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Euroland and the World Economy
 
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Euroland and the World Economy
Global Player or Global Drag?
Edited by Jörg Bibow and Andrea Terzi
 
 
Palgrave Macmillan
 
 
 
 
 
23 Oct 2007
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£86.00
|Hardback Print on Demand
  
9780230500563
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DescriptionReviewsContentsAuthors

Little attention has been paid to the role of the European economies, and notably of the euro area, in the current global imbalance of international payments and growth rates, leading to somewhat simplistic views of Euroland contributing to limiting those imbalances and providing a template of economic policy for the twenty-first century. In addition, an influential view continues to stress the need for deeper and more comprehensive supply-side, structural reforms as a means to protect Euroland from potentially adverse global developments and play a positive role in the orderly correction of global imbalances. The contributions in this volume challenge this view and compellingly question, from a variety of angles, many popular beliefs about the road to virtues of Euroland, providing a comprehensive and fresh framework to address important questions for the future of the euro, from a critique of current macroeconomic policy institutions to proposals for both soft and tougher modifications of euro institutions, all pointing to a key question for the future of Europe: will the single currency project contribute to world economic dynamism or will it be driven by the vigour and vitality of others? Will Euroland act as global player or global drag?


Description

Little attention has been paid to the role of the European economies, and notably of the euro area, in the current global imbalance of international payments and growth rates, leading to somewhat simplistic views of Euroland contributing to limiting those imbalances and providing a template of economic policy for the twenty-first century. In addition, an influential view continues to stress the need for deeper and more comprehensive supply-side, structural reforms as a means to protect Euroland from potentially adverse global developments and play a positive role in the orderly correction of global imbalances. The contributions in this volume challenge this view and compellingly question, from a variety of angles, many popular beliefs about the road to virtues of Euroland, providing a comprehensive and fresh framework to address important questions for the future of the euro, from a critique of current macroeconomic policy institutions to proposals for both soft and tougher modifications of euro institutions, all pointing to a key question for the future of Europe: will the single currency project contribute to world economic dynamism or will it be driven by the vigour and vitality of others? Will Euroland act as global player or global drag?


Reviews

'This volume is a welcome and timely incursion into the world of euro-think that tends to praise anything even remotely connected to the European project.' - Business and Finance Ireland


Contents

Introduction; J.Bibow & A.Terzi
PART I: EUROLAND ON A COLLISION COURSE
Global imbalances, Bretton Woods II, and Euroland's Role in All This; J.Bibow
Wage Divergences in Euroland: Explosive in the Making; H.Flassbeck
Can the Euro Area Play a Stabilizing Role in Balancing Global Imbalances?; P.Arestis & M.Sawyer
PART II: POLICY COORDINATION AND INCREASED INTEGRATION AS MEANS TO PROPERLY STEER EUROLAND
Whatever Happened to 'Policy Coordination'?; J.Forder
The Economic Rationale of the EMU and the Euro; C.Sardoni
Righting Global Imbalances: Recession, Protection or Reflation?; A.Izurieta & G.Irvin
PART III: REFORMING EUROLAND'S INSTITUTIONAL FRAMEWORK AND MACROECONOMIC POLICY GOVERNANCE
Replacing the Stability and Growth Pact?; C.Goodhart
Fiscal Policy and Macroeconomic Performance in the Euro Area: Lessons for the Future; E.Hein & A.Truger
Germany's Choice and Lessons from Japan: Supply vs. Demand Policy, Fiscal vs. Monetary Policy; R.Werner
You Can't Always Get What you Want: Why Europe is not Keynesian-able while the US New Economy is Driven by Financial Keynesianism; R.Bellofiore & J.Halevi
PART IV: PROSPECTS AND LIMITS OF THE EURO AS A GLOBAL CURRENCY
'Not My Fault' or Would Spreading the Maastricht Wisdom beyond Europe Really Do Much Good At All?; J.Creel & F.Capoen
The Role of the Euro in the International Monetary Arena: Present and Prospects; S.Rossi
International Payments Imbalances and the Prospective Role of the Euro; A.Terzi


Authors

JÖRG BIBOW is Assistant Professor of Economics at Skidmore College, New York, USA. He holds a PhD in Economics from the University of Cambridge, UK. Previously he held lecturing positions at the University of Cambridge, Hamburg University, and at Franklin College Switzerland. He is a Research Associate at the Levy Economics Institute, New York. He is the author of numerous articles and co-authored volumes published in Europe and the US on European integration, central banking, financial systems, and the history of economic thought.

ANDREA TERZI is Professor of Economics, Franklin College Switzerland, and a Lecturer of Monetary Economics, Università Cattolica, Milan, Italy. He holds a PhD in Economics from Rutgers University. He is the author of numerous articles and co-authored volumes published in Europe and the US in the areas of money and macroeconomics, financial markets, and international financial instability.