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.
TABLE OF CONTENTS
part Part I|50 pages
chapter 1|14 pages
The emergence of global value chains
chapter 2|16 pages
The deeper roots of the financial system's propensity to crisis
part Part II|48 pages
The crisis and policies: a transatlantic perspective
chapter 6|21 pages
A tale of two cities
part Part III|52 pages
Institutions, rivalry, and the consequences for democracy
part Part IV|32 pages
The European currency and transatlantic relations