Selected Online Reading on Euro: First 20 Years and Beyond

Written by a former official of the EC's Monetary Committee, this systematic study meets the need for a description of the EU's economic and monetary union, rooted in the Treaties and the legal texts. It is an invaluable guide to the fundamentals of EMU and an aid to understanding and predicting issues and debates arising in Brussels and Frankfurt. The book answers concrete questions on the rules for public finance, the concept of an excessive government deficit, the current trend of economic policy, the abolition of exchange control, exchange-rate policy for the Euro and the Community's place in the international monetary system. It makes clear what kind of currency the Euro is, and above all its grounding in price stability. An essential text for financial practitioners and all libraries, academics and professionals with an interest in economic and monetary affairs.

Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998-2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.

Un livre pour célébrer l'adoption d'une monnaie commune par douze pays membres de l'Union européenne... Sans nostalgie, mais avec une certaine émotion, le lecteur est invité à admirer les plus beaux billets de banque que les pays concernés ont émis aux XIXe et XXe siècles. L'ouvrage donne un aperçu de la fonction économique du papier-monnaie, analyse les thèmes (économiques, politiques, culturels) qui illustrent les billets, raconte les plus fameuses histoires de contrefaçon et explique comment les banques centrales luttent depuis toujours contre le faux, sans parvenir à éradiquer le mal. L'histoire des billets en Europe est-elle un plaidoyer en faveur de l'unification économique et politique du continent ? Les billets qui, des guerres napoléoniennes à la Seconde Guerre mondiale, ont été émis en période de conflit ou de crise économique constituent en tout cas d'émouvants témoignages des errements et souffrances des générations qui nous ont précédés. Enfin, histoire de saluer le passage à l'euro, l'ouvrage se termine par le catalogue complet des billets en cours dans les quinze pays de l'Union européenne au 31 décembre 2001, veille de " l'heure € ".

This volume examines the reasons why the EEC made its original decision to move along the road to EMU (European Monetary Union), the earlier attempts at creating an EMU, and the situation as it stands in the year 2000. It assesses the Euro's qualities as a currency, exploring the institutional arrangement, the policy choices and the possible implications for countries both inside and outside the Euro zone.

Die Zahl und die Namen seiner Gesprächspartner für dieses Buch sind Legende: von Giuliano Amato über Helmut Kohl bis Jean-Claude Trichet. Der britische Finanzexperte und Banker David Marsh hat mit wirklich allen Machern des Euro Rückschau gehalten und Bilanz gezogen. Kenntnisreicher, aktueller und fundierter kann man nicht über die Geschichte und die Zukunft des Euro schreiben. Sein Buch wird selbst die Macher der Währung mit Details überraschen. Denn nicht alle wissen alles, aber David Marsh. Am 1. Januar 2009 ist der Euro zehn Jahre alt. Die neue europäische Gemeinschaftswährung hat sich gegenüber dem allmächtigen Dollar fest etabliert. Doch der Erfolg ist umstritten - nicht nur wegen der Finanzkrise. David Marsh sieht brisante Auseinandersetzungen um die Zukunft der europäischen Währung auf uns zukommen. Seine Warnung: Die grundlegenden Spannungen und unterschiedlichen Erwartungen an die Einheitswährung lassen Zweifel aufkommen am Fortbestehen des Euro - zumindest in seiner jetzigen Form.

A l'occasion de ses 10 ans, on constate que l'euro apporte stabilité et sécurité aux citoyens européens. Sa réputation et son prestige se sont construits pas à pas, les opposants étant de moins en moins écoutés. Cependant, l'euro a-t-il fait monter les prix ? Aujourd'hui, la crise économique se développe à la suite de l'éclatement de bulles financières aux Etats-Unis, mais aussi de fortes variations du prix des matières premières et de l'immobilier. Toutefois, les Européens à une large majorité font confiance à l'UE et à la Banque centrale européenne (BCE) pour trouver des solutions. En effet, le poids économique acquis par l'Europe, notamment grâce à la monnaie unique, lui donne les moyens de jouer un rôle central pour élaborer des solutions qui ne peuvent qu'être mondiales. Il est indispensable de mieux maîtriser les 200 000 milliards d'euros d'échanges effectués par le système financier mondial. Le lecteur découvrira au fil du livre que l'euro s'est imposé dans une partie notable du monde, et que cette tendance lourde se confirmera à l'avenir. Le choix de la monnaie unique, même si elle ne doit pas être un veau d'or, n'a pas été neutre, notamment pour le " modèle humaniste européen ".

On 1 January 1999 eleven EU Member States adopted a new currency - the euro. The introduction of the euro was a remarkable feat in the history of European monetary, financial, economic and political integration. It was an event of worldwide significance. Despite much criticism and predictions that it would quickly collapse, the first decade of the euro has been a remarkable success. The euro area has now expanded to 16 members with a combined population of 326 million and contributes 16 per cent of global output. This 2010 book was the first to provide a wide-ranging strategic review of the first decade of the euro. Written by an impressive line-up of academic and professional economists, The Euro: The First Decade is an invaluable reference for scholars and policy makers who wish to know more about the successes and failures of the euro and the challenges that lie ahead.

Omówione zagadnienia: euro jako waluta Unii Gospodarczej i Walutowej, polityka pieniężna i budżetowa w ramach obszaru euro - założenia i realizacja w praktyce, euro jako waluta międzynarodowa, rynek finansowy obszaru euro, perspektywy rozszerzenia obszaru euro.

Un bilan des vingt premières années de l'euro, monnaie unique européenne entrée en vigueur en janvier 1999. Les limites, les manquements et les perspectives d'avenir sont examinés ainsi que l'impact des crises économiques successives qui ont montré les failles de la solidarité financière entre les 19 Etats qui partagent cette monnaie. ©Electre 2019

Over the first ten years of its existence, the euro has proved to be more than a powerful symbol of collective identity. It has provided price stability to previously inflation-prone countries; it has offered a shelter against currency crises; and it has by and large been conducive to budgetary discipline. The eurozone has attracted five new members in addition to the initial eleven, and many countries in Europe wish to adopt it. The euro has also been successful internationally. Even though research presented in this volume confirms that it has not rivaled the dollar's world currency status, it has certainly become a strong regional currency in Europe and the Mediterranean region. Some countries in the region have de facto adopted it, several peg to it, and many have become at least partially euroized. However, the euro's impressive first decade is likely to be followed by a much more difficult period. The present financial crisis is posing at least two important challenges: real economic adjustment within the euro area and maintenance of fiscal and financial stability without a central government authority capable of taking appropriate financial and fiscal decisions in difficult times. The papers and remarks in this volume demonstrate that the euro has proved to be attractive as a fair weather currency for countries and investors well beyond its borders. But it remains to be seen whether it is equipped to also succeed as a stormy weather currency.

With Economic and Monetary Union (EMU) the European Union is embarked on a major historic political project of formidable technical complexity. In January 2009 the Euro Area will be ten years old. What does the evidence from the first decade tell us about the significance of the euro for theEU and its member states? This book brings together a range of recognized academic specialists to examine the main political aspects of this question. How, and in what ways, has the euro Europeanized states (members and non-members), their institutions, policies and politics? What have been itseffects on the location and use of power? Has the euro generated convergence or divergence? What political patterns can be identified? The book offers the first, in-depth and systematic political analysis of the first decade of the euro. It places the euro in its global and European contexts; offersa set of case studies of its effects on a representative sample of EU member states ('Anglo-Saxon', old 'D-Mark Zone', east central European and Baltic, Mediterranean, and Nordic); and looks at three key sectors (financial markets, wages and collective bargaining, and welfare reform). The bookcontributes to Europeanization studies, comparative political economy, and studies of Economic and Monetary Union (EMU). It will be of major interest to students of the European Union and European integration, comparative European politics, and area and 'country' studies.

Depuis dix ans, l'euro est au coeur de l'actualité donnant souvent l'impression que l'Europe monétaire est une construction récente, née ex nihilo en 1992 à Maastricht. Un rappel des conditions historiques et économiques qui ont conduit à la naissance de la monnaie unique. ©Electre 2017

Après un rappel des étapes qui ont conduit à la mise en circulation de l'euro, une synthèse sur l'évolution et les conséquences de la politique monétaire menée par la Banque centrale européenne dans un contexte de multiplication des crises économiques et financières. Les avantages et les inconvénients de la monnaie unique sont passés en revue et complétés de propositions d'amélioration. ©Electre 2019

Quelle que soit son issue, la crise grecque laissera des traces. Dans le contexte créé par la gestion déficiente de cette crise, les « anti-euro » traditionnels redonnent de la voix et de nouveaux « abolitionnistes » se font entendre.

The economies of the eurozone countries are plagued by multiple crises, which cast major doubts over the future of the euro. In this engaging new book, leading economist Malcolm Sawyer argues that the entire policy framework of the eurozone was fundamentally flawed from its foundation. He shows how these 'design faults' intensified the crisis and are now locking in perpetual self-defeating austerity. Sawyer proposes a bold alternative agenda for reviving the continent's economic prosperity and saving the euro. He argues, however, that the required solutions are certain to encounter huge obstacles. He therefore concludes that Europe faces a bleak economic future, blighted by low growth, high unemployment and social division. This major contribution to one of the key economic debates of our time will be essential reading for everyone interested in Europe's future.

This volume examines the interrelationship between democratic legitimacy at the European level and the ongoing Eurozone crisis that began in 2010.Using the lens of democratic theory, it examines the crisis in terms of the policies, politics, and processes surrounding it, and the nature and interactions of elements that scholars and policy analysts tend to deal with separately. These include the political-economic structures and policies thatcontribute to the economic (output) performance, the political institutions and interactions that affect the (input) politics, and the governance rules and networks that make up the (throughput) processes. In so doing, this volume assesses the empirics of these policies, politics, and processes andthe way this affects their legitimacy. In addition to an engaging and distinctive analysis of Eurozone crisis and its impact on democratic legitimacy, the book will offer a number of theoretical insights into the broader question of the functioning of the EU, and international governance moregenerally.

This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union - a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current 'state of the art' in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms - in particular, the ones to be used as 'fiscal capacity'. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.

The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.