By John Peet, Visit Amazon's Anton La Guardia Page, search results, Learn about Author Central, Anton La Guardia, , The Economist
ISBN-10: 1610394496
ISBN-13: 9781610394499
The euro used to be imagined to create an unbreakable bond among the international locations and folks of Europe. but if the debt situation struck, the failings of the half-built forex introduced the eu Union with regards to brink after many years of post-war integration.
Deep fault-lines have unfolded among eu associations and the nation-states—and usually among the rulers and the ruled—raising profound questions on Europe's democratic deficit. trust in ecu associations and nationwide governments alike is waning, whereas radicals on either the left and the fitting are gaining strength and influence.
Europe's leaders have thus far proved the doomsayers incorrect and avoided the forex from breaking apart. "If the euro fails, Europe fails," says Angela Merkel. but the euro, and the ecu venture as a complete, is much from secure. whether it is to outlive and thrive, leaders will ultimately need to confront tricky judgements. How a lot nationwide sovereignty are they keen to renounce to create a extra lasting and credible forex? How a lot of the debt burden and banking hazard will they proportion? Is Britain ready to stroll clear of the european? and may different international locations follow?
In Unhappy Union, The Economist's Europe editor and Brussels correspondent offer an astute research of the challenge. They describe America's behind-the-scenes lobbying to salvage the euro, economists' sour debates over austerity, the unseen maneuvers of the ecu important financial institution and the tortuous negotiations over banking union. within the ultimate bankruptcy, they set out the stark offerings confronting Europe's leaders and citizens.
Read or Download Unhappy Union: How the euro crisis – and Europe – can be fixed PDF
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Additional resources for Unhappy Union: How the euro crisis – and Europe – can be fixed
Sample text
It did not exist at the start of the European project, but over time the practice of calling occasional summit meetings of heads of state and government to give general direction and to resolve the most contentious disputes became habitual. Under Lisbon, the European Council has a full-time president, currently Belgium’s Herman Van Rompuy, who serves for a maximum of five years (his term expires at the end of 2014). Van Rompuy has set the pattern of holding European Council meetings every two months or so.
Blinkered by the fiscal rules, European institutions were for the most part unaware of the real danger to the monetary union. It did not come only, or mainly, from the accumulation of deficits and debt, which became easier for many countries to finance as interest rates fell. Rather, the bigger menace came from underlying external imbalances, with current-account deficits allowed to balloon in the belief that these would always be financed within a currency union. As the financial crisis turned into a debt crisis in early 2010, European leaders and institutions muddled through from summit to summit, devising responses that were always too little, too late, and raised the cost for all.
The appendices provide a timeline, a glossary and the history of the crisis as told through covers of The Economist. Chapter 1 recounts the darkest days, when the European Central Bank (ECB), the International Monetary Fund (IMF) and others made secret preparations for the departure of Greece from the euro, and the possible collapse of the currency zone. The consequences, all agreed, were incalculable. Chapter 2 shows how the idea of European integration was born from the political necessities of the early 1950s, with Europe emerging from the ruins of the second world war and then having to confront the challenge of the cold war.
Unhappy Union: How the euro crisis – and Europe – can be fixed by John Peet, Visit Amazon's Anton La Guardia Page, search results, Learn about Author Central, Anton La Guardia, , The Economist
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