The Euro Crisis and Its Aftermath

Hardcover | April 8, 2014

byJean Pisani-Ferry

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The euro's life, while only slightly more than a decade long, has been riddled by a series of challenges and crises. The disparity between the prosperous Northern countries of Germany and France and the plummeting Southern countries, including Italy and Greece, has exacerbated problems withinthe political and economic union of the Eurozone. The North, especially Germany, has debated where to draw the line between doing whatever is necessary to save the common currency and what they have viewed as a charity bailout of countries who flouted the rules for a decade and suffered predictableconsequences. Meanwhile, Southern countries such as Italy, Spain, and Greece have grown increasingly bitter at the attitudes of their partners to the North. Amidst loud and frequent debates, solutions including routes for increased integration and punitive policies and reforms have been enacted anddiscarded to a limited degree of success. The struggles facing this monetary union continue to unfold even today.The Euro Crisis and Its Aftermath was written to inform readers about the history of this enduring European crisis and the alternative proposals for ending it. In four parts, Jean Pisani-Ferry explains the origins of the European currency, the build-up of imbalances and oversights that led to thecrisis, the choices European policymakers have both addressed and ignored since 2010, the evolution of the policy agenda, and possible options for the future. The book is as much of an informative and analytical history as it is a prescriptive solution for a more prosperous future world economy.Rather than putting forth and supporting a thesis, Pisani-Ferry helps readers understand the past and present of the euro crisis and form their own opinions about potential solutions. It has grown out of his book Le Reveil des Demons published in France in 2011. The content has been updatedextensively to cover the events of the past few years and augmented to better explain the Eurozone to a global audience. This book is not intended to reach only economists, as time has long passed since European monetary unification was a debate limited to academics. This book is also for the policymakers searching for solutions, citizens of Europe enduring the consequences, and the international community that has felt the effects of an unstable Eurozone.

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From the Publisher

The euro's life, while only slightly more than a decade long, has been riddled by a series of challenges and crises. The disparity between the prosperous Northern countries of Germany and France and the plummeting Southern countries, including Italy and Greece, has exacerbated problems withinthe political and economic union of the Euro...

Jean Pisani-Ferry currently serves as the Director of Economic Policy Planning for the Prime Minister of France. He is also Professor of Economics at Universite Paris-Dauphine and the former director of Bruegel, a Brussels-based economic think tank.

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Format:HardcoverDimensions:224 pages, 9.25 × 6.12 × 0.98 inPublished:April 8, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199993335

ISBN - 13:9780199993338

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Table of Contents

AcknowledgementsIntroductionPART 1: BARE-BONES UTOPIA1. The day the euro ceased to be boring2. The last utopia of the century3. The walls of Frankfurt4. Only one bed for two dreams5. The orphan currencyPART 2: CRISES FORETOLD, UNEXPECTED CRISES6. Germany's long penance7. The perfect culprit8. The golden decade9. The misfits10. The dogs that did not barkPART 3: AGONIES OF CHOICE11. To help or not to help12. Let the banks pay?13. A lender of last resort?14. Redemption through austerity?15. Let's break it up?PART 4: THE REPAIR AGENDA16. Fixing the economy17. Sharing financial risk18. A real or a mock budget?19. A European safe asset20. Governance reformConclusionsGlossaryEuro crisis timelineSelected references