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.
I. Transatlantic Linkages 1. Ken Ash, The Implications of Global Value Chains for Trade Policy and Trade Agreement 2. Iván Bélyácz and Erzsébet Szász, The Deeper Roots of the Financial System’s Propensity to Crisis 3. Bruno Dallago, The Financial and Real Crisis in the Eurozone and Vulnerable Economies II. The Crisis and Policies: A Transatlantic Perspective 4.Steven Rosefielde, Secular Crisis: The Mundell-Fleming Trilemma and EU De-Legitimization 5. Quinn Mills, Assessment of the EU's management of the EZ crisis 6. Nicola Acocella, A Tale of two cities: Exit Policies in Washington and Frankfurt III. Institutions, Rivalry and the Consequences for Democracy 7.Simona Piattoni, Institutional Innovations and EU Legitimacy after the Crisis 8. Paul Blokker, The European Crisis as a Crisis of Democratic Capitalism 9. Layna Mosley, (De)Fault Lines? The EU, National Governments and Private Capital Markets in the Post-Crisis Era IV. The European Currency and Transatlantic Relations 10. Domenico Mario Nuti, Euroarea: Premature, Diminished, Divergent 11. Paolo Guerrieri, The Euro Crisis and its Impact upon Transatlantic Relations 12. Alfred Steinherr, Why Germany should leave the Euro 13. Roberto Tamborini, EMU 2.0 and the German Problem