| ISBN13: | 9780691172927 |
| ISBN10: | 0691172927 |
| Binding: | Hardback |
| No. of pages: | 448 pages |
| Size: | 234x152 mm |
| Weight: | 764 g |
| Language: | English |
| Illustrations: | 20 line illus. |
| 0 |
The Euro and the Battle of Ideas
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"The advent of the Euro is a singular event in monetary history. This is the best and most important book so far on an experiment with profound economic and geopolitical implications."--Lawrence H. Summers, former Secretary of the U.S. Treasury
"I very much appreciate this book's efforts to explain the highly diverse approaches to economic and fiscal policy in Europe and to shape them into a common strategy. If this could succeed in reality in today's Europe, much would be gained indeed."--Wolfgang Schäuble, Finance Minister of Germany
"International divergences in economic policy are as much the result of differences in intellectual frameworks as of variation in economic circumstances. This valuable book explains the critical differences in national economic philosophies and how they have conditioned policy choices over the past decade."--Ben S. Bernanke, former Chairman of the U.S. Federal Reserve
"Europeans have lost their sense of direction. Most demand increased sovereignty without considering what it takes to live under the same roof. Another cause of disaffection is that interests have diverged so much that we are no longer behind the veil of ignorance. This book offers a complementary, brand-new, third angle on the crisis of European institutions: cultural differences between France and Germany that developed following World War II. Nations interpret their interests through the lens of their worldview. This exciting historical, sociological, and psychological fresco, which also covers the visions of other countries and multilateral organizations, is a must-read for all who want to understand where Europe is heading--and how worldviews can get in the way of international cooperation."--Jean Tirole, Nobel Laureate in Economics
"This rich and articulate work is an important addition to the existing books about the Eurozone crisis. The authors identify the core intellectual and political differences framing the debate regarding the institutional developments required for Eurozone survival."--Giancarlo Corsetti, University of Cambridge
How philosophical differences between Eurozone nations led to the Euro crisis?and where to go from here
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.
"Winner of the 2017 Gold Medal in International Business / Globalization, Axiom Business Book Awards"
