christoph Henkel
• Europe and the future of international monetary law / Adam Feibelman
• The European sovereign debt crisis : the call for a consistent federal economic policy of Europe as a response to financial turmoil / Badr Zerhdoud.

• 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)

• 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)

• De l'anesthésie à la crise : la fin des illusions
• Une leçon tirée de la crise : l'euro ne suffit pas à garantir la croissance et la compétitivité
• Le Pacte de stabilité et de croissance, un pacte de complaisants
• L'architecture initiale : une gouvernance à peine esquissée
• Pour la stabilité et la croissance durables : une gouvernance spécifique de la zone euro
• Une gouvernance spécifique de la zone euro
• Un partage assumé de la souveraineté, au service de la stabilité et de la croissance
• Un besoin de lisibilité, de cohérence et d'efficacité : simplifier l'architecture institutionnelle
• Une légitimité démocratique : garantir l'implication permanente des parlements nationaux de la zone euro.

"La crise des dettes souveraines qui parcourt l'Europe sonne l'heure, pour la zone euro de la fin des illusions, jusqu'à présent entretenues par une gouvernance publique qui s'est condamnée à l'impuissance. Nous avons cru que l'Europe et sa monnaie unique, l'euro, apporteraient les réponses à toutes nos préoccupations nationales : la compétitivité, la croissance, le plein emploi. Mais l'euro a connu sa décennie des "années folles", nous renvoyant l'image de notre gouvernance nationale et locale et de toutes nos insuffisances. Il est grand temps de tirer les conséquences de l'union monétaire et d'assumer, enfin, l'intégration politique et le partage de souveraineté. Nous aurons besoin de cohérence mais aussi, et surtout, d'une démocratie plus aboutie et plus effective. Tel est l'esprit des grandes orientations que je livre au débat public. Désormais, le choix est simple : l'intégration politique ou le chaos."--P. [4] of cover.

• Introduction Jean-Pierre Cabestan, Jean-Francois Di Meglio & Xavier Richet
• Part 1: China's Adaptation, Reforms and their Limits
• 1. The Global Financial Crisis and China's Domestic and International Political Options Jean-Pierre Cabestan
• 2. Labor Pains: Chinese Economic Policy in an Age of a Shrinking Work Force Arthur Kroeber
• 3. An Assessment of China's Relative Fiscal Strength Jean-Charles Sambor
• 4. An Assessment of China's Banking System Reform Alicia Garcia-Herrero and Banco Bilbao Vizcaya Argentaria
• 5. Three Chinese Banks among Top Ten Banks Worldwide: Illusion or Reality? Philippe Aguignier
• 6. China's Tax Policy Response to the Global Crisis Wei Cui
• Part 2: China and its Regional and International Environment Since 2008
• 7. China and Post-Crisis Regional Cooperation in East Asia Francoise Nicolas
• 8. The Invention of a "Currency of the Third Type": Yuan's Internationalization Without Convertibility Jean-Francois Di Meglio
• Part 3: The Global Financial Crisis, Europe and China
• 9. Europe and China Respond to the Crisis: Policies, Performances, and Issues Xavier Richet
• 10. Trade Imbalances and the Crises of 1929 and
• 2007: China in the United States' Shoes? Antoine Brunet and Jean-Paul Guichard.
• (source: Nielsen Book Data)

This book examines China's response to the 2007-2008 global financial crisis, and the resulting new status acquired by China within the international economy. It considers the things China did to weather the crisis, discussing the stimulus package put in place by China and how China's banks coped, but above all examines the measures which countries outside China look to China to put in place in order to better encourage and secure world-wide economic recovery, measures such as currency revaluation, tax reform and greater stimulation of domestic demand. The book contrasts China's response to the crisis, and China's increasingly central role in the world economy, with the responses of the European Union. The book also assesses China's increasingly important regional role, in particular its dialogue with the new Japanese government, and China's positioning towards Southeast Asia, and also discusses the growth of Chinese foreign direct investment.
(source: Nielsen Book Data)

• List of figures
• Foreword / by Mario Draghi
• A Napoleonic prelude
• The origins of the committee
• The response to global monetary turbulence : Barre and Werner
• The snake and other animals
• Negotiating the European monetary system
• The malaise of the 1980s
• The Delors committee and the relaunching of the central bank governors
• Designing a central bank
• The EMS crises
• Conclusion: the euro and the legacy of the Committee of Governors
• Appendix A: The governors' drafts and the treaty text of the statutes of the ECB and EMI
• Appendix B: Members of the committee of governors
• Appendix C: Dramatis personae
• Appendix D: Chronology
• Appendix E: Figures
• Abbreviations used in the text
• Notes
• Acknowledgments
• Index.

Europe's financial crisis cannot be blamed on the Euro, James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to conundrums that were debated but not resolved at the time of the Euro's invention. And, Euro or no Euro, these clashes will continue into the future.
(source: Nielsen Book Data)
Europe's financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro's invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar's privileged position in the international monetary system, and Germany's persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community's Committee of Central Bank Governors and the Delors Committee of 1988--89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
(source: Nielsen Book Data)

• List of figures
• Foreword / by Mario Draghi
• A Napoleonic prelude
• The origins of the committee
• The response to global monetary turbulence : Barre and Werner
• The snake and other animals
• Negotiating the European monetary system
• The malaise of the 1980s
• The Delors committee and the relaunching of the central bank governors
• Designing a central bank
• The EMS crises
• Conclusion: the euro and the legacy of the Committee of Governors
• Appendix A: The governors' drafts and the treaty text of the statutes of the ECB and EMI
• Appendix B: Members of the committee of governors
• Appendix C: Dramatis personae
• Appendix D: Chronology
• Appendix E: Figures
• Abbreviations used in the text
• Notes
• Acknowledgments
• Index.

Europe's financial crisis cannot be blamed on the Euro, James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to conundrums that were debated but not resolved at the time of the Euro's invention. And, Euro or no Euro, these clashes will continue into the future.
(source: Nielsen Book Data)
Europe's financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro's invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar's privileged position in the international monetary system, and Germany's persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community's Committee of Central Bank Governors and the Delors Committee of 1988--89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
(source: Nielsen Book Data)

• List of figures
• Foreword / by Mario Draghi
• A Napoleonic prelude
• The origins of the committee
• The response to global monetary turbulence : Barre and Werner
• The snake and other animals
• Negotiating the European monetary system
• The malaise of the 1980s
• The Delors committee and the relaunching of the central bank governors
• Designing a central bank
• The EMS crises
• Conclusion: the euro and the legacy of the Committee of Governors
• Appendix A: The governors' drafts and the treaty text of the statutes of the ECB and EMI
• Appendix B: Members of the committee of governors
• Appendix C: Dramatis personae
• Appendix D: Chronology
• Appendix E: Figures
• Abbreviations used in the text
• Notes
• Acknowledgments
• Index.

Europe's financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro's invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar's privileged position in the international monetary system, and Germany's persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community's Committee of Central Bank Governors and the Delors Committee of 1988--89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
(source: Nielsen Book Data)
Europe's financial crisis cannot be blamed on the Euro, James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to conundrums that were debated but not resolved at the time of the Euro's invention. And, Euro or no Euro, these clashes will continue into the future.
(source: Nielsen Book Data)

• Schnellstraße in die Ochlokratie
• Spaltet uns der Euro? : eine Momentaufnahme
• Wie konnte es so weit kommen?
• Arme zahlen für Reiche?
• Medien unter Anklage
• Zweifel am Sparprogramm
• Wem nutzt eine Inflation?
• Wer regiert wen?
• Der Ausbruch der medialen Stellvertreterkämpfe
• Sind alle Presseberichte grundfalsch?
• Musterschüler Irland versus Badboy Griechenland
• Wie empfinden die Europäer die Krise?
• Portugal als südeuropäischer Musterschüler
• Zypern als Kollateralschaden
• Sonderfall Italien : wie griechisch sieht es da aus?
• Wie steht es um den Patienten Nummer 1?
• Was denken Medienprofis über den Euro?
• Wie sähe ein Euroaustritt für das betroffene Land aus?
• Es begann im Mai
• Churchills Vision
• Die Gründung des Europarats
• Die Geburt der Montanunion
• Verteidigungsbündnis oder Rüstungswahnsinn?
• Importierter Konsum als Produktivitätshemmnis
• Die Kerngemeinschaft : das Karolingische Reich
• Griechenland wollte früh dabei sein
• Frankreich und de Gaulle als "Monsieur Non"
• Deutschland als Motor und Zahlmeister der EG
• Alles schon einmal da gewesen
• Griechenlands Weg in die EG
• Die zerrüttete EG
• Griechische Partys in den Siebzigerjahren
• Irland versus Griechenland im historischen Vergleich
• Der Weg zum direkt gewählten Europäischen Parlament
• Grönlands Austritt : langfristig ein Desaster
• Die EG als Demokratiegarant
• EU und Euroarchitekten
• Brüssel statt Paris
• Deutschland als Gegner der gemeinsamen Währung
• Milchseen und Butterberge
• Angela Merkel als Reformbremse
• Das EWS als Vorbote des Euros
• Freies Geld fließt, wohin es will
• Delors' Rückblick
• Der Europäer Helmut Kohl
• Genschers Vorstoß
• Mittel zur Bekämpfung der EWS-Krise : damals und heute
• Die "Märkte"
• Individuell gesehen hat jeder recht
• Kann Deutschland helfen?
• Die EU in den Neunzigern : Erweiterung trotz Krise
• Der politische Preis für Euroeinführung
• Was bleibt, was wird : was muss geschehen
• Und weiter geht der Zug nach Rechts in den Nationalmus, Kleinstaaterei und Katastrophen
• Anhang A : Entwicklung der EU seit 2000
• Anhang B
• Quellenverweise und weiterführende Literatur
• Quellen und weiterführende Literatur zu Kapitel 1
• Quellen und Literatur zu Kapitel 2
• Quellen und Literatur zu Kapitel 3
• Quellen und weiterführende Literatur zu Kapitel 4.