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Towards a Resilient Eurozone

Economic, Monetary and Fiscal Policies

Edited By John Ryan

This book examines the Eurozone crisis and the possibility of fiscal and political union in Europe, with contributions from some of the most respected experts on these topics. The book explains the complex, multidimensional crises in competitiveness, fiscal matters, banking and politics. During the crisis Germany has been criticized for misjudging the causes, focusing too much on fiscal deficits and insisting that the solution is fiscal consolidation and austerity. For many, especially those inspired by Keynesian economics, Germany has been seen as pushing the whole continent into a depression. By misjudging the causes of the crisis, insisting on widespread austerity, constraining the European central Bank (ECB) in its role of Lender of Last Resort for the sovereigns, rejecting the mutualization of Eurozone debt and providing financial help in small amounts and too late, Germany is perceived to be responsible for the possible break-up of the Eurozone. The aim of this book is to analyse whether this description, one that is shared by numerous policymakers, academics, pundits and opinion leaders, means that there is a lack of resilience in the Eurozone’s economic, monetary and fiscal policies.
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Historical Monetary Unions: Lessons for the current Eurozone Crisis

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Introduction

This chapter examines three historical monetary unions: the Latin Monetary Union (LMU), the Scandinavian Monetary Union (SMU) and the Austro-Hungarian Monetary Union (AHMU), in an attempt to derive possible lessons for the current European Monetary Union (EMU). There are other examples of monetary unions such as those of the United States or Canada, and others in East and West Africa and the Caribbean region. However, the three cases were chosen because they are all in Europe and, at least in some respects, may be seen as pre-cursors of the EMU.

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